A customs union is a free trade association that may have either ...

[Lisaclaire]

A customs union is a free trade association that may have either eliminated or greatly reduced all tariffs and other trade restrictions for member countries and that has adopted
 a. a common currency. c. common external tariffs.
  b. a central bank. d. common monetary policies.

Question 2

The main purpose of discovery-oriented marketing research is to:
 a. decide what to do about a planned change.
  b. find out what is happening and why.
  c. try out a new product in a test market.
  d. describe changes in the internal environment.
  e. capture and evaluate a new idea.

[carojassy25]

Answer to Question 1

C
A customs union is a free trade association that may have either eliminated or greatly reduced all tariffs and other trade restrictions for member countries and that has adopted common external tariffs on products imported from outside of the free trade area. A common currency, a central bank and common monetary policies are elements of a monetary union. This may be found in the Customs Unions section (4-2c).

Answer to Question 2

B