Exam 4
Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves and set a common trade policy against nonmembers is called a ________.
common market
Economic integration whereby countries remove all barriers to trade among themselves, but set a common trade policy against nonmembers is called a(n) ________.
customs union
In today's world, the Andean Community is best described as an incomplete ________.
customs union
Twenty-six nations of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union. They are not sure, however, to what extent they want to cooperate. If these twenty-six nations continue to eliminate all barriers to trade among themselves and set a common trade policy against nonmembers, they would create a ________.
customs union
A(n) ________ requires member nations to harmonize their tax, monetary, and fiscal policies and create a common currency.
economic union
Economic integration whereby countries remove barriers to trade and the movement of labor and capital among members, set a common trade policy against nonmembers, and coordinate their economic policies is called a(n) ________.
economic union
Twenty-six nations of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union. They are not sure, however, to what extent they want to cooperate. Country M wants member nations to harmonize their tax, monetary, and fiscal policies and wants to create a common currency. Country M is requesting for the creation of a(n) ________ in the Moonland nations.
economic union
The common currency of the European Union is known as the ________.
euro
The European Commission is the ________ body of the European Union.
executive
Twenty-six nations of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union. They are not sure, however, to what extent they want to cooperate. As a first stage of cooperation, the countries agree to remove all barriers to trade among themselves. Each country also maintains policies it sees fit against nonmembers. At this stage, Moonland Union can be described as a ________.
free trade area
Higher levels of trade between nations result in ________.
greater purchasing power
The Council of the European Union is the ________ body of the European Union.
legislative
Twenty-six nations of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union. They are not sure, however, to what extent they want to cooperate. If all countries in the bloc are asked to give up the greatest amount of sovereignty, they would most likely be joining a(n) ________.
political union
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 ________.
regional economic integration
A group of nations in a geographic area undergoing economic integration is called a ________.
regional trading bloc
The major objective of the Association of Southeast Asian Nations (ASEAN) is to ________.
safeguard the region's economic and political stability
The stated aim of the organization for Asia Pacific Economic Cooperation (APEC) is to ________.
strengthen the multilateral trading system
Which of the following materialized the EU's goals of removing trade barriers, increasing harmonization, and enhancing the competitiveness of European companies?
the Single European Act
Which of the following is an important goal of regional economic integration?
to raise the living standards of people
An increase in the level of trade among nations that results from regional economic integration is called ________.
trade creation
For countries to become members of the European Union, they have to meet certain demands laid down by the EU referred to as the ________.
Copenhagen Criteria
No proposed legislation becomes EU law unless the ________ votes it into law.
Council of the European Union
Which of the following countries of the Central American Common Market has adopted the U.S. dollar as its official currency?
El Salvador
Which of the following is best classified as an economic union?
European Union (EU)
The European Union plan that established its own central bank and currency in January 1999 is known as the ________.
European monetary union
Which of the following statements is true of NAFTA?
It eliminated all tariffs and nontariff trade barriers on goods originating from within North America.
Which of the following is true of trade diversion?
It generally increases the prices of products in a nation.
ALADI refers to the ________.
Latin American Integration Association
