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- An economic union requires giving up some political autonomy to succeed. What are some examples of political power countries must give up to be members of an economic union?Explain differences between a Customs Union and a Free Trade Agreement, i.e EU and NAFTA? BrieflyUse a graph to explain how a customs union results in trade creation
- A free trade union with a common policy regarding tariffs and measures having an equivalent effect is known as? a. Free trade agreement b. Custom union c. European free trade area d. European unionWhat are the advantages and disadvantages of free-trade vis a vis regional trade agreements such as custom union or an economic union like the EU and what are the differences? Use diagrams in your answer.What is the international division of labor system?
- Explain the Mercantilist’s views on trade. Mercantilism is always with us. Explain with examples over the time.With the aid of a diagram, discussing the situations under which a ‘trade diverting’ custom union can lead to a loss of welfare for the member countries.Explain ‘trade creation’ and ‘trade diversion’ in a customs union. What factors influence the extent of trade creation and trade diversion?
- How large are the job losses and reallocation costs associated with interna-tional trade?The biggest obstacle to the establishment of the CARICOM Single Market Economy (CSME) is freedom of movement. How much of this claim is accurate? Talk aboutWhat is the difference between a free trade association, a common market, and an economic union?