Question

Which three of the following are characteristics of an economic union?
A. Common trade regulations
B. Absence of national governments
C. Free movement of capital and labor
D. Prohibition on all external trade
E. Free movement of goods

Answer 1

Answer:

Common trade regulations

Free movement of capital and labor

Free movement of goods

Explanation:

An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) and a common external trade policy.

Answer 2

The following three are the characteristics of an economic union.

• Common trade regulations
• Free movement of capital and labor
• Free movement of goods

What is an economic union?

This refers to coming together of countries in order to have common policies and to promote free movement of goods amongst member nation.

Hence, free movement of capital and labor are the characteristics of an economic union.

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