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Exam 8: Regional Economic Integration

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Question 1

True/False

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A benefit of regional economic integration is that it always expands employment opportunities in all nations.

A) True
B) False

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Question 2

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Which of the following is best classified as an economic union?

A) Southern Common Market (MERCOSUR)
B) European Union (EU)
C) North American Free Trade Agreement (NAFTA)
D) Andean Community

E) All of the above
F) B) and C)

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Question 3

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The stated aim of the organization for Asia Pacific Economic Cooperation (APEC) is to ________.

The Southern Common Market is also referred to as MERCOSUR.

Differentiate among the five levels of economic and political integration.

The European Free Trade Association was formed in 1960 to focus on trade in ________.

Economic integration can unintentionally reward a less efficient producer within a trading bloc.

An increase in the level of trade among nations that results from regional economic integration is called ________.

The European Union (EU)and European Free Trade Association (EFTA)created the European Economic Area (EEA).

Describe the Association of Southeast Asian Nations (ASEAN).

A political union makes it mandatory for nations to accept a common stance on all economic and political policies within their territories.

Which of the following is an important goal of regional economic integration?

Which of the following materialized the EU's goals of removing trade barriers,increasing harmonization,and enhancing the competitiveness of European companies?

Which of the following institutions is least likely to play an important role in monitoring and enforcing economic and political integration in the European Union?

Which of the following is currently a member of the European Free Trade Association?

The only Western Hemisphere nation that has been excluded from participating in the Free Trade Area of the Americas (FTAA) is ________.

A common market requires that member nations create a common currency.

A common market area is the greatest extent of national integration.

Scenario: Zucoland Zucoland,a small-sized country just south of the Andes mountain range,was invited to join a regional trading bloc.The government of Zucoland is considering the benefits and costs of joining such a bloc.The government is attracted by the fact that this trading bloc requires Zucoland to give up only the least amount of sovereignty compared to other types of blocs. -The regional trading bloc that Zucoland will be joining is most likely a(n) ________.

The Court of Justice is the ________ of the European Union.