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WAEC Economics 2018 Question 46

Question 46

International Economic Organisations

Which of the following forms of economic integration is a member nation free to impose duty against non-members?

  1. A.Customs union
  2. B.Free trade area
  3. C.Common market
  4. D.Economic community
Show the answer and explanation

Answer: B (Free trade area)

Explanation

In a free trade area each member keeps its own tariffs against outsiders; a customs union has a common external tariff.