A group of countries that have a free trade agreement between themselves and may apply a common external tariff to other countries:

CA Foundation · Business Economics · MTP · January 2025
A group of countries that have a free trade agreement between themselves and may apply a common external tariff to other countries:
(A) A. Free trade area
(B) B. Custom union
(C) C. Trade bloc
(D) D. Regional preferential trade agreements

Suggested Answer and Working Notes:

Correct Answer: Option (C)

C. Trade bloc

Topics: Theory of Production and Cost

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