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Exam 9: Regional Economic Integration

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Question 61

Multiple Choice

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The European Parliament is described as a(n) ________ body.

A) legislative
B) consultative
C) taxing
D) economic
E) judicial

F) A) and C)
G) B) and C)

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Question 62

True/False

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Economic theories suggest that free trade and investment is a zero-sum game, in which all participating countries stand to lose.

A) True
B) False

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Question 63

Multiple Choice

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Three Latin American countries enter into an agreement to remove all tariffs and trade barriers between them. They decide on a common external trade policy and charge the same tariffs. Which level of economic integration best describes this arrangement?

An expected consequence of the implementation of the North American Free Trade Agreement was

Regional trade blocs in Africa have been slow to establish mostly because of

Suppose the countries of Iceland and Norway set up a free trade area, eliminating all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Now, Iceland begins to import wool from Norway. However, Iceland had previously been importing wool from England, which produced wool more cheaply than both Iceland and Norway. What is this an example of?

To spur trade, four South American countries decide there will be no barriers to trade between the countries, agree on a common external trade policy, and allow factors of production to move freely between them. In short, the four countries formed a(n)

Describe the role of the Treaty of Rome in the formation of the EU.

Today, developments in the EU and NAFTA carry the biggest implications for business practices.

What event caused many EU countries to wait on adopting the euro as a common currency?

How many trade blocs are in Europe?

Political turmoil in Africa has prevented the success of regional trade blocs.

Economic theories for integration imply that free trade and investment create ________ for participants.

Describe the drawbacks of the euro.

Two foreign nations decided to impose tariffs on imports from all countries. They set up a free trade area, removing all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Country A now begins to import sugar from Country B. Prior to this, Country A was producing sugar at a higher cost so it now benefits from this transaction. This is an example of

As a result of the formation of a free trade area between six member countries in the Pacific Rim, one member country found that its lower-cost external suppliers were replaced by higher-cost suppliers within the free trade area. This is an example of