Question

Which of the following is NOT true about NAFTA, which is now USMCA? o It has common tariffs arranged among the member countries against non-member countries. The member countries include Mexico, Canada, and the United States. It is a free trade agreement. There have been increased trades among member countries since it was introduced. All of the above are true. OPEC is an example of o international cartel O free trade area O political union economic union O common market

Answer 1

It has common tariffs arranged among the member countries against non-member countries.

The North American Free Trade Agreement (NAFTA) is now the United States-Mexico-Canada Agreement (USMCA), and it is a free trade agreement that promotes increased trade and economic integration between the member countries of Mexico, Canada, and the United States. All of the other statements are true about NAFTA/USMCA.

OPEC, the Organization of the Petroleum Exporting Countries, is an example of an international cartel. It is a cartel of oil-producing countries that aims to regulate the production and export of oil in order to stabilize prices and maximize profits. It is not a free trade area, political union, economic union, or common market.