Exam (elaborations)
NAFTA WQ questions with correct answers
- Course
- NAFTA
- Institution
- Liberty University
NAFTA WQ questions with correct answers
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NAFTA WQ questions with correct answersNAFTA Correct Answer-stands for North American Free Trade
Agreement
Original goal of NAFTA for Mexico, the US, and Canada Correct
Answer-to integrate developing Mexico with the high-boosting
economies of the US and Canada to increase Mexico's economic growth
and discourage illegal migration into US and Canada
NAFTA's effect on the US Correct Answer-had fairly positive impact,
several billion dollars added to their economy a year, trade with
neighbors has tripled. Critics argue it's to blame for job losses, due to
import growth
NAFTA's effect on Mexico Correct Answer-had positive impact on
productivity and consumer prices, gave major boost to farm exports to
the US. Critics argue it didn't substantially contribute to their growth,
unemployment rose due to competition, and poverty remained high.
NAFTA's effect on Canada Correct Answer-positive impact, exports to
US grew from $110 billion to $346 billion, while imports from US grew
by same amount; boost in agriculture and increased agricultural flows
with the US
Future plans for NAFTA Correct Answer-renegotiate the pact to
mitigate the negative effects it's had such as high unemployment, discuss
wage insurance, reduce trade deficits, and update it to include digital
services and intellectual property
, Economic upside of NAFTA Correct Answer-was the first
comprehensive free-trade agreement to successfully join developed and
developing nations and achieved deeper market openings than any other
One thing that NAFTA eliminated Correct Answer-tariffs on all
industrial goods
The US' largest single export market Correct Answer-Canada, which
sends 98% of its energy exports to the US
When NAFTA was enacted Correct Answer-around 25 years ago (1994)
US President in office when NAFTA was enacted(1994) Correct
Answer-Bill Clinton
What was happening in Mexico on the day NAFTA took effect (January
1, 1994) Correct Answer-the Zapatista Rebellion, which erupted in S.
Mexico
What was NAFTA's effect on the US economy 7 years after enacted ?
Correct Answer-It added 17 million jobs to their economy and the
unemployment rates dropped from 6.9 percent to 4.0 percent
One main consequence of NAFTA cited by critics Correct Answer-
Larger trade deficits
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