A formal arrangement between two or more countries to reduce or eliminate tariffs is known as a(n)________.
A)quota arrangement
B)free trade agreement
C)memorandum of association
D)memorandum of understanding

Question

Quizplus · Accepted Answer

A free trade agreement is a formal arrangement between two or more countries to reduce or eliminate tariffs, allowing for more free and open trade between the participating countries. Quota arrangements involve setting limits on the amount of goods that can be imported/exported, while memorandums of association and understanding are more general agreements between parties that may not necessarily involve trade specifically.

A Formal Arrangement Between Two or More Countries to Reduce