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Which type of economic integration involves the removal of barriers to trade and the adoption of common economic policies?
  • a)
    Customs union
  • b)
    Economic union
  • c)
    Free trade area
  • d)
    Common market
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which type of economic integration involves the removal of barriers to...
An economic union involves the removal of barriers to trade and the adoption of common economic policies. In an economic union, member countries maintain free trade in goods and services, set common external tariffs among members, allow the free mobility of capital and labor, and agree to harmonize their national economic policies to act as a single economic unit.
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