Question 1

Of the following, which is NOT a primary reason why countries are now seeking to pursue regional integration at the expense of multilateral trade liberalization?

Accepted Answer

A)  Uncertainty surrounding the Doha Round
B)  Concern that the prospect of creating a truly open global economic system that benefits all countries may recede
C)  Some governments may initiate regional pacts
D)  Some countries are clamoring for bilateral or regional trade agreements to meet their specific agendas
E)  NAFTA is pushing the EU to pursue regional integration

Question 2

When the various regional integration blocs are analyzed from an economic geography perspective, they fall under three general categories - regional blocs close to major world markets, remote regions with large local markets, or _____.

Accepted Answer

A)  urban regions with small local markets
B)  urban regions with large local markets
C)  urban regions with no local markets
D)  remote regions with small local markets
E)  remote regions with no local markets

Question 3

The Treaty of Montevideo created _____.

Accepted Answer

A)  the EU
B)  ASEAN
C)  LAFTA
D)  NAFTA
E)  MERCOSUR

Question 4

A group of states with convergent social, economic, and monetary policies is called a(n) _____.

Accepted Answer

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

Question 5

Implementation of a multitude of economic and/or political steps by member states to increase their global competitiveness, including preferential trade access refers to _______.

Accepted Answer

regional i...

Question 6

Venezuela became a member of MERCOSUR in July 2012 and is considered a key member because of its

Accepted Answer

A)  low tax rates and absence of tariffs.
B)  large population of educated, highly skilled workers.
C)  vast energy resources and significant domestic market.
D)  high-tech economy, the most advanced in South America.
E)  long history of political and economic  stability.

Question 7

Compare and contrast EU and NAFTA as regional integration blocs.

Accepted Answer

The European Union (EU) and the North Am...

Question 8

Some argue that Asia may become the most important free trade region for this century. Do you agree? Explain.

Accepted Answer

I agree that Asia may become the most im...

Question 9

The World Bank's (2009) World Development Report concludes that successful regional integration depends on positive changes within

Accepted Answer

A)  comparative and absolute advantage.
B)  market size, location, and openness to trade.
C)  government control over the economy.
D)  the relationship between employers and employees.
E)  regional integration blocs.

Question 10

NAFTA is in which stage of the economic integration process?

Accepted Answer

A)  First stage (free trade area) 
B)  Second stage (customs union) 
C)  Third stage (common market) 
D)  Fourth stage (economic union) 
E)  Fifth stage (political union)

Question 11

A ______ (or single)market is formed when member countries of a customs union remove all barriers to allow the movement of capital and labor within the customs union.

Accepted Answer

The answer of A ______ (or single)market is formed when...

Question 12

Generally, countries within trading blocs that have significantly lowered trade barriers have done better economically than others.

Accepted Answer

A) True 
 B)False

Question 13

All 28 EU countries are permitted to use the euro as their currency.

Accepted Answer

A) True 
 B)False

Question 14

Of the following, which is NOT true about the future of ASEAN?

Accepted Answer

A)  ASEAN's Vision 2020 calls for aggressive outward-looking economic policies.
B)  Several bilateral Free Trade Agreements are currently being implemented.
C)  A growing ASEAN concern is the economic ascendancy of North Korea.
D)  The ASEAN-Japan Comprehension Economic Partnership agreement covers trade in goods, services, and investment and economic cooperation.
E)  The ASEAN Australian-New Zealand FTA was signed in February 2009.

Question 15

A group of free trade member countries that have adopted a common external tariff with nonmember countries refers to ______.

Accepted Answer

The answer of A group of free trade member countries...

Question 16

Explain the pros and cons of regional integration.

Accepted Answer

Regional integration refers to the proce...

Question 17

According to the text, which of the following is NOT a regional bloc close to world markets?

