5 Questions
What is the term for increased trade among member countries of a trading bloc?
Trade creation
What can trading blocs do to restrict international trade with non-members?
Impose stringent rules and trade barriers
What are the implications of trading blocs for both member and non-member countries?
Significant implications for trade and economic activities
What is the term for the redirection of trade in favor of the member countries and against non-members within a trading bloc?
Trade diversion
What are the positive effects of trading blocs on member nations?
Promotion of peace and resource use
Explore the impact of regional trading blocs on international trade with this quiz. Learn about the potential benefits such as increased trade creation and national income boost within member countries, as well as the drawbacks including trade diversion and restrictions on international trade with non-members.
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