THEME 4

Question 1

What are the 4 types of trading blocs

Answer 1

Free Trade Areas
Customs Unions
Common Markets
Monetary Unions

Question 2

What are tariffs

Answer 2

Taxes on imported goods

Question 3

What are quotas

Answer 3

A strict limit on the quantity of goods imported

Question 4

What are trading blocs

Answer 4

When countries join together and agree to remove barriers to trade

Question 5

Name the free trade area which includes the US, Mexico and Canada.

Answer 5

NAFTA, North Atlantic Free Trade Agreement

Question 6

Describe a customs union

Answer 6

Trade barriers are removed between member countries

And there are common external tariffs on countries outside the trading bloc

Question 7

Describe what free trade areas are

Answer 7

Areas were countries remove trade barriers between each other and where they are free to set their own trade barriers on non member countries

Question 8

Describe what common markets are like

Answer 8

common external tariffs

trade barriers removed between countries

free movement of factors of production

Question 9

What is the eurozone

Answer 9

The Eurozone is a monetary union meaning that all 20 of its members have adopted a common currency - the Euro.

Question 10

What is the EU

Answer 10

The European Union is a customs union that includes 27 countries

Question 11

What is the european single market

Answer 11

the European Single Market is a common market that includes 31 countries