International Trade Agreements Quiz

A single market is a more advanced form of the common market, focused on removing additional barriers like physical, technical, and fiscal barriers among member states.

The term 'underdeveloped country' is no longer used due to its negative connotations and the shift towards more neutral terms like 'developing country'.

Economic integration is the removal of trade barriers and establishment of common monetary and fiscal policies between regions. Its purpose is to reduce costs for consumers and producers, and increase trade among participating countries.

<p>An independent state is where a nation governs itself through its citizens.</p> Signup and view all the answers

<p>A developed country is one that has achieved a high level of economic growth, infrastructure, and standard of living.</p> Signup and view all the answers

<p>A developing country is a nation that has not yet reached the stage of economic growth to sustain further development independently.</p> Signup and view all the answers