Trade blocs

Which of the following countries make up NAFTA?

• United states, Canada, Alaska

• United states, Canada, Mexico

• United states, Canada, Iceland

• United States, Alaska, Mexico

Which of these country is NOT a member of ASEAN?

• Cambodia

• Brunei darussalam

• Laos

• China

what is the main reason behind introducing Euro as common currency

• Promotes economic sovereignty

• Protect business from currency fluctuations

• allow free movement of people

• None of the above

Define trading bloc.

• Groups of countries that agree to reduce or eliminate trade barriers between themselves

• Union that adopts a common currency

• Measure of the the price of a country’s exports relative to its imports.

• refers to the value of exports minus imports.

Limit on the amount of a product imported into a country during a specific period of time.

• trade agreement

• tariff

• trading bloc

• quota

Policy of protecting a country's domestic industries by enforcing trade regulations on foreign competitors

• trade sanction

• protectionism

• balance of payments

• adaptation

Governmental tax on imported goods

• floating currency

• tariff

• trade sanction

• embargo

NAFTA caused trade barriers to be reduced resulting in-

• surge in immigration
• decline in factory production
• decrease in price of goods
• rise in taxes on products

What is a benefit of trading blocs?

• Trade creation

• Decrease in FDI

• Decrease in economic power

• Trade diversion

In 2016 Chinese__________ flooded global markets at very low prices, causing many UK companies to close.

• Aluminium

• Labour

• Coal

• Steel