1) Tariff removal leads to trade creation a) True b) False 2) Increased competition between firms can lead to higher prices for consumers as the firms strive for greater efficiency. a) True b) False 3) Trading blocs create greater choice of goods for consumers. a) True b) False 4) Trading blocs create unemployment a) True b) False 5) There is often free movement of labour across the trading blocs so immigrants can fill skills gaps. a) True b) False 6) Increased specialisation by firms which leads to diseconomies of scale (higher costs from increased output). a) True b) False 7) Countries in close proximity to each other will benefit from lower transportation costs. a) True b) False 8) The market for exporters shrinks leading to lower export sales. a) True b) False 9) Access to cheaper suppliers for raw materials leads to lower costs of production a) True b) False 10) Countries joining rich trading blocs can benefit from inward investment and increased trade opportunities. a) True b) False

N5 Economics Understanding the Impact of the Global Economy - Advantages of Trading Blocs

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