Question

Trade blocs help countries by
A) competition
B) economic integration
C) Increase in trade
D) All of the above

Answer 1

The answer is :

D) All of the above

Answer 2

Option D, All of the four types of trading blocks, is the correct answer.

There are several types of trading bloc:

•    Preferential Trade Area.

Preferential Trade Areas (PTA) is applied when countries within a common geographical area agree to reduce or eliminate tariff barriers on selected goods imported from other members of the area.

•    Free Trade Area.

•    Customs Union.

•    Common Market.