[Lambswool Tax] the U

question 51

Multiple Choice

[Lambswool tax] The U.S. and Canada are members of the World Trade Organization and GATT. Frustrated by the tough competition from Canadian suppliers, Lambswool suppliers in the U.S. have pressured Congress to pass a law requiring importers to pay a tax per pound of lambswool imported to the U.S. and restricting the number of pounds of lambswool imported from specific countries, including Canada. Wholly Wool, Inc., is a Canadian company that sells lambswool that is nearly identical to lambswool produced and sold in the U.S.
-The European Union (EU) is considered a(n) ________ and is considered the largest regional trading bloc in the world.

• A) customs union
• B) part of NAFTA.
• C) regional trading zone
• D) limited customs union
• E) importation center

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