Countries X, Y, and Z have eliminated all tariffs and other restrictions on internal trade, adopted aset of common external tariffs, and removed all restrictions on the free flow of capital and laboramong member nations. However, they lack political unity. These countries are most likely in apreferential trade area. a. free trade area. b. customs union. c. common market. d. political union.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.