Practice Quiz

Supply Chain Management

Category - Global Management

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A trade bloc can be defined as a ____________.
  1. Preferential trade agreement
  2. Economic sanction
  3. Shipment parameters
  4. All of the above.
Explanation
Answer: A - A trade bloc can be defined as a ‘preferential trade agreement’ (PTA) between a subset of countries, intended to significantly decrease or remove trade barriers within member countries. When a trade bloc contains neighboring or geographically close countries, it is referred to as a ‘regional trade (or integration) agreement.’
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