48) In a theoretically ideal common market, labour and capital are free to move, as there are no restrictions on immigration, emigration, or cross-border flows of capital between markets. true false 49) Although the European Union is the best known, a number of successful common markets exist throughout the world. true false 50) An economic union entails even closer economic integration and cooperation than a common market. true false 51) An economic union involves the free flow of products and factors of production between members and the adoption of a common external trade policy. true false