If the United States and Canada abolish all tariffs on each other's goods and implement a common tariff on goods imported from other countries, there occurs a (an) a. free trade area. b. customs union. c. economic union. d. common market

The correct answer is letter "B": customs union.

Explanation:

Customs unions are agreements between countries to trade at the same tariffs rates imposing levies at the same level for other countries. Customs unions are the combination of free-trade zones adding a common tariff system. This form of integration system borns as a result of the need for tearing down economic barriers that block commerce for elementary goods between nations.

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.