Short Quiz:

1. It is a type of international cartel that controls international markets not by contract but by
uniting competitors under common ownership or management. (B)
a. Association
b. Combine
c. Patent Licensing Agreement
d. A and B

2. Delving into customs unions means; (C)

a. Ensuring coherence among member countries
b. Strengthening negotiation capabilities in international trade
c. Elevated economic cooperation with a common external tariff
d. All of the above

3. WTO stands for; (B)

a. World Tariff Organization
b. World Trade Organization
c. World Transaction Organization
d. None of the above

4. What are the advantages of Customs Unions?

a. Harmonized Trade Policies: Ensuring coherence among member countries.
b. Enhanced Bargaining Power: Strengthening negotiation capabilities in international trade.
c. Reduced Sovereignty: Member countries surrendering a degree of trade policy autonomy.
d. A and B

5. What are the disadvantages of Customs Unions?

a. Reduced Sovereignty: Member countries surrendering a degree of trade policy autonomy.
b. Enhanced Bargaining Power: Strengthening negotiation capabilities in international trade.
c. Decision-Making Complexities: Consensus on external tariffs and policies can be challenging.
d. A and C