A(n)_____ has no barriers to trade between member countries,includes a common external trade policy,and allows factors of production to move freely between members.
A) command economy
B) customs union
C) common market
D) efficient market
E) free trade area

Question

Quizplus · Accepted Answer

A common market is a form of economic integration where there are no barriers to trade between member countries, a common external trade policy is established, and factors of production (such as labor and capital) can move freely between members. This goes beyond a free trade area (which eliminates tariffs but may still have non-tariff barriers) and a customs union (which also establishes a common external trade policy but does not necessarily allow for the free movement of factors of production).

A(n)_____ Has No Barriers to Trade Between Member Countries,includes a Common