The British Commonwealth Preference Scheme is an example of a(n):
A)free trade area
B)customs union
C)preferential trade arrangement
D)common market

Question

Quizplus · Accepted Answer

The British Commonwealth Preference Scheme is an example of a preferential trade arrangement, which allows for preferential tariffs to be applied to goods traded within the scheme. It is not a free trade area or customs union because it does not eliminate all trade barriers between the participating countries. It is also not a common market because it does not allow for the free movement of goods, services, capital, and labor between member countries.

The British Commonwealth Preference Scheme Is an Example of A(n)