Question

For items 1-4, match each term with its description below. type the letter o you answer choice in the box below each description.

a. an alliance formed by countries with similar politics or economic goals
b. unimpeded exchange and flow of goods and services between trading partners regardless of national borders.
c. halted the import of Canadian beef to the u.s.
d. a government tax on imports and exports

1. bovine spongiform encephalopathy
2. blocs
3. tariff
4. free trade agreement

Answer 1

• 1-C. Bovine Spongiform Encephalopathy halted the exports of Canadian beef to the U.S.

In May 2003, after it was discovered a cow with BSE, also known as Mad Cow's Disease, the United States banned the importation of Canadian beef and cattle. After the modification made by Canada's Federal Agricultural Minister on the exporting rules, that obliged the removing of brains and spinal cord from cattle older than 2 years and reinforced the surveillance on BSE, there was a lift on the ban in some U.S states. With the technology and meat safety increased, the ban was totally removed by 2009.

• 2-A. Blocs are alliances formed by countries with similar politics or economic goals.

Blocs are made to facilitate international trades by the reduction or removing of trade barriers such as tariffs and exporting licences. Example of economic blocs are: MERCOSUR (Southern Common Market), NAFTA (Northern Free Trade Agreement), and EU (European Union)

• 3-D. Tariff is a government tax on imports and exports.

The tariffs are used as a protectionist measure, adding value on the national products and goods. So that way, being the national products cheaper than the imported ones, the consumer invests in their own country, generating more jobs in their industry.

• 4-B. Free trade agreement is a unimpeded exchange and flow of goods and services between trading partners regardless of national borders.

Is a trade policy where trading countries are exempted from importing taxes and some licenses based on trade agreements, regulated by the World Trade Organization, and the European Union.

Answer 2

The answers are the following:

1.)Bovine spongiform encephalopahty- C. Halted the import of Canadian beef to the United States. 2.)Blocs--- A. an alliance formed by countries with similar political or economic goals.3.)Tariff- D. a government tax on imports and exports.4.)Free trade agreement- B. unimpeded exchange and flow of goods and services between trading partners regardless of national borders.