Question

In a(n) ________, members eliminate internal trade barriers, adopt a common external policy toward nonmembers, and eliminate barriers to the movement of the factors of production.
free trade area

common market

customs union

economic union

Answer 1

Option B, In a(n) , common market members eliminate internal trade barriers, adopt a common external policy toward nonmembers, and eliminate barriers to the movement of the factors of production.

A legal agreement that creates a collection of nations that adopt a single external policy  tariff is known as a common market. Countries that participate in a single market also permit free commerce as well as the free movement of capital and labor within the group's members. It establishes a common external tax on imports in the market. Members of this market thus do away with trade restrictions and embrace or adhere to a common policy.

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