When a number of countries agree to remove all trade barr...
When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it is known as
Free trade area
Common market
Custom union
Economic community
Correct answer is C
A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff. Customs unions are established through trade pacts where the participant countries set up common external trade policy (in some cases they use different import quotas).
The terms of trade are said to be favorable only if ...
Mono production economies are those that ...
What type of unemployment is revealed by the dotted lines on the graph? ...
A high rent on land will affect the cost of producing maize ...
One reason why small scale businesses are very common in West Africa is that ...
The most important cost curve for the firm is_________ ...
The stability of Nigerian economy depends mainly on the export price of ...
Government participation in the oil industry was necessitated by the ...