WorksheetsTrade/protectionism/free-trade
Total questions: 12
Worksheet time: 6mins
Makes imported goods more expensive
Quota
Tariff
Embargo
One argument against NAFTA
Lower prices of goods
Outsources jobs to outside countries
Increase competition
Economic growth
refers to the unrestricted flow of goods, services, and productive resources between countries
free trade
balance of trade
trade surplus
trade deficit
limits the quantity of a good imported into a country
embargo
quota
tariff
Which of these country is NOT a member of ASEAN?
Cambodia
Brunei darussalam
Laos
China
Define common markets.
These are customs unions which adopt a common currency. The Eurozone is an example.
These include the free movement of factors of production (e.g. labour) between member countries.
There is free trade between member countries combined with a common external tariff on goods from countries outside the customs union.
In these trading blocs trade barriers are removed between member countries but each member can impose trade restrictions on non-members.
Identify custom unions.
These are customs unions which adopt a common currency. The Eurozone is an example.
In these trading blocs trade barriers are removed between member countries but each member can impose trade restrictions on non-members.
These include the free movement of factors of production (e.g. labour) between member countries.
There is free trade between member countries combined with a common external tariff on goods from countries outside the customs union.
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.
