ch 8 quiz example #12654

The process whereby countries in a geographic area cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital is called ________.

Which of the following is the lowest extent of regional economic integration?

Which of the following is the greatest extent of regional economic integration?

Economic integration whereby countries remove all barriers to trade among themselves, but each country determines its own barriers against nonmembers, is called a(n) ________.

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

Which of the following is true of trade diversion?

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

The Free Trade Area of the Americas (FTAA) is a trade agreement ________.

The NAFTA is best considered a(n) ________.

The main difference between a free trade area and a customs union is that the members of a customs union ________.

An increase in the level of trade among nations that results from regional economic integration is called ________.

Which of the following is a potential drawback of regional economic integration?

The least amount of sovereignty that must be surrendered to a trading bloc occurs in a ________.

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

T/F: A group of nations in a geographic region undergoing economic integration is called a regional trading bloc.

T/F: A benefit of regional economic integration is that it always expands employment opportunities in all nations.

T/F: The Council of the European Union is the executive body of the EU.

T/F: The Southern Common Market is also referred to as MERCOSUR.

T/F: The North American Free Trade Agreement membership includes Canada, Mexico, and the United States.

T/F: The Free Trade Area of the Americas (FTAA) is a trade agreement among the South American nations.