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JAMB Commerce 1998 Question 50

Question 50

Economic Integration

In a common market, member countries agree basically to

  1. A.place bans on other countries' products
  2. B.wage war against other countries' products
  3. C.establish common barriers against countries outside the market
  4. D.negotiate with countries outside the market for favourable terms of trade.
Show the answer and explanation

Answer: C (establish common barriers against countries outside the market)

Explanation

A common market removes barriers among members and sets a common external tariff against non-members.