HISTORY
THE WORLD TODAY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Blocs
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Corporations
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Alliances
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Trade Unions
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Detailed explanation-1: -Regional Trading Blocs – Advantages Competition − Trade blocs bring manufacturers from various economies, resulting in greater competition. The competition promotes efficiency within firms. Trade Effects − As tariffs are removed, the cost of imports goes down.
Detailed explanation-2: -They have advantages in enabling free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition.
Detailed explanation-3: -Regional blocs have been considered essential in protecting economies, facilitating free movement of goods, services and people as well as encouraging monetary union. In Africa, different regional trade exists to engender broader social economic and political goals.
Detailed explanation-4: -Preferential trading area. Free-trade area. Customs union. Single market. Economic union. Economic and monetary union. Complete economic integration.
Detailed explanation-5: -Free trade area. This is the most basic form of economic cooperation. Customs union. This type provides for economic cooperation as in a free-trade zone. Common market. Economic union.