Trading blocks

Question 1

What does EFTA stand for?

Answer 1

European Free Trade Association

Members include Iceland, Liechtenstein, Norway, Switzerland.

Question 2

What is the USMCA?

Answer 2

US-Mexico-Canada Agreement (Formerly NAFTA)

Members include Canada, Mexico, USA.

Question 3

List three countries that are part of the European Union.

Answer 3

• Austria
• Belgium
• France

Question 4

What is CARICOM?

Answer 4

Caribbean Community

Comprises 20 countries.

Question 5

What does APEC stand for?

Answer 5

Asia-Pacific Economic Co-operation

Members include Australia, Brunei, Canada, Chile, China, and more.

Question 6

Which countries are part of OPEC?

Answer 6

• Algeria
• Angola
• Nigeria
• Saudi Arabia
• Venezuela

Question 7

What is MERCOSUR?

Answer 7

A South American trade bloc

Members include Argentina, Brazil, Paraguay, Uruguay.

Question 8

What does SAFTA stand for?

Answer 8

South Asian Free Trade Area

Part of SAARC.

Question 9

List two advantages of trade agreements.

Answer 9

• Economic development through the economic multiplier
• Freedom of movement of goods and labour

Question 10

List two disadvantages of trade agreements.

Answer 10

• Lack of access to trading blocs by poorer nations
• Some loss of sovereignty

Question 11

What is the economic multiplier?

Answer 11

The process by which growing economic activity creates employment and stimulates further economic growth.

Question 12

True or False: The European Union includes countries like Greece and Sweden.

Answer 12

True

Question 13

Fill in the blank: The ______ is a trade bloc that includes countries such as Chile and Colombia.

Answer 13

MERCOSUR

Question 14

What is the main purpose of trade agreements?

Answer 14

To facilitate trade between countries and promote economic cooperation.

Question 15

Which trade bloc includes countries from Southern Africa?

Answer 15

Southern African Development Community (SADC)

Members include Angola, Botswana, South Africa, and more.

Question 16

Fill in the blank: The ______ countries are part of the Organization of Petroleum Exporting Countries.

Answer 16

OPEC

Question 17

What is the significance of trade agreements in global governance?

Answer 17

They provide representation and influence in world affairs.

Question 18

True or False: Trade disputes can arise over tariffs and prices of commodities.

Answer 18

True

Question 19

List three smaller trade groups of developed countries.

Answer 19

• EFTA
• USMCA
• OPEC