Which of the following characterizes a customs union?
a.It requires each member to maintain different external policies regarding non-members.
b.It imposes common external policies on non-members.
c.It integrates the political and economic affairs of a region.
d.It permits the free movement of goods and people among its members.
14.The EU is an example of a(n) ____.
a.free trade area
15.Which of the following is an example of a customs union?
a.The former Soviet Union
b.The EU (European Union)
c.The Andean Community (South America)
d.The NAFTA (North American Free Trade Agreement)
16.In a(n) ____, members coordinate and harmonize monetary, fiscal, and taxation policies.
d.free trade area
17.A(n) _____ refers to a group of countries that use a common currency.
18.Which of the following is an example of a political union?
b.The United States
c.The British Commonwealth
d.The Andean Community
19.The European Union (EU) was established when the ____ went into effect in 1993.
a.Treaty of Rome
20.Which of the following changes was introduced to the EU through the Lisbon Treaty?
a.Establishment a passport-free travel zone within the EU
b.Appointment of a long-term President of the European Council
c.Transformation of the EU into an FTA
d.Creation of a common currency for EU members
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