Question 1

By 2008 few of the WTO's members were participating in regional trade agreements.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following was NOT one of the purposes of the Single European Act?

Accepted Answer

A)   Remove all frontier controls between EU countries
B)   Remove the principle of "mutual recognition" as it pertains to product standards
C)   Open public procurement to non-national suppliers
D)   Lift barriers to competition in the EC's retail banking and insurance businesses
E)   Remove all restrictions on foreign exchange transactions between members

Question 3

The original forerunner of the EU,the __________ was formed in 1951 by Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands.

Accepted Answer

A)   European Union
B)   European Coal and Steel Community
C)   European Agricultural and Energy Union
D)   European Textiles and Agricultural Community
E)   European Community

Question 4

The ______________ is directly elected by the populations of the member states.

Accepted Answer

A)   European Committee
B)   European Parliament
C)   European Union
D)   European Task Force
E)   European Joint Commission

Question 5

The EU was initially composed of ____________ member states.

Accepted Answer

A)   4
B)   5
C)   7
D)   15
E)   27

Question 6

In a free trade area all barriers to the trade of goods and services among member countries are removed.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following was created to end the EC's economic divisions?

Accepted Answer

A)   The Delors Commission
B)   The North Atlantic Trade Federation
C)   North Atlantic Community
D)   European Commission
E)   Blair-Prodi Commission

Question 8

Currently,the four member states of MERCOSUR include

Accepted Answer

A)   Peru, Chile, Brazil, and Mexico.
B)   Columbia, Chile, Brazil, and Paraguay.
C)   Argentina, Mexico, Chile, and Brazil.
D)   Brazil, Argentina, Paraguay, and Uruguay.
E)   Brazil, Argentina, Chile, and Peru.

Question 9

Agreements among countries in a region to reduce and ultimately remove tariff and nontariff barriers are known as regional economic integration.

Accepted Answer

A) True 
 B)False

Question 10

In 1990,the MERCOSUR pact was expanded to include

Accepted Answer

A)   Mexico and Brazil.
B)   Peru and Brazil.
C)   Paraguay and Uruguay.
D)   Venezuela and Peru.
E)   Chile and Peru.

Question 11

You run a small company that manufactures plastic injection molded pieces for the construction industry.Currently,you manufacture your product in Windsor,Ontario and a small plant in Texas.You sell your products in both Canada and the United States.You are aware that NAFTA presented your company with increased access to the American market.You want to expand,and are aware of something called the "European Union," but are unsure of what it means,whether Canada can join (or has joined)and what your firm can do to get access to this large market.You are also interested to know whether there are other "groups of countries like NAFTA or the EU" out there.
Briefly explain the following forms of economic integration: free trade area,customs union,common market,economic union,and full political union.Provide an example of each form of economic integration.

Accepted Answer

Free Trade Area: In a free trade area,al...

Question 12

Mexico's concerns about maintaining control of its oil interests resulted in an agreement with Canada and the United States to exempt the Mexican oil industry from any liberalization of foreign investment regulations achieved under NAFTA.This is an example of

Accepted Answer

A)   a concern of national sovereignty.
B)   concern over costs.
C)   concern over safety.
D)   concern over political ideologies.
E)   concern over job losses.

Question 13

In a theoretically ideal _____________,no discriminatory tariffs,quotas,subsidies,or administrative impediments are allowed to distort trade between member nations.Each country,however,is allowed to determine its own trade policies with regard to non-members.

Accepted Answer

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

Question 14

A common market includes all of the following characteristics except

Accepted Answer

A)   factors of production are allowed to move freely between members.
B)   there are no restrictions on immigration between members.
C)   full economic integration.
D)   there are no restrictions on the cross-border flow of capital between members.
E)   a common external trade policy.

Question 15

Establishment of a _______________ trade policy necessitates significant administrative machinery to oversee trade relations with non-members.

Accepted Answer

A)   political
B)   free-customs
C)   tariff
D)   common external
E)   common internal

Question 16

The objective of the _______________ was to remove barriers to intragroup shipments of coal,iron,steel,and scrap metal.

Accepted Answer

A)   European Federation
B)   European Coal and Steel Community
C)   European Union
D)   North Atlantic Trade Area
E)   European Community

Question 17

NAFTA stands for:

Accepted Answer

A)   North Asian Free Trade Agreement.
B)   North African Free Trade Association.
C)   North Atlantic Free Trade Agreement.
D)   North American Free Trade Association.
E)   Northern Arctic Free Trade Association.

Question 18

An agreement between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods,services,and factors of production between each other is referred to as

Accepted Answer

A)   regional economic integration.
B)   cross-cultural economic integration.
C)   geographic economic-political integration.
D)   cross-cultural economic-political integration.
E)   transnational economic integration.

Question 19

All regional trade agreements reached in the past half century are still in force.

