Quiz on Trading Blocs
Authored by Hayley Lougher
Business
12th Grade
Used 2+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can each member of a Free Trade Area do regarding imports from outside the trading bloc?
Impose its own tariffs and quotas.
Eliminate all tariffs and quotas.
Follow a universal tariff policy.
Increase tariffs on all goods.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a stable exchange rate in a monetary union help prevent?
Trade barriers
Currency speculation
Increased tariffs
Economic isolation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main advantage of specialization in trade?
Decreased efficiency
Increased output
Increased costs
Decreased market size
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential outcome for the market when inefficient firms are driven out due to regional trade agreements?
Increased competition
Oligopolistic market
Perfect competition
Monopolistic market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a disadvantage of regional trade agreements related to competition?
They increase competition.
They reduce competition.
They have no effect on competition.
They create perfect competition.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of regional trade agreements on inefficient producers within a bloc?
They are driven out of business.
They are protected from efficient producers outside the bloc.
They become more efficient.
They expand globally.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the benefit of the single market for businesses?
Increased tariffs on exports.
Barriers to selling products.
Ability to sell products without barriers.
Limited access to other markets.
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