AnswersHSA 26-27 EconomicsTrade Agreements

6.5 Trade Agreements Answers

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21
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The primary benefit of a Free Trade Agreement is that they

A
allow countries to charge high tariffs on imports and exports.
B
allow countries to more easily buy what they do not produce.
C
have fewer economic restrictions than trade organizations.
D
can fund international finance projects.
22
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Which trade organization is responsible for 90% of the world’s trade?

A
the EU
B
ASEAN
C
the WTO
D
NAFTA
23

Which group primarily helps settle trade disputes?

A
European Union
B
World Trade Organization
C
Association of Southeast Asian Nations
D
North American Free Trade Agreements
24

The primary benefit of a Free Trade Agreement is that they

A
allow countries to charge high tariffs on imports and exports.
B
allow countries to more easily buy what they do not produce.
C
have fewer economic restrictions than trade organizations.
D
can fund international finance projects.
25

Why were free trade zones created in China?

A
to avoid governmental rules and conditions
B
to attract investments by foreign countries
C
to import technology more easily
D
to control imports and exports
26

How do trade agreements of international organizations affect trade?

A
by incentivizing the development of trade policies
B
by eliminating tariffs and taxes on imports and exports
C
by encouraging countries to provide open access to trade
D
by helping smaller countries compete in the world market
27

One primary purpose of the European Union is to

A
create a common market.
B
eliminate borders between countries.
C
allow highly skilled workers to be employed.
D
limit trade among member countries.
28

Which best describes ASEAN?

A
an international organization promoting free trade
B
a regional organization promoting growth in Southeast Asia
C
an international organization trying to establish a common currency
D
a regional organization establishing free trade between Canada and Mexico
29

According to this quotation, what did President Ronald Reagan believe about economic growth?"We should be trying to foster the growth of two-way trade, not trying to put up roadblocks, to open foreign markets, not close our own.”

A
Increased trade barriers would help the economy.
B
Free trade associations would limit competition.
C
Increased fair trade would help the economy.
D
Trade barriers would help make trade more fair.
30

Trade agreements are helpful because they allow countries to

A
trade for necessary goods.
B
increase trade tax revenue.
C
influence foreign trade.
D
help create new trade barriers.

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6.5 Trade Agreements Answers — HSA 26-27…