1. Countries participating in a customs union, have (THE SAME/DIFFERENT) tariff rates against other countries, and the tariff rates within the customs union are__________.

2. As countries move from a free trade area to a customs union, there (ARE/ARE NOT) additional economic benefits.

3. Trade creation is (BENEFICIAL/HARMFUL) to countries involved in a free trade area.

4. Within a customs union, it (IS/IS NOT) possible to have trade diversion from non-member countries, and that is (BENEFICIAL/HARMFUL) to member countries.

5. Most important cost of using the same currency such as the Euro is _____________________________.