Accepted Answer

A) True 
 B)False

Question 20

With the signing of the ______________ in 1957,the European Community was established.

Accepted Answer

A)   Treaty of Paris
B)   Treaty of Brussels
C)   Treaty of Switzerland
D)   Treaty of Rome
E)   Treaty of Zurich

Exam 8: Regional Economic Integration

With the signing of the ______________ in 1957,the European Community was established.

Correct Answer
verified

In a theoretically ideal _____________,no discriminatory tariffs,quotas,subsidies,or administrative impediments are allowed to distort trade between member nations.Each country,however,is allowed to determine its own trade policies with regard to non-members.

Correct Answer
verified

Mexico's concerns about maintaining control of its oil interests resulted in an agreement with Canada and the United States to exempt the Mexican oil industry from any liberalization of foreign investment regulations achieved under NAFTA.This is an example of

Correct Answer
verified

Establishment of a _______________ trade policy necessitates significant administrative machinery to oversee trade relations with non-members.

Correct Answer
verified

All regional trade agreements reached in the past half century are still in force.

Correct Answer
verified

The original forerunner of the EU,the __________ was formed in 1951 by Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands.

Correct Answer
verified

Agreements among countries in a region to reduce and ultimately remove tariff and nontariff barriers are known as regional economic integration.

Correct Answer
verified

By 2008 few of the WTO's members were participating in regional trade agreements.

Correct Answer
verified

An agreement between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods,services,and factors of production between each other is referred to as

Correct Answer
verified

The EU was initially composed of ____________ member states.

Correct Answer
verified

Which of the following was NOT one of the purposes of the Single European Act?

Correct Answer
verified

NAFTA stands for:

Correct Answer
verified

A common market includes all of the following characteristics except

Correct Answer
verified

Correct Answer
verified
Free Trade Area: In a free trade area,al...
View Answer

In 1990,the MERCOSUR pact was expanded to include

Correct Answer
verified

The objective of the _______________ was to remove barriers to intragroup shipments of coal,iron,steel,and scrap metal.

Correct Answer
verified

Which of the following was created to end the EC's economic divisions?

Correct Answer
verified

The ______________ is directly elected by the populations of the member states.

Correct Answer
verified

In a free trade area all barriers to the trade of goods and services among member countries are removed.

Correct Answer
verified

Currently,the four member states of MERCOSUR include

Correct Answer
verified

Exam 8: Regional Economic Integration

With the signing of the ______________ in 1957,the European Community was established.

Correct AnswerverifiedShow Answer

In a theoretically ideal _____________,no discriminatory tariffs,quotas,subsidies,or administrative impediments are allowed to distort trade between member nations.Each country,however,is allowed to determine its own trade policies with regard to non-members.

Correct AnswerverifiedShow Answer

Mexico's concerns about maintaining control of its oil interests resulted in an agreement with Canada and the United States to exempt the Mexican oil industry from any liberalization of foreign investment regulations achieved under NAFTA.This is an example of

Correct AnswerverifiedShow Answer

Establishment of a _______________ trade policy necessitates significant administrative machinery to oversee trade relations with non-members.

Correct AnswerverifiedShow Answer

All regional trade agreements reached in the past half century are still in force.

Correct AnswerverifiedShow Answer

The original forerunner of the EU,the __________ was formed in 1951 by Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands.

Correct AnswerverifiedShow Answer

Agreements among countries in a region to reduce and ultimately remove tariff and nontariff barriers are known as regional economic integration.

Correct AnswerverifiedShow Answer

By 2008 few of the WTO's members were participating in regional trade agreements.

Correct AnswerverifiedShow Answer

An agreement between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods,services,and factors of production between each other is referred to as

Correct AnswerverifiedShow Answer

The EU was initially composed of ____________ member states.

Correct AnswerverifiedShow Answer

Which of the following was NOT one of the purposes of the Single European Act?

Correct AnswerverifiedShow Answer

NAFTA stands for:

Correct AnswerverifiedShow Answer

A common market includes all of the following characteristics except

Correct AnswerverifiedShow Answer

Correct AnswerverifiedFree Trade Area: In a free trade area,al...View AnswerShow Answer

In 1990,the MERCOSUR pact was expanded to include

Correct AnswerverifiedShow Answer

The objective of the _______________ was to remove barriers to intragroup shipments of coal,iron,steel,and scrap metal.

Correct AnswerverifiedShow Answer

Which of the following was created to end the EC's economic divisions?

Correct AnswerverifiedShow Answer

The ______________ is directly elected by the populations of the member states.

Correct AnswerverifiedShow Answer

In a free trade area all barriers to the trade of goods and services among member countries are removed.

Correct AnswerverifiedShow Answer

Currently,the four member states of MERCOSUR include

Correct AnswerverifiedShow Answer

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Free Trade Area: In a free trade area,al...
View Answer

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verified

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