NAFTA and Its Impact on North American Trade and Economy

The video tutorial introduces NAFTA, a free trade agreement between the USA, Canada, and Mexico, highlighting its purpose to increase trade and economic growth by eliminating tariffs. Key economic terms like GDP and unemployment rate are explained. The tutorial discusses NAFTA's benefits, such as cheaper goods and resource availability, and its drawbacks, including job losses and increased illegal immigration. It concludes with an overview of the USMCA, a revised trade agreement enhancing trade conditions among the three countries.

What is the full form of NAFTA?

• New American Free Trade Agreement

• North Atlantic Free Trade Agreement

• National American Free Trade Agreement

• North American Free Trade Agreement

Which countries are part of the NAFTA agreement?

• Canada, Mexico, and Brazil

• United States, Mexico, and Brazil

• United States, Canada, and Brazil

• United States, Canada, and Mexico

What does GDP stand for?

• Gross Development Product

• Global Domestic Product

• General Domestic Product

• Gross Domestic Product

How is GDP per capita different from GDP?

• It measures the total economic output per person.

• It measures the total economic output of a country.

• It measures the total imports and exports of a country.

• It measures the total population of a country.

What is the unemployment rate?

• The percentage of people in the workforce without a job.

• The percentage of students without a job.

• The percentage of retired individuals without a job.

• The percentage of people not looking for a job.

What was one of the main purposes of NAFTA?

• To increase tariffs between the USA, Canada, and Mexico

• To decrease trade between the USA, Canada, and Mexico

• To increase trade between the USA, Canada, and Mexico

• To create a single currency for the USA, Canada, and Mexico

How did NAFTA affect the cost of goods?

• It doubled the cost of goods.

• It had no effect on the cost of goods.

• It made goods cheaper by removing tariffs.

• It increased the cost of goods by adding tariffs.

What was a consequence of NAFTA related to employment?

• Increase in minimum wage in the USA

• Increase in job opportunities in the USA

• Job relocation to countries with lower wages

• Decrease in illegal immigration

What is the USMCA agreement?

• A revised version of NAFTA

• A new trade agreement with Europe

• A cultural exchange program

• A military alliance between the USA, Mexico, and Canada

Which industry was specifically mentioned as being affected by the USMCA?

• Agriculture industry

• Automobile industry

• Textile industry

• Technology industry