A ________________ eliminates all tariffs and barriers to trade among members, adopts a common set of external tariffs on nonmembers, and removes all restrictions
On the flow of capital and labor among member nations.
A) regional market
B) common market
C) monetary market
D) political market
E) customs market

Question

Quizplus · Accepted Answer

A common market eliminates all barriers to trade among members, adopts a common set of external tariffs on nonmembers, and removes all restrictions on the flow of capital and labor among member nations. A regional market may eliminate tariffs and barriers to trade among members but may not necessarily have a common external tariff or free flow of capital and labor. A monetary market refers to the market for currencies and does not have anything to do with trade barriers or free flow of capital and labor. A political market and customs market are not standard terms in international trade.

A ________________ Eliminates All Tariffs and Barriers to Trade Among