Macroeconomics + Economy 2009 Update 18th Edition by Campbell McConnell, Sean Masaki Flynn,Stanley Brue

Exercise 14

Explain: "Free-trade zones such as the EU and NAFTA lead a double life: They can promote free trade among members, but they pose serious trade obstacles for nonmembers." Do you think the net effects of trade blocs are good or bad for world trade Why How do the efforts of the WTO relate to these trade blocs