Section 4

Question 0

Customs union

Answer 0

Is an agreement that abolishes trade barriers among its members and establishes uniform tariffs for non members.

Question 1

Free trade zone

Answer 1

Is a specific region in which trade between nations takes place without protective tariffs.

Question 2

European Union

Answer 2

The EU is an economic and political union of European nations established in 1993.

Question 3

Euro

Answer 3

Is the currency of the European Union.

Question 4

NAFTA

Answer 4

The North America free trade agreement, is designed to ensure trade without barriers between Canada, Mexico, and the United States.

Question 5

OPEC

Answer 5

Is the organization of petroleum exporting countries.

Question 6

Cartel

Answer 6

Is a group of producers that regulates the production, pricing, and marketing of a product.

Question 7

World trade organization WTO

Answer 7

Or nations that adhere to the general policies of the General Agreement on Tariffs and Trade.