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Exam 8: Regional Economic Integration

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Question 21

Multiple Choice

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

A) to increase the selling prices of products
B) to raise the living standards of people
C) to limit the choice of products available to customers
D) to establish a socialist government

E) A) and B)
F) A) and C)

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Question 22

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For countries to become members of the European Union,they have to meet certain demands laid down by the EU referred to as the ________.

A) Copenhagen Criteria
B) Closer Economic Relations Agreement
C) Andean Community
D) Euro-Plus Pact

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

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Question 23

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Scenario: Learning the Americas' Way The newly-formed countries that emerged after the break up of the United Frontier States (UFS) are interested in learning more about integration in the Americas.Because the former UFS nations have many similarities with the countries of North and South America,they believe they can learn from the integration experience in the Americas.To that end,they pose the following questions. -The NAFTA is best considered a(n) ________.

Describe the Association of Southeast Asian Nations (ASEAN).

Countries belonging to a ________ maintain whatever policies they see fit against nonmember countries.

Which of the following is a result of trade creation?

Scenario: Moonland Union Twenty-six nations of Moonland region,have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union.They are not sure,however,to what extent they want to cooperate. -The process undertaken by these twenty-six countries is an example of ________.

Like the European Union commissioners,EU justices are required to act in the interest of their native countries.

A result of trade creation is that buyers pay higher prices for imported goods and services after trade barriers are removed.

A(n) ________ requires member nations to harmonize their tax,monetary,and fiscal policies and create a common currency.

Scenario: Moonland Union Twenty-six nations of Moonland region,have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union.They are not sure,however,to what extent they want to cooperate. -Some countries in Moonland Union are interested not just in free trade among themselves and a common trade policy against nonmembers,but also in removing all barriers to the movement of labor and capital among themselves.This type of integration is best described as a ________.

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

The primary purpose of the Gulf Cooperation Council at its formation was to ________.

Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves and set a common trade policy against nonmembers is called a ________.

The major objective of the Association of Southeast Asian Nations (ASEAN) is to ________.

The Council of the European Union is the ________ body of the European Union.

Scenario: Moonland Union Twenty-six nations of Moonland region,have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union.They are not sure,however,to what extent they want to cooperate. -If these twenty-six nations continue to eliminate all barriers to trade among themselves and set a common trade policy against nonmembers,they would create a ________.

Countries belonging to a free trade area must concede a certain amount of their national autonomy to the supranational union of which they are a part.

The European Commission is the ________ body of the European Union.

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. -Which of the following would the government of Zucoland most likely experience as a benefit of joining the trading bloc?