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Exam 8: Regional Economic Integration

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Question 41

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Integration whereby countries coordinate aspects of their economic and political systems is called a(n) ________.

A) free trade area
B) common market
C) political union
D) economic union

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

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Question 42

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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 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?

A) Trade diversion
B) Increased national sovereignty
C) Greater consensus
D) Production shifts to low-wage nations

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

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Question 43

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Which of the following countries is expected to have difficult negotiations regarding its application for European Union membership?

In 1951,Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands created the ________.

In 1991 at a summit meeting the EU member nations set as their goal to bank in a single common currency.This is the ________________.

The ________ was formed in 1991 and today consists of Canada,Mexico,and United States.

Conducting successful business in Mexico requires all of the following EXCEPT __________.

European Free Trade Association (EFTA)consists of four countries that were reluctant to join the EU.

Which of the following is the lowest level of regional integration?

In regional economic integration,industries requiring mostly unskilled labour will tend to shift production to low-wage nations within a trading bloc.

The main purpose of the ________ is to debate and amend legislation proposed by the European Commission.

Scenario: EU Primer The tiny but important country of Alpenzell has been invited to join the European Union (EU) .However,there is a lot of confusion among the country's population as to exactly how the EU operates.Alpenzell's Office of Public Affairs is putting together a flyer outlining some of the EU's basic operating components and needs help answering the following questions. -The ________ fulfills its role of adopting EU law by debating and amending legislation proposed by the European Commission.

The proposed free trade area running from Alaska to the southern tip of South America is referred to as the ________.

Which of the following European Union countries opted out of transition to the euro?

The largest market for US exports today is _____________.

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

The common currency of the European Union is known as the ________.

Discuss in detail "free trade areas" as a level of regional economic integration.How can regional integration enable employment opportunities?

Canada and the United States are examples of early formations of political unions.

The trading block that comprises a large portion of the economic activity in the Sub-Saharan Africa is called the __________________.