International Trade

What can lead to retaliation from other countries in the form of their own tariffs?

• Tax

• Trade barriers

• Tariffs

• Coach Dempsey

What is a complete ban on trade with a particular country?

• Economic

• Growth

• Embargoes

• Quotas

Free trade agreements can foster what?

• greater overall efficiency

• Closer diplomatic and economic ties between states.

• Competition from foreign companies

• Closer diplomatic and economic ties between countries.

What is the European Union?

• NAFTA

• A political and economic alliance of 27 European countries that have created a single market for goods, services, capital, and people.

• A Union of peace

• A treaty that created a free-trade zone between Canada, Mexico, and Russia.

What is NAFTA?

• An alliance

• A treaty that created a free-trade zone between Canada, Mexico, and the United States by eliminating most tariffs on goods and services traded between these countries.

• A barrier

• A treaty that created a free-trade zone between Argentina, Singapore, and the United States by eliminating most tariffs on goods and services traded between these countries.

What is the purpose of the European Union?

• To remove tariffs.

• To place barriers

• To remove the trade barriers among its member States to promote internal economic growth and competitivenss, while also using it's collective strength to negotiate favorable trade deals with non-EU countries.

• To eliminate barriers to trade and investment between Canada, Mexico, and United States.

What is the purpose of NAFTA

• To eliminate barriers to trade and investment between Canada, Mexico, and United States.

• To promote competitiveness

• To remove the trade barriers among its member states

• To promote internal economic growth

Which is a cost of trade barriers to producers over time?

• Decreased innovation and efficiency

• Face lower prices

• Reduced variety of goods and services are available.

• Face higher prices for imported goods

Which is a benefit of trade barriers to producers over time?

• Reduced costs

• Protected from foreign competition, which can temporarily increase domestic production and employment.

• Prices for a wide range of goods remain higher, reducing purchasing power.

• Trade barriers can limit the variety of goods available

Which is a benefit of trade barriers to cosumers over time?

• Face higher prices for imported goods and domestic goods that use imported inputs.

• May see increased profit.

• Continued lower prices and a less dynamic market

• Protected from foreign competition