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International Trade Agreements Quiz

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Questions and Answers

What is the primary goal of Preferential Trading Areas (PTAs)?

To allow the free movement of goods, services, and factors of production

To eliminate tariffs on goods among member countries

To promote trade by reducing tariffs and barriers among member countries (correct)

To establish a common external tariff (CET)

Which type of agreement aims to eliminate tariffs and other barriers on goods traded within a specific area?

Common Market

Customs Union

Free Trade Area (FTA) (correct)

Preferential Trading Area (PTA)

What is a key feature of Customs Unions?

Common external tariff (CET) on goods from non-member countries (correct)

Shared governance structures and common foreign policies

Free movement of goods, services, and factors of production

Coordination of economic policies such as monetary and fiscal policies

Which type of agreement allows for the free movement of goods, services, and factors of production, in addition to the elimination of trade barriers?

Common Market Signup and view all the answers

What is a key difference between Economic Unions and Customs Unions?

Coordination of economic policies such as monetary and fiscal policies Signup and view all the answers

What distinguishes Economic Unions from Customs Unions and Common Markets?

Coordination of economic policies such as monetary and fiscal policies Signup and view all the answers

Study Notes

Preferential Trading Areas (PTAs)

Primary goal: to promote trade by reducing tariffs and barriers among member countries
Eliminate tariffs on goods among member countries (not the primary goal)

Types of Trade Agreements

Preferential Trading Area (PTA): reduce tariffs and barriers on goods traded within a specific area
Free Trade Area (FTA): eliminate tariffs and other barriers on goods traded within a specific area
Customs Union: common external tariff (CET) on goods from non-member countries
Common Market: allows for the free movement of goods, services, and factors of production, in addition to the elimination of trade barriers
Economic Union: goes beyond Customs Union and Common Market by having shared governance structures and common foreign policies, in addition to coordination of economic policies such as monetary and fiscal policies

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Description

Test your knowledge of International Trade Agreements, including Preferential Trading Areas, Free Trade Areas, and Customs Unions. This quiz covers the goals and characteristics of different types of trade agreements.