Economics · International Trade
Match LIST-I with LIST-II regarding economic integration and choose the correct option. LIST-I (Type of Integration): A. Free Trade Area B. Customs Union C. Common Market D. Economic Union LIST-II (Characteristics): I. Tariffs are removed between members, and a common external trade policy is adopted toward non-members. II. Factors of production (labor and capital) move freely among members along with free trade of goods and services. III. All members remove tariffs on each other's products while retaining independence in establishing trade policies with non-members. IV. The most comprehensive and advanced stage of integration with harmonized economic policies. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A - III, B - I, C - II, D - IV✓
- 2A - I, B - II, C - III, D - IV
- 3A - II, B - I, C - IV, D - III
- 4A - IV, B - III, C - II, D - I
Correct answer
A - III, B - I, C - II, D - IV
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