GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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member countries are free to move factors of production within other member countries
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tariffs between member countries are predetermined and applied to other countries
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different countries or regions agree to reduce or eliminate trade barriers and coordinate monetary and fiscal policies
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investors look to support stable countries with strong economic performance
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export prices versus import prices
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Detailed explanation-1: -Conditions Required to be Defined as a Common Market Production factors such as labor and capital are able to move freely without restriction among member countries.
Detailed explanation-2: -What Is a Free Trade Area? A free trade area is a group of countries that have agreed to mutually lower or eliminate trade barriers for trade within the area. This allows participating countries to benefit from reduced tariffs, while maintaining their existing protections for trade with countries outside of the area.
Detailed explanation-3: -Benefits and Costs in Common Market: With full freedom of movement for all the factors of production between the member countries, the factors of production become more efficiently allocated, further increasing productivity.
Detailed explanation-4: -Burundi. Comoros. D.R. Congo. Djibouti. Egypt. Eritrea. Ethiopia. Kenya. More items