GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Political Union
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authority of one or more member countries is significantly reduced and a common, united government is put in place
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monetary and fiscal policies between member countries are coordinated by political integration
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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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Explanation:
Detailed explanation-1: -Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies.
Detailed explanation-2: -Answer and Explanation: Economic integration whereby countries remove barriers to trade and the movement of labor and capital among members, set a common trade policy against nonmembers, and coordinate their economic policies is called an Economic Union.
Detailed explanation-3: -Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
Detailed explanation-4: -Increasing cooperation, peace, and security among countries in the region.
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