Economics Review: Bretton Woods System and Economic Theories
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Questions and Answers

What was the primary purpose of the North American Free Trade Agreement?

  • To establish the International Monetary Fund and World Bank
  • To reduce trade barriers and promote economic integration (correct)
  • To increase income inequality within member countries
  • To limit the growth of the manufacturing industry

    • Which industry was particularly impacted by NAFTA due to increased competition from Mexico?

  • Automotive (correct)
  • Manufacturing
  • Technology
  • Agriculture

    • What was the result of NAFTA's implementation on trade among member countries?

  • Dependence on the IMF and World Bank
  • No change in overall trade volume
  • An increase in overall trade volume (correct)
  • A significant decrease in overall trade volume

    • Which industry observed the most significant growth and integration among NAFTA member countries?

    <p>Manufacturing</p> Signup and view all the answers

    What criticism is often leveled against NAFTA?

    <p>It increased income inequality within member countries</p> Signup and view all the answers

    When was the North American Free Trade Agreement signed?

    <p>1994</p> Signup and view all the answers

    What was NOT a primary goal of NAFTA?

    <p>Establishing the IMF and World Bank</p> Signup and view all the answers

    What was the impact of NAFTA on the automotive industry in Mexico?

    <p>It increased competition in the industry</p> Signup and view all the answers

    What institutions were created as part of the Bretton Woods System?

    <p>The International Monetary Fund and World Bank</p> Signup and view all the answers

    What was the overall effect of NAFTA on trade among its member countries?

    <p>An increase in trade volume</p> Signup and view all the answers

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