Regional and International Trade Agreements Quiz

trade agreement quiz

Quiz on Global free trade agreements:

What is a free trade agreement?
(a) An agreement that controls trade between countries.
(b) An agreement that promotes protectionism and trade barriers.
(c) An agreement that eliminates or reduces trade barriers between countries.
(d) An agreement that exclusively benefits one country’s economy.

Answer. (c)

Which of the following is a potential advantage of free trade agreements?
(a) Increased competition leading to lower prices for consumers.
(b) Protection of domestic industries and markets.
(c) Limiting access to foreign markets for exports.
(d) Restricting technological innovation and advancement.

Answer. (a)

Which region of the world has the highest number of free trade agreements?
(a) Europe
(b) North America
(c) Asia
(d) Africa

Answer. (a)

Which region does the European Union have the largest free trade agreement with?
(a) North America
(b) Asia-Pacific
(c) Latin America
(d) Africa

Answer. (b)

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Which of the following statements about free trade agreements (FTAs) is true?
(a) FTAs typically involve the complete elimination of all trade barriers.
(b) FTAs are only formed between neighboring countries.
(c) FTAs can cover a wide range of economic sectors, including goods, services, and intellectual property.
(d) FTAs are designed to protect domestic industries from international competition.

Answer. (c)

Which of the following is an example of a prominent free trade agreement?
(a) WTO
(b) OPEC
(c) EU
(d) UN

Answer. (c)

Which agreement established the largest free trade area in terms of the number of participating countries in Africa?
(a) East African Community
(b) African Union
(c) Southern African Development Community
(d) African Continental Free Trade Area

Answer. (d)

Which free trade agreement was formed among the United States, Canada, and Mexico in 1994?
(a) USCM Free Trade Area
(b) Mercosur
(c) Transatlantic Trade and Investment Partnership
(d) North American Free Trade Agreement

Answer. (d)

Which countries were part of the original TPP agreement?
(a) United States, China, India
(b) Japan, Australia, Mexico
(c) United Kingdom, Germany, France
(d) Canada, Brazil, Russia

Answer. (b)

Which free trade agreement established a partnership between the United States and 11 other Pacific countries?
(a) Transpacific Trade and Investment Partnership
(b) Central America Free Trade Agreement
(c) Trans-Pacific Partnership
(d) United States-Korea Free Trade Agreement

Answer. (c)

What are some potential benefits of free trade agreements?
(a) Increased employment opportunities and domestic industries protection.
(b) Higher consumer prices and limited product choices.
(c) Expanded market access and increased economic growth.
(d) Decreased competition and restricted foreign investment.

Answer. (c)

Which was the first modern free trade agreement?
(a) North American Free Trade Agreement
(b) European Union
(c) Trans-Pacific Partnership
(d) General Agreement on Tariffs and Trade

Answer. (d)

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Which country is not a member of the United States’ free trade agreements?
(a) Canada
(b) Mexico
(c) China
(d) South Korea

Answer. (c)

Which agreement established a free trade area between the United Kingdom and the European Union?
(a) Comprehensive and Progressive Agreement for Europe
(b) UK-EU Trade and Investment Partnership
(c) European Economic Area
(d) European Union-United Kingdom Trade and Cooperation Agreement

Answer. (d)

How many member countries are part of the European Union’s Single Market?
(a) 12
(b) 20
(c) 27
(d) 34

Answer. (c)

How many countries are part of the Association of Southeast Asian Nations (ASEAN)?
(a) 5
(b) 10
(c) 15
(d) 20

Answer. (b)

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Which free trade agreement was signed between the European Union and Canada?
(a) Trans-Pacific Partnership
(b) European Economic Area
(c) Comprehensive and Progressive Agreement for Trans-Pacific Partnership
(d) Comprehensive Economic and Trade Agreement

Answer. (d)

Which countries are part of the European Economic Area (EEA)?
(a) All EU member countries
(b) EU member countries plus Switzerland
(c) EU member countries plus Iceland, Liechtenstein, and Norway
(d) EU member countries plus the United Kingdom

Answer. (c)

When was the African Continental Free Trade Area (AfCFTA) officially launched?
(a) 2002
(b) 2013
(c) 2018
(d) 2021

Answer. (c)

Which agreement is the largest free trade area in terms of participating countries in Asia?
(a) Trans-Pacific Partnership
(b) ASEAN Free Trade Area
(c) Comprehensive and Progressive Agreement for Trans-Pacific Partnership
(d) Regional Comprehensive Economic Partnership

Answer. (d)

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How many member countries are part of the African Continental Free Trade Area (AfCFTA)?
(a) 15
(b) 27
(c) 54
(d) 70

Answer. (c)

Which country is not a member of the CPTPP?
(a) Japan
(b) Canada
(c) Australia
(d) China

Answer. (d)

What is a common benefit associated with free trade agreements?
(a) Increased economic growth and job creation.
(b) Reduced consumer choices and limited market options.
(c) Environmental degradation and resource exploitation.
(d) Enhanced cultural homogeneity and uniformity.

Answer. (a)

Which of the following is a concern associated with free trade agreements?
(a) Reduced consumer prices and increased choices.
(b) Improved access to foreign markets for exports.
(c) Environmental degradation and exploitation of resources.
(d) Enhanced cultural exchange and diversity.

Answer. (c)

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