A ____ is a regional trading bloc in Which member countries eliminate internal trade barriers but maintain existing barriers against countries that are not member ?

Related Mcqs:

1. When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

   A. free trade area B. customs union C. common market D. economic union...

2. ________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries ?

   A. trade creation B. trade diversion C. trade exclusion D. trade distortion...

3. When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?

   A. trade diversion B. trade channeling C. trade creation and trade diversion D. trade creation...

4. When countries from large trading blocs like the EU, the size of the bloc has the effect of improving them ?

   A. balance of trade B. comparative advantage C. balance of payments D. terms of trade...

5. Mention an international trade policy competitive devaluation and increased protective barriers that one country institute to gain at the expense of its trading partners ?

   A. Nationalist policy B. Domestic policy C. Protectionist policy D. Beggar-thy-beighbour...

6. If the economy is in the expansionary phase of the business cycle, aggregate demand ____ unemployment ____ inflation ____ payments is likely to move towards ____?

   A. falls; rise; falls; surplus B. is static; low; rise; deficit; C. falls; falls; falls; surplus D. rise; falls; rises; deficit...

7. If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?

   A. common market B. free trade area C. customs union D. federation...

8. _________ is said to exist when the formation of a regional trading group leads to an expansion of trade above pregroup levels ?

   A. trade creation B. trade diversion C. trade exclusion D. trade distortion...

9. According to the trade theory of Staffan Linder trade tends to be most pronounced in manufactured goods when trading countries have ?

   A. similar endowments of natural resources B. similar levels of technology C. similar per-capita incomes D. similar wage levels...

10. An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?

    A. relatively small; more difficult B. relatively small; easier C. relatively large; more difficult D. relatively large; easier...