All of the following are factors mitigating against global trade liberalization EXCEPT:
A. regional trading arrangements may limit trade liberalization with outsiders
B. a small nation might do better entering into a pact with a larger nation, rather than competing globally
C. trading bloc members may not realize economies of scale through global liberalization
D. trading bloc members prefer competing globally rather than locally
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TheUnitedStatesservesasanexampleof:
A. acommonmarket
B. acommonunion
C. amonetaryunion
D. afreetradearea
The task of creating an economic union is:
A. difficult
B. relatively easy
C. similar to creating a customs union
D. None of the above
Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with the United States. As a result, Canada realizes:
A. Trade creation, no trade diversion, and overall welfare gains
B. Trade creation, no trade diversion, and overall welfare losser
C. Trade diversion, no trade creation, and potential overall welfare losser
D. Trade diversion, trade creation, and potential overall welfare gains
Suppose taht Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at 430. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with Mexico. As a result. Canada realizes:
A. Trade creation, no trade diversion, and overall welfare gains
B. Trade creation, no trade diversion, and overall welfare losses
C. Trade diversion, no trade creation, and potential overall welfare losses
D. Trade diversion, trade creation, and potential overall welfare gains
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