A _______________ focuses on eliminating internal tariffs with member countries levying a common external tariff on goods being imported from nonmembers. Additionally, this type of regional economic integration allows free mobility of production factors such as labor and capital.

Related MCQs

• In _______________, countries focus on eliminating internal tariffs among member countries, have a common external trading policy among nonmembers, allow free mobility of productions factors within member countries, and adopt common economic policies.
• In which of the following types of regional economic integration are internal tariffs eliminated with member countries levying a common external tariff on goods being
• Which of the following types of regional economic integration focuses only on eliminating internal tariffs?
• Which of the following is true: A. Development of sufficient and quality infrastructure helps in economic development by facilitating production and investment in any economy. B. shortage of these facilities in underdeveloped countries is the main cause of less economic development
• Despite having large reserves of coal, why does India import millions of tonnes of coal? 1. It is the policy of India to save its own coal reserves for the future and import it from other countries for the present use. 2. Most of the power plants in India are coal based, and they are not able to get sufficient supplies of coal from within the country. 3. Steel companies need a large quantity of coking coal, which has to be imported. Which of the statements given above is/are correct?
• _______________ occurs when production shifts to more efficient producers for reasons of comparative advantage, allowing consumers access to more goods at a lower price than would have been possible without integration.
• The _______________ is a political organization comprised of 185 countries, and it is headquartered in New York City. This organization deals with a variety of political issues, such as security and world peace, but it also deals in humanitarian and economic issues.
• _______________ is an important reason for economic integration.
• Geographic proximity is an important reason for economic integration because consumer tastes are likely to be:
• Consider the following statements and identify the right ones. i. Higher level of capital-output ratio indicates efficient use of capital. ii. It reflects the productivity of capital in the economy