At the core of the European Union is a unified set of tariffs with regard to goods coming in from outside the free trade area.This is called a __________.
A)preferential trade area
B)monetary union
C)customs union
D)unified currency

Question

Quizplus · Accepted Answer

A customs union is a type of trade agreement in which member countries agree to apply identical tariffs (taxes) on goods imported from outside the union. This system aims to create a common external trade policy by making it easier to determine the origin of goods and prevent trade diversion. The European Union is an example of a customs union, as it has a common external tariff for goods imported from countries outside the EU. The other options are not accurate descriptions of this concept.

At the Core of the European Union Is a Unified