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WHAT IS ADDED TO A CUSTOMS UNION SO THAT AN AREA BECOMES A COMMON MARKET – WHAT IS ADDED TO A COMMON MARKET SO THAT AN AREA BECOMES A 2. POLITICAL UNION –

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 50CTQ: An economic union requires giving up some political autonomy to succeed. What are some examples of...

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WHAT IS ADDED TO A CUSTOMS UNION SO THAT AN AREA BECOMES A

COMMON MARKET –

WHAT IS ADDED TO A COMMON MARKET SO THAT AN AREA BECOMES A

2. POLITICAL UNION –

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Explain differences between a Customs Union and a Free Trade Agreement, i.e EU and NAFTA? Briefly
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 union
Explain ‘trade creation’ and ‘trade diversion’ in a customs union. What factors influence the extent of trade creation and trade diversion?
Use a graph to explain how a customs union results in trade creation
What is the international division of labor system?
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.
Apple has its headquarters, and conducts research and development, in the United States, while it manufactures iPhones, iMacs, and iPads in China. How is this characteristic of the New International Division of Labour (NIDL)?
Moving beyond a Free Trade Area, a Customs Union represents a deeper level of economic integration. In addition to removing internal trade barriers, member countries of a Customs Union adopt a unified external trade policy. This means they agree on common tariffs and trade policies towards non-member countries, creating a unified trade front. This level of integration helps to prevent trade diversion and fosters a more unified economic area. An example of a Customs Union is:A) European UnionB) NAFTA (now USMCA)C) East African Community (EAC)D) ASEAN
What 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.
Which feature is found in a customs union but not a free trade area? (Pick either a,b,c, or d) a) uniform direct tax rates b) uniform indirect tax rates c) a common external tariff d) a common currency
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 the terms ‘trade creation’ and `trade diversion’ in the context of customs unions]