Which of the following is a likely beneﬁt of a trade bloc like the EU?
A) It promotes self-suﬃciency among member nations.
B) It promotes reduction of trade barriers between non-member countries.
C) The trade bloc reduces cross-border competition.
D) The competition generated by lack of trade barriers promotes innovation.

Question

Quizplus · Accepted Answer

Trade blocs like the EU reduce trade barriers among member countries, which increases competition. This competition can drive innovation as companies strive to improve products and services to maintain or expand their market share.

Which of the Following Is a Likely Beneﬁt of a Trade