Paper 2 · Elasticity of Demand and Supply
A group of neighbouring countries that agree to remove tariffs and quotas on trade between themselves is called a trading ...
Model answer
bloc
Also accepted: block, trading bloc, trade bloc
Explanation: A trading bloc gives members free access to one another's markets while keeping barriers against outsiders. SADC, COMESA and the European Union are examples.
Derived from ZIMSEC Economics 4050/2 Paper 2, June 2023, Q1