Free Trade Between Usa And Britian Been Cancelled Flashcards
(26 cards)
What is free trade?
Free trade is the economic policy of allowing goods and services to be bought and sold across borders with minimal government intervention.
True or False: Free trade between the USA and Britain has been permanently cancelled.
False
What was one major reason for the cancellation of free trade talks between the USA and Britain?
Political disagreements and differing economic priorities.
Fill in the blank: The cancellation of free trade agreements can lead to increased _____ between countries.
tariffs
Which two countries were involved in the free trade discussions that were cancelled?
USA and Britain
Multiple Choice: What was a potential benefit of free trade between the USA and Britain?
Increased economic growth and job creation.
What is one consequence of cancelling free trade agreements?
Higher prices for consumers due to tariffs.
True or False: The cancellation of free trade agreements has no impact on international relations.
False
What is the role of tariffs in international trade?
Tariffs are taxes imposed on imported goods to protect domestic industries.
Short Answer: How can cancelled free trade agreements affect supply chains?
They can disrupt supply chains by increasing costs and uncertainties for businesses.
Fill in the blank: The UK is seeking to establish new trade agreements with _____ after cancelling talks with the USA.
other countries
Multiple Choice: Which political party in the USA generally supports free trade?
Democratic Party
What is a trade deficit?
A trade deficit occurs when a country’s imports exceed its exports.
True or False: Cancelling free trade agreements may lead to job losses in certain sectors.
True
What is the impact of free trade on consumer choice?
Free trade typically increases consumer choice by providing access to a wider variety of goods.
Short Answer: What are non-tariff barriers?
Non-tariff barriers are regulatory restrictions, such as quotas and standards, that countries use to control the amount of trade.
Fill in the blank: The USA and Britain discussed free trade primarily in the context of _____ relations.
economic
Multiple Choice: What was a key concern for Britain in the free trade negotiations?
Protecting its agricultural sector.
What is the significance of the World Trade Organization (WTO) in free trade?
The WTO regulates international trade agreements and resolves disputes between member countries.
True or False: Free trade agreements are always beneficial for all parties involved.
False
What can be a reason for countries to impose tariffs?
To protect domestic industries from foreign competition.
Short Answer: How do free trade agreements typically affect foreign investment?
They tend to increase foreign investment by creating a more predictable trade environment.
Fill in the blank: The cancellation of free trade discussions may lead to a rise in _____ tensions.
trade
Multiple Choice: Which sector might benefit from the cancellation of free trade between the USA and Britain?
Domestic manufacturing
