AnswersHSA 26-27 EconomicsTrade Agreements

Trade Agreements Answers

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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.
3
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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.
4

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
5

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
6

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.
7

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.
8

Which trade organization is responsible for 90% of the world’s trade?

A
the EU
B
ASEAN
C
the WTO
D
NAFTA
9

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
10

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

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Trade Agreements Answers — HSA 26-27 Economics