Expansion of Trading Blocs (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a trading bloc?
What is a trading bloc?
Countries that reduce/eliminate trade barriers
Why do countries prefer to trade within their geographical region?
Why do countries prefer to trade within their geographical region?
Lower transport costs & cultural familiarity
What characterises a preferential trading area (PTA)?
What characterises a preferential trading area (PTA)?
Reduced tariffs on certain specified products
What are rules of origin used for in free trade areas?
What are rules of origin used for in free trade areas?
Prove a product was made within the bloc
What distinguishes a customs union from a free trade area?
What distinguishes a customs union from a free trade area?
A common external tariff
What can move freely in a common market?
What can move freely in a common market?
Goods, services, labour, and capital
Which feature distinguishes the EU single market?
Which feature distinguishes the EU single market?
Harmonised laws, standards, regulations & taxes
How many people does the ASEAN free trade area cover?
How many people does the ASEAN free trade area cover?
Over 500 million
What does NAFTA NOT include?
What does NAFTA NOT include?
Free movement of labour
Which is an opportunity trading blocs create for businesses?
Which is an opportunity trading blocs create for businesses?
Access to larger markets without tariffs