WAEC Economics 2017 Theory — Question 22

Question 22 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.

8(a) State two features each of: (i) free trade area; (ii) common markets.

Model answer

Features of free trade area: I. Zero tax and tariff II. Free movement of members' countries. Features of common markets: I. Equal percentage of tax and tariff II. Free movement of factors or production.

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