Trade Agreements Quiz, 3/24/20 (APHG)

In the next 25 years, countries in ______ are expected to account for much of the increase in world imports.

• Australia and Oceania

• Europe and North America

• Africa, Latin America, and Asia

• South America and the Caribbean

Which country would NOT currently be considered a rapidly industrializing country?

• India

• Brazil

• China

• United Kingdom

In which organization have countries created a single market, a single shared currency, and a political governing body?

• European Union

• World Trade Organization

• United Nations

• NATO

A multilateral trade agreement

• Consists of countries that are near one another

• Is an agreement between two countries

• Can be created to exploit a specific country or region

• Is an agreement between more than two countries

Which of the following is NOT a true statement regarding the WTO?

• Was organized in 1995

• Member states meet periodically to negotiate trade regulations/reduce barriers

• Can solve disputes between member states

• Has not been criticized by the world community

What do supporters of fair trade believe in?

• Trade agreements should take precedence over national sovereignty

• Agreements between countries should be abolished and outlawed

• International marketplace should be created that promotes equal opportunity for all

• The United States should withdraw from NAFTA

Which of the following best describes NAFTA?

• Agreement between countries of mainland Europe

• Created after WWII to promote world peace and stability

• Trade agreement between the US, Canada, and Mexico

• Military alliance between Western superpowers