IB Quiz 8

A. European Free Trade Agreement (EFTA)

The structure of the EU includes all of the following EXCEPT the​ ________. A. European Free Trade Association​ (EFTA) B. European Parliament C. Council of the EU D. European Commission E. Court of Justice

E. 28

Today, the EU has​ ________ members. A. 6 B. 15 C. 20 D. 35 E. 28

D. Members of a customs union agree to treat trade with all nonmember nations in a similar manner

What is the main difference between a free trade area and a customs​ union? A. Countries in a customs union cannot negotiate as a single entity with other supranational organizations. B. A political union requires member nations to accept a common stance on economic and political matters regarding nonmember nations. C. A common market integrates the elements of free trade areas and customs unions. D. Members of a customs union agree to treat trade with all nonmember nations in a similar manner. E. An economic union goes beyond the demands of a common market.

A. Free Trade Area

A​ ________ is the lowest extent of national integration. A.free trade area B.regional trading bloc C.political union D.customs union E.trade diversion

C. Adopting an EU culture

Candidates for EU membership become members after they meet certain demands. Which of the following is NOT one of those​ demands? A. Stable institutions that guarantee democracy​ , rule of​ law, and human rights B. Adherence to the aims of​ economic, monetary, and political union C. Adopting an EU culture D. Adoption of EU rules and regulations E. A functioning market economy

A. Goods using material source in China

Criteria that determine whether a good meets NAFTA rules of origin do NOT include which of the​ following? A. Goods using materials sourced in China B. Goods wholly produced or obtained in the NAFTA region C. Unassembled goods and goods that have sufficient North American regional value content D. Goods containing​ non-originating inputs but meeting Annex 401 origin rules E. Goods produced in the NAFTA region wholly from originating materials

B. Euro

The currency of the EU is the​ ________. A. peso B. euro C. yen D. pound E. dollar

D. APEC desires more restrictions on investment throughout the region

Which of the following does NOT describe Asia Pacific Economic Cooperation​ (APEC)? A. APEC has 21 members. B. APEC desires to ease business travel among member nations. C. The stated aim of APEC is not to build a trading bloc. D. APEC desires more restrictions on investment throughout the region. E. APEC wants to simplify and harmonize customs procedures.

D. Goods cannot be sold within the other country's borders

Which of the following does NOT describe the Closer Economic Relations​ (CER) Agreement? A. The CER completely eliminated tariffs and quotas between Australia