Members agree to either reduce or eliminate trade barriers for a select number of goods or services, resulting in partial trade liberalisation. This is ......

Economic Union comprises of the features of both a customs union and a common market, including common economic policies.

Members agree to the removal of trade barriers as well as the freedom of movement of factors of production within the bloc.

Often also involves the agreement of common economic policies is a feature of .....

Members agree to either reduce or eliminate trade barriers for all goods and services, resulting in trade liberalisation is a feature of .....

The North American Free Trade Association (NAFTA) was founded in 1994. It is a trilateral agreement between the USA, Canada and ..............

A free trade area is a group of countries that have removed most or all ........... and/or quotas

The EU is the biggest customs union in the world with a 15.5% share of world trade

The EU is not a free trade area as such, but a .......................

WTO decisions are absolute, and every member must abide by its rulings

The purpose of the WTO is not to promote free trade by persuading countries to abolish import tariffs and other barriers.

The members of a trading bloc make preferential ..................and sometimes political, arrangements to boost .................... within the member states.

In a preferential trade area members agree to either .............or .................. trade barriers for a select number of goods or services, resulting in partial trade liberalisation.

China does not form a part of ASEAN

NAFTA is a ......

Which method of protection raises revenue for the government?

An argument against trade protectionism is that it will increase

what would reduce an economy's protection against the import of cars?

What would be an economic benefit to a country of imposing a tariff on imported goods?

Which of the following is NOT an argument in favor of protectionism?

A tax or duty that raises the price of imported products is a .....

Tariffs are used to protect “Infant Industries”

Countries may impose tariffs on imports to retaliate to the protectionist policies of another country. This is called a Trade War.

Quotas are not popular with consumers because they limit consumer choice. This makes products more expensive.

The main beneficiaries of quotas are the workers, managers and shareholders who will face less competition from foreign companies.

A total ban on imported products is a .....

The UK has imposed a ban on Syrian oil exports as a political measure. This is an example of a ......

Financial Protectionism is when a national government instructs banks to give priority when making loans at favourable interest rates to domestic businesses.

Over-production in developed countries may be released into the markets of developing nations, which undercuts domestic prices and domestic producers may be forced to leave the market. This is called....

Placing restrictions on imports may help to reduce a balance of payments deficit on current account

Countries employ measures such as complex legal forms, health and safety inspections and specific product specifications. This discourages imports by raising costs.

In 2015 the EU paid British Farmers 10p for every pint of milk produced. This is an example of a .....

If legislation is passed to protect against imports the main beneficiaries will be foreign firms.

An example of murky or hidden protectionism is government measures that indirectly discriminate against foreign workers, investors and traders.

What does Gross Domestic Product

mean?

The___________ a country’s GDP, the better the country’s standard of living.

GDP per capita is

GDP stands for ______________________________

What does HDI stand for?

What is numeric range of HDI?

How many aspects are considered for HDI calculation?

Which country has the highest HDI among the following?

What is the value of all newly produced final goods and services produced in an economy within a given time period?

What are the benefits of higher economic growth?

The HDI is set out like a league table with four divisions. Which is the odd one out?

Which one of these is a key indicator of growth?

Investment in long term assets e.g. roads and buildings is fixed Capital formation

Investment made by a business or other entity from one country into the production capacity of a business or other entity from another country e.g. factories.

Specialised use of workers within an organisation is division of labour

Investment into a country such as the UK from companies abroad, perhaps in the form of buying up one of our businesses, or buying up property assets