WAEC Economics 2020 Objective — Question 48
Question 48 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
Advertisement
A free trade area is one in which
- A. each member operates its own barriers against non-membersCorrect
- B. factors of production are mobile
- C. members adopt a common external tariff against non-members
- D. members adopt common fiscal and economic policies
Explanation
In a free trade area, trade barriers are removed among member countries, but each member retains and operates its own independent barriers/tariffs against non-member countries.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.