WAEC Economics 2016 Objective — Question 49
Question 49 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.
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49. When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non-member countries, it is known as (a) free trade area (b) common market (c) customs union (d) economic community
- A. free trade area
- B. common market
- C. customs unionCorrect
- D. economic community
Explanation
A customs union is a union of countries who decide to remove all barriers among members and charge non-members tariffs.
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