Data
NAFTA&CAFTA
EU
Regional trade pacts
General
100

What is the number of countries that US has regional trade agreements with?

20

100

Name the member countries of USCMA

U.S, Canada and Mexico

100

What is the total number of members in the EU?

27

100

Give any two benefits of a regional trade pact?

Larger markets, economies of scale, reduce small country disadvantage

100

Is USMCA an optimum currency area? Yes or No

No

200

According to WTO, What is the total number of regional trade pacts globally?

355 RTA's in December 2022

200
What is the reason that many US companies have not moved to Mexico to take advantage of the cheap labor?
US worker is 4 times more productive
200

In which year was treaty of Rome (the inception of EU) signed and how many members did it have?

1957;6

200

Regional Trade Agreements are discriminatory. True or False?

True.

200
What are the transition economies? What are they transitioning from?
East European Economies; Centrally planned economy to a market economy
300

How many member countries have joined WTO?

164

300

What is the difference between trade creation and trade diversion?

Trade creation is new trade, trade diversion is when trade is diverted from a non-member to a member of the FTA

300
What is the name of European Unions central Bank and where is it located?
European Central Bank, Germany
300

Name any three countries in the ASEAN

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam, Phillipines

300
What is a Common Market?
Common Market: 1 Free movement of goods and services among members. 2. Free movement of factors of production among members 3. Common external trade restrictions against non-members
400

What was the GDP of the US in 2022?

$25.6 trillion

400

Name any three member countries of CAFTA

Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Dominion Republic,

400

Name two advantages of adopting a common currency, Euro?

Elimination of currency fluctuation risk, easier transactions,economic efficiency from lower cost of conversion in currency, price comparison easier, stimulation in competition, trade, investment and travel.

400

What is an optimum currency area? Give an example?

Common currency; EU

400

What is the difference between a free trade area and a customs union in terms of tariff structure against non-members?

Members in a FTA may have different tariff structures against non-members; CU has the same tariffs structure against non-members.

500

Which year was NAFTA signed?

Which year was the USMCA signed?

1994

2020

500

What does BREXIT stand for? Which year did it go into effect?

Britain's exit from the European Union;2020

500

Which was the last country to join the EU? Which year did it join?

Croatia;2013

500

As the physical distance between countries increases by 1%, trade between them drops by_____%

1.1%

500

An Economic Union is more integrated than an Economic Monetary Union. True or False?

False

M
e
n
u