ch.9

At which level of regional economic integration do countries determine their own trade policies with regard to nonmembers? common market customs union economic union free trade area political union

free trade area

If the Tripartite Free Trade Area is successful, it will effectively create a market of ________ people. 2.3 billion 875 million 1.2 billion 630 million 500 million

630 million

Which of the following best explains why some thought the European Union would be better off without Britain? Britain has been seen as taking a "me first" approach rather than a "what's best for the whole" approach. The geographic separation between Britain and the rest of the European Union countries makes it difficult to achieve consensus on European Union matters. Britain's lax labor regulations make it difficult to have a unified labor policy. Companies don't recognize Britain as being a full member of the European Union. Britain's failure to adopt the euro has led to gross trade imbalances that threaten the viability of economic union going forward.

Britain has been seen as taking a "me first" approach rather than a "what's best for the whole" approach.

NAFTA is comprised of Mexico, the United States, and Brazil. Argentina, Mexico, and the United States. Canada, Mexico, Argentina, and the United States. Canada, Mexico, and the United States. Canada, Mexico, Brazil, and the United States.

Canada, Mexico, and the United States.

According to research, the net effect of NAFTA on jobs in the United States from about 1993 to 2013 was a loss of low skilled jobs to Canada. a modest overall loss of jobs. a significant increase in low skilled jobs. a loss of high skilled jobs to Mexico. a substantial number of high skilled jobs lost.

a modest overall loss of jobs.

In 2015, 26 African nations signed the Tripartite Free Trade Area agreement. In a free trade area member countries adopt a common external trade policy. there is a common currency, harmonization of members' tax rates, and a common monetary and fiscal policy. there is a coordinated economic, social, and foreign policy. all barriers to the trade of goods and services among member countries are removed. the factors of production move freely among members.

all barriers to the trade of goods and services among member countries are removed.

Regardless of the Brexit vote, the European Union can best be characterized as being at which level of economic integration? free trade area economic union customs union common market industrial union

economic union

The banking union and harmonized tax rules that have been adopted by Eurozone members are indicators of which level of economic integration? financial union economic union customs union free trade area common market

economic union

NAFTA is a political union. free trade area. customs union. common market. foreign trade zone.

free trade area.

Supporters of NAFTA focused on benefits associated with _____ as a reason to enter the economic bloc. greater production increased efficiency single currency greater sovereignty trade diversion

increased efficiency

The Treaty of Maastricht and the Treaty of Lisbon were indications of ____ within the European Union. a harmonized trade system less economic structure increased sovereignty for member countries a shift toward common external policies greater political union

increased sovereignty for member countries

When it was initially formed, critics of NAFTA worried that trade disputes between Mexico and the United States would increase. it would create a trade war between the United States and Canada. it would result in significant job loss in Mexico. jobs would be lost in Canada at the expense of those in the United States. it would result in considerable loss of jobs in the United States.

it would result in considerable loss of jobs in the United States.

Gains from trade in Africa have been limited by all of the following except poor infrastructure. local content requirements. administrative delays. restricted movement of labor. low tariffs between countries.

low tariffs between countries.

Agreements like the East African Community, the South African Development Community, and the Common Market for Eastern and Southern Africa are all examples of foreign direct investment. political unions. barriers to trade and investment. cross-border development initiatives. regional economic integration.

regional economic integration.