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Regional Trading Arrangements – MCQs
29 questions. Click to practice.
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Correct options are highlighted when revealed.
1.
When country A establishes a customs union with country B, how many units will A import from B?
400 units from B
200 units from C
200 units from both B and C
400 units from B plus 200 units from C
None of the above
2.
What type of economic agreement is NAFTA classified as?
a monetary union
an area with free trade
a common market
a customs union
a trade bloc
3.
Under conditions of free trade, how many units will country A import from country C?
700 units sourced from country C
700 units from country C plus 600 units from country B
600 units acquired from country C
600 units from country C combined with 400 units from country B
4.
Within the framework of the Common Agricultural Policy, which mechanism is used to promote the export of surplus agricultural products from the EU?
adjustable tariffs
export incentives
minimum price thresholds
reciprocal trade agreements
import quotas
5.
What is it called when multiple nations agree to apply uniform external tariffs, remove tariffs amongst themselves, and allow free movement of labor and capital within the group?
A zone with no tariffs between member countries
An agreement to enforce shared external tariffs
A market where members remove tariffs and permit free movement of labor and capital
A union that integrates economic policies beyond trade
6.
What impact has the European Union's Common Agricultural Policy had on agricultural exports from the United States to the EU?
It has led to a rise in U.S. farm exports to the EU
It has caused a reduction in U.S. farm exports to the EU
It has resulted in lower prices for U.S. farm exports to the EU
It has had no influence on the pricing of U.S. farm exports to the EU
It has increased the competitiveness of U.S. farm products in the EU market
7.
In the United States, which production factor is most likely to experience a decline in its earnings as a result of the North American Free Trade Agreement?
Physical capital assets
Natural resources
Highly trained workforce
Low-skilled workers
None of the above
8.
Which of the following countries is not part of the European Union?
Italy
Netherlands
Belgium
Iceland
Portugal
9.
Within the European Union, trade creation is most effectively promoted when member countries have economies that are?
strongly competitive
largely uncompetitive
economically insignificant
located far apart
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