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Free Trade Agreements and Single Market Quiz

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Free Trade Agreements and Single Market Quiz

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Questions and Answers

Which trade agreement was created in January 1994 among the U.S., Canada, and Mexico?

North American Free Trade Agreement (NAFTA) (correct)

South American Free Trade Agreement (SAFTA)

North Atlantic Free Trade Agreement (NAFTA)

North Asian Free Trade Agreement (NAFTA)

What is the primary goal of the Single Market within the European Community?

Reducing barriers to the movement of capital, goods, and people. (correct)

Increasing political tensions

Enhancing cultural isolation

Expanding military alliances

Which regional bloc has moved beyond the Common Market to achieve deep integration of both market and non-market systems?

African Union

North American Free Trade Agreement (NAFTA)

South Asian Association for Regional Cooperation (SAARC)

European Community (correct)

What is the potential danger associated with regional blocs in international trade?

<p>Exclusiveness and protectionism toward non-member states. (B)</p> Signup and view all the answers

What has driven the emergence of regional blocs in the international economy?

<p>Growing consciousness of similarities between neighboring countries. (A)</p> Signup and view all the answers

Study Notes

International Trade Agreements

The North American Free Trade Agreement (NAFTA) was created in January 1994 among the U.S., Canada, and Mexico.

European Single Market

The primary goal of the Single Market within the European Community is to remove all barriers to the free movement of goods, services, capital, and people.

Regional Blocs

The European Union (EU) has moved beyond the Common Market to achieve deep integration of both market and non-market systems.

Risks of Regional Blocs

A potential danger associated with regional blocs in international trade is that they can lead to trade diversion and a bias towards protectionism.

Emergence of Regional Blocs

The emergence of regional blocs in the international economy has been driven by the desire to promote economic growth, increase competitiveness, and respond to globalization.

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Description

Test your knowledge on free trade agreements and the single market by answering multiple-choice questions. See if you can identify the North American Free Trade Agreement (NAFTA) and understand the primary goal of the Single Market within the European Community.