Global Trade and Inequalities in Trade

Which country has recently become the world's largest trading nation surpassing the USA?

• India

• Russia

• Brazil

• China

What is the purpose of fair trade?

• To exploit workers in developing countries

• To promote child labor

• To ensure minimum wages and safe working conditions

• To increase poverty in developing countries

What is the main advantage of trading blocs for member countries?

• Higher prices for domestic products

• Increased taxes on imports

• Limited market access

• Removal of border controls

What is the purpose of the United States, Mexico and Canada Agreement (USMCA)?

• To restrict trade with Asian countries

• To impose tariffs on European countries

• To substitute the North American Free Trade Agreement (NAFTA)

• To promote fair trade in South America

What is the purpose of Mercosur?

• To impose embargoes on European countries

• To facilitate movement of goods between member countries

• To restrict trade with South American countries

• To promote free trade between Brazil and China

What is protectionism?

• Removing border controls for imports

• Imposing embargoes on specific goods

• Restricting the amount of imports into a country

• Promoting free trade between countries

What is the purpose of the European Union (EU)?

• To limit market access for member countries

• To reduce potential for war within Europe

• To increase trade barriers within Europe

• To promote child labor in Europe

What is the Asia-Pacific Economic Cooperation (APEC) forum focused on?

• Promoting fair trade in Africa

• Reducing sustainable development in Asia-Pacific region

• Promoting free trade and sustainable development in Asia-Pacific region

• Increasing trade barriers among member countries

What are the characteristics of emerging markets like Brazil, Russia, India, and China?

• Lack of financial systems and reliance on one sector of industry

• Dependence on just one influential country for trade

• High levels of exportation and rapid industrialization

• Low levels of exportation and slow industrialization

What are the main reasons why some developing countries are unable to compete in international trade?

• Abundance of natural resources and good financial systems

• Low levels of exportation and rapid industrialization

• Strong industrial base and political stability

• High rates of illiteracy and lack of skilled people