In a(n)_____,no discriminatory tariffs,quotas,subsidies,or administrative impediments are allowed to distort trade between member nations; however,each country is allowed to determine its own trade policies with regard to nonmembers.
A)common market
B)economic union
C)political union
D)free trade area

Question

Quizplus · Accepted Answer

A free trade area is a group of countries that have agreed to eliminate trade barriers between themselves, such as tariffs and quotas. However, each member country retains its own trade policies with regard to non-members. This means that there are no discriminatory tariffs, quotas, subsidies, or administrative impediments among member nations, promoting free trade and competition within the area. A common market goes a step further by allowing for the free movement of labor and capital, while an economic union also involves a coordinated economic policy among member nations. A political union involves a shared government and decision-making process among member nations.

In A(n)_____,no Discriminatory Tariffs,quotas,subsidies,or Administrative Impediments Are Allowed to Distort