Distinguish between customs union and free trade area
What will be an ideal response?
A group of states that have reduced or eliminated trade barriers among themselves and have established a common external tariff is called the customs union. A group of states that have reduced or eliminated trade barriers among themselves but maintain their individual tariffs in dealing with other states is called the free trade area.
You might also like to view...
An agile methodology aims for customer satisfaction through early and continuous delivery of useful software components developed by an iterative process using the bare minimum requirements.
Answer the following statement true (T) or false (F)
There are no beginning inventories. Prepare an income statement using the contribution margin format.
The following data has been provided by Jestina, Inc. for the year.
A(n) ________ reflects the general esteem given to the different roles of a person by society
A) motive B) attitude C) belief D) tradition E) status
Which of the followingcan be a source of input data for a simulation model?
a. Historical records b. Observations c. Interviews d. All of the above