If the united states and canada abolish all tariffs

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49. If the United States and Canada abolish all tariffs on each other’s goods and implement a common tariff on goods imported from other countries, there occurs a (an): a. Free-trade area b. Customs union c. Common market d. Economic union 50. Suppose that the United Kingdom and Italy abolish all tariffs on each other’s goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an): 51. The North American Free Trade Agreement was expected to benefit __________ the most. 52. The North American Free-Trade Agreement was most strongly opposed by U.S.: 9
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Chapter 9: Regional Trading Arrangements 53. In the United States, which group was most likely to be hurt by the North American Free Trade Agreement? a. Unskilled labor b. Skilled labor c. Owners of capital equipment d. Owners of financial capital 54. By joining NAFTA, the United States, Canada, and Mexico would find their short-run welfare decreasing due to the: 55. When Mexico became a part of NAFTA, along with Canada and the United States, it: 56. In a centrally-planned economy: 57. The failure of the centrally-planned economies was exemplified by all of the following except : a. Interest rates that were below free-market levels b. Consumer and producer goods of inferior quality c. Declining rates of economic growth d. Shortages of essential goods and services
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