WAEC Economics 2021 Objective — Question 47

Question 47 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.

47. A customs union is an economic grouping which has

A. free movement of factors of production.
B. common tariffs against non-members.Correct
C. common currency for trading.
D. common military defence.

Explanation

A customs union is defined by member countries applying a common external tariff against non-member countries while removing tariffs among themselves.

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