Which of the following is best classified as an economic union?
A) Southern Common Market (MERCOSUR)
B) European Union (EU)
C) North American Free Trade Agreement (NAFTA)
D) Andean Community

Question

Quizplus · Accepted Answer

The European Union (EU) is best classified as an economic union because it involves not only a common market with the free movement of goods, services, capital, and labor, but also a degree of political integration among member countries. This includes common policies on product regulation, freedom of movement for citizens, and a shared currency (the euro) for many of its members.

Which of the Following Is Best Classified as an Economic