Chapter 8

Which of the following is a difference between the General Agreement on Tariffs and Trade and the world Trade organizationthe GATT does not cover intellectual property, whereas WatO includes IP protection

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Which if the following customs unions in South America is more pro free trade?

Andean Community

The region consisting of eighteen European countries using a common currency is called the ____

Euro zone

Andean Community is relatively more protectionist and suspicious of the United states, whereas nercosur is more pro free trade

False

Turkey is a part of the European union

False

The most infamous loophole in merchandise trade created through the General Agreement on Tariffs and Trade (GATT) was the_____

Multifiber Arrangment

Which of the following agreements was signed among Canada, Mexico, and the United States

The North American free trade agreement

In comparison with the General Agreement on Tariffs and Trade (GATT), which if the following statements is true of the world Trade Organization (WTO)?

The a world Trade Organization includes effective tradebdisputebsettlement mechanism.

The benefits of Association of Southeast Asian Nations free trade area are limited because

ASEAN's main trading partners are outside the region.

The North Symorian Trade Confederate was established to promote regional economic integratio, within six countries belonging to the same subcontinent. This free trade area has imposed common external policies on nonparticipants. In this case, NSTC is a _____.

Customs union

Lumbered is a continentbcomprising 18 countries. currently, Lumberne is a free trade area and an economic union including all 18 countries as members of free trade. Although each country is politically independent, governments of at least 1a countries are negotiating to form a common government. Of Lumberne comes to be led by a single governemnt, it would be a______

Political union

Simon is a citizen of Belgium. He can travel to places such as France, Germany and Greece without a passport. These states of the European union are referred to as the____.

Schengen

Which of the following was a result of the Austrailia New Zealand Closer Economic Relations Trade Agreement (ANZCERTA or CER)

Tariffs and nontariff barriers between the countries were removed

The South East Trading Zone is a monetary union comprising eleven member countries. In this casr, which if the following statements is true?

The member countries will integrate political and economic affairs of a region

Praziland is one of the fivebcountriesbin a free trade area (FTA). In this casr, which if the following is likely to be true of the FTA?

The members of the FTA will remove trade barriers among themselves

Which if The following was agreed upon and launched at the end I the Uruguay Round in 1994?

The world trade organization

Which if the following was the General Agreement on Tariffs and Trade (GATT's) successor?

The world trade organization

____ was established in 1995 as the global multilateral trading system and the organization that supports it.

The world trade organization

Which of the following improvements resulted after the establishment of the General Agreement on Tariffs and Trade?

Trade growth consistently outpaced the gross domestic product growth

Which if the following is a disadvantage of the General Agreement on Tariffs and Trade (GATT) policies?

Trade in services and intellectual property (ip) protection was not covered.

____has been developing because Asia Pacific Economic Cooperation (APEC) is too big and too difficult to get anything meaningful done.

Trans Pacific Partnership

Global economic integration refers to efforts to reduce trade and investment barriers around the globe.

True

In 2008, Andean Community and Mercusur countries agreed to form the Union of South American Nations (USAN)

True

North American Free Trade (NAFTA) IS a free trade agreement (FTA) among Canade, Mexico, and the United States.

True

The Doha Round refers to a found of the world Trade organizatio, negotiations to reduce agriculture subsidies slash tariffs and strengthen intellectual property protection.

True

In the context of the World Trade Organizations (WTO's) trade dispute settlement mechanisms, the losing country

Can defy the WTO ruling by doing nothing and sufferbtradr retalliation by the winning country.

The free trade area by Costs Rica, El salvador, Guatemala, Honduras and Nicaragua plus the Dominican Republic is called the _____.

Central American Free Trade Agreement

Which of the following countries is a member country of Asia Pacific Economic Cooperation

Chile

The North West Trading Zone (NWTZ) is a free trade area comprising eleven countries in the Moresian continent. The member countries of this free trade area use different currencies. In addition to imposing common external policies, the NWTZ permits the free movement of goods and people. In this case, the NWTZ is a _____.

Common market

Which of the following is a disadvantage of global economic integration?

Critics may not be happy with the environmental impact.

Given the Slowdown of multilateralism and the acceleration of regionalism, managers should focus their attention more at global levels than regional levels

False

Protectionist policies promote free trade and economic gains.

False

Regional economic integration refers to efforts to reduce trade and investment bariers around the globe

False

The European union is now a political union

False

Which of the following is an economic benefit of global economic integration?

It allows for disputes to be handled constructively.

Which if the following is a disadvantage of regional economic integration?

It may result in some loss of sovereignty in an economic dimension.

Which of the following statements is true of global economic integration?

It stimulates growth of countries

Which of the following statements is true of global economic integration?

It stimulates the economic growth of countries

Which if the following will result from global economic integration?

It's fundamental goals is to promote peace among countries.

The ____, signed in 2007 and enacted in 2009, amended the Maastricht Treaty that served as a constitutional basis for the European Union (EU)

Lisbon Treaty

The Forman free trade agreement is an economic union established to promote regional integration among its five member countries. In this casr, which of the following is likely to be true?

Members of the FFTA coordinate and harmonize monetary fiscal and taxation policies