ECO 365 Week 5 Knowledge Check

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Questions to ECO 365 Week 5 Knowledge Check are as follow:
1. What problem do economists see with free trade areas such as
NAFTA and the European Union?
• They tend to lead to free trade rather than fair trade.
• They can lead to regional trading blocs then restrict trade.
• They lead to globalization.
• They encourage countries to rely on others rather than being self-sufficient

2. A group of countries that allows free trade among its members and puts up common barriers against all other countries' goods is called
• a tariff-free zone
• a most-favored nation agreement
• an autarky
• a free trade association

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