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WAEC Economics 2021 Question 47

Question 47

International Economic Organisations

A customs union is an economic grouping which has

  1. A.free movement of factors of production
  2. B.common tariffs against non-members.
  3. C.common currency for trading.
  4. D.common military defence.
Show the answer and explanation

Answer: B (common tariffs against non-members.)

Explanation

A customs union has free trade inside and a common external tariff.