AnswersOC27 Economics-2102310-Sem-MeadowsTrade Agreements

Trade Agreements Answers

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What is one stated purpose of the World Trade Organization?

A
to create a common currency
B
to encourage the expansion of exports
C
to monitor trade policies of many countries
D
to establish direct trade agreements between countries
2
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How can a nation benefit from effectively exporting its goods?

A
Its citizens can buy cheaper goods.
B
Its businesses can invest in the future.
C
Its domestic spending increases.
D
Its citizens have more money.
3

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
4

Countries establish internal economic zones in order to

A
limit foreign investment.
B
make solving disputes easier.
C
have fewer economic restrictions.
D
create manageable amounts of imports.
5

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.
6

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.
7

What is the most common reason why countries create trade agreements?

A
to limit imports
B
to create free trade
C
to establish quotas
D
to decrease trade
8

International trade organizations promote free trade by encouraging countries to

A
maintain their tariffs.
B
establish their trade quotas.
C
reduce their trade barriers.
D
develop their products.
9

What can be a result of free trade? Check all that apply.trade imbalancesdecreased productionlower economic growthincreased pollutionexploitation of workersnew opportunities

A
trade imbalances
B
decreased production
C
lower economic growth
D
increased pollution
E
exploitation of workers
F
new opportunities
10

What is one reason two countries may sign a treaty to create a direct agreement with one another?

A
to establish barriers to trade
B
to cut taxes
C
to collect more taxes
D
to limit trade opportunities for competing companies

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