Accepted Answer

A)  Guatemala
B)  Chile
C)  Russia
D)  Singapore
E)  Vietnam

Question 18

NAFTA is a comprehensive free-trade agreement among Canada, United States, and Mexico that addresses issues ranging from protection of workers' rights and the environment to phased reduction of tariff and non-tariff trade barriers, which were finally eliminated in 2009.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is not a free trade policy impacting Sarten Gas Company?

Accepted Answer

A)  Phased elimination of all trade barriers
B)  Protection of intellectual property
C)  Stringent immigration policies
D)  Environmental protection standards
E)  Protection of workers' rights

Question 20

In 2003, ASEAN leaders agreed to establish an ASEAN Community based on three pillars: ASEAN Security Community; ASEAN Economic Community; and ASEAN Socio-Cultural Community.

Accepted Answer

A) True 
 B)False

Exam 3: Regional Economic Integration

Implementation of a multitude of economic and/or political steps by member states to increase their global competitiveness, including preferential trade access refers to _______.

Correct Answerverifiedregional i...View AnswerShow Answer

Venezuela became a member of MERCOSUR in July 2012 and is considered a key member because of its

Correct AnswerverifiedShow Answer

In 2003, ASEAN leaders agreed to establish an ASEAN Community based on three pillars: ASEAN Security Community; ASEAN Economic Community; and ASEAN Socio-Cultural Community.

Correct AnswerverifiedShow Answer

Of the following, which is NOT a primary reason why countries are now seeking to pursue regional integration at the expense of multilateral trade liberalization?

Correct AnswerverifiedShow Answer

When the various regional integration blocs are analyzed from an economic geography perspective, they fall under three general categories - regional blocs close to major world markets, remote regions with large local markets, or _____.

Correct AnswerverifiedShow Answer

A group of free trade member countries that have adopted a common external tariff with nonmember countries refers to ______.

Correct AnswerverifiedShow Answer

The World Bank's (2009) World Development Report concludes that successful regional integration depends on positive changes within

Correct AnswerverifiedShow Answer

The Treaty of Montevideo created _____.

Correct AnswerverifiedShow Answer

Some argue that Asia may become the most important free trade region for this century. Do you agree? Explain.

Correct AnswerAnswered by ExamLex AII agree that Asia may become the most im...View AnswerShow Answer

Compare and contrast EU and NAFTA as regional integration blocs.

Correct AnswerAnswered by ExamLex AIThe European Union (EU) and the North Am...View AnswerShow Answer

Which of the following is not a free trade policy impacting Sarten Gas Company?

Correct AnswerverifiedShow Answer

Of the following, which is NOT true about the future of ASEAN?

Correct AnswerverifiedShow Answer

According to the text, which of the following is NOT a regional bloc close to world markets?

Correct AnswerverifiedShow Answer

A ______ (or single)market is formed when member countries of a customs union remove all barriers to allow the movement of capital and labor within the customs union.

Correct AnswerverifiedShow Answer

All 28 EU countries are permitted to use the euro as their currency.

Correct AnswerverifiedShow Answer

NAFTA is in which stage of the economic integration process?

Correct AnswerverifiedShow Answer

Generally, countries within trading blocs that have significantly lowered trade barriers have done better economically than others.

Correct AnswerverifiedShow Answer

NAFTA is a comprehensive free-trade agreement among Canada, United States, and Mexico that addresses issues ranging from protection of workers' rights and the environment to phased reduction of tariff and non-tariff trade barriers, which were finally eliminated in 2009.

Correct AnswerverifiedShow Answer

Explain the pros and cons of regional integration.

Correct AnswerAnswered by ExamLex AIRegional integration refers to the proce...View AnswerShow Answer

A group of states with convergent social, economic, and monetary policies is called a(n) _____.

Correct AnswerverifiedShow Answer

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Answered by ExamLex AI
I agree that Asia may become the most im...
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The European Union (EU) and the North Am...
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Answered by ExamLex AI
Regional integration refers to the proce...
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Correct Answer
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