Which of the following is best defined by : The free movement of products , labor , and capital leg Pre - 1992 European Economic Community ) a . Free Trade Area b . Custom Union C . Common Market 1 . Political Union Which of the following is best described by : Unified monetary and fiscal policy by a central authority leg . The European Union Today ) a . Custom Unions b . Common Market C . Economic and Monetary Union d . Political Union 4 . Which of the following is best defined by : Perfect unification of all policies by a common organization ; submersion of all separate national institutions ( e g . This remains ideal and yet to be achieved ) a Custom Unions b . Common Markets C . Full Economic and Monetary Union d . Political Union The main decision -making body of the EU , that decides on economic policy , budgets , foreign relations , elations , and admission of new member countries is a . Council of the European Union b . European Commission c . European Parliamen d . European Court of justice The EU body that represents the interests of the EU as a whole . Proposes legislation . Responsible or implementing decisions of the Parliament and the Council , is a . Council of the European Union b . European Commission C . European Parliamen European Court of Justice