Which of the following forms of trading blocs allow for unrestricted trade of goods and services among its members? I. Free trade areas II. Customs unions III. Common market I and II II and III I, II, and III

All three of these allow for free, unrestricted access of trading goods and services. Of the above, the baseline is a free trade area. A customs union is a free trade area with common policies amongst trading with nonmembers. A common market is a customs union which also allows for free trading of intermediary (rather than final) goods.

Looking forward to the explanation on this one!

Question Of The Week - Economics (8) - CFA Level 1

Add A Reply

This topic has 3 replies, 3 voices, and was last updated Jan-1810:05 am by shannondaily.

Author

Posts
- AdaptPrep
  Participant
  - Undecided
  27 Dec 2017 at 7:30 am
  Up
  4
  Down
  ::
  Which of the following forms of trading blocs allow for unrestricted trade of goods and services among its members?
  I. Free trade areas
  II. Customs unions
  III. Common market
  - I and II
  - II and III
  - I, II, and III
- hairyfairy
  Participant
  - Undecided
  27 Dec 2017 at 7:46 am
  Up
  2
  Down
  ::
  Looking forward to the explanation on this one!
- AdaptPrep
  Participant
  - Undecided
  31 Dec 2017 at 7:09 am
  Up
  2
  Down
  ::
  All
  three of these allow for free, unrestricted access of trading goods
  and services. Of the above, the baseline is a free trade area. A customs union
  is a free trade area with common policies amongst trading with nonmembers. A
  common market is a customs union which also allows for free trading of
  intermediary (rather than final) goods.
- shannondaily
  Participant
  - Undecided
  23 Jan 2018 at 10:05 am
  Up
  1
  Down
  ::
  Whoo! I got it right. 🙂
Author

Posts

Viewing 3 reply threads

You must be logged in to reply to this topic.