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What is a trade bloc

a group of nations that allows free trade among member nations but restrict imports from nonmember nations via tariffs and quotas.

The primary economic advantage of the European Union (EU) to its members is that

the reduction of trade barriers permits producers to achieve mass-production economies

What is the main problem posed by trade blocs for nonmember nations

nonmembers face tariffs that member nations do not

Which countries make up NAFTA

Canada, Mexico, and the United States.

what is the purpose of NAFTA

NAFTA established a free trade zone encompassing Canada, Mexico, and the United States.

A number of European nations have agreed to use the___________ as a common currency

euro

Which countries were admitted to the European Union in 2004

Poland, Hungary, and the Czech Republic

What did the Uruguay Round of GATT negotiations completed in late 1993 create

It created international protections for intellectual property such as patents, copyrights, and trademarks

An important outcome of the Uruguay Round of GATT negotiations was

a worldwide reduction of agricultural export subsidies

The World Trade Organization (WTO) is the successor to _____

GATT

Proponents of the WTO argue that free international trade and investment will

increase living standards of all trading nations.

American critics of the WTO argue that free international trade and investment will

undermine environmental and labor protections in the United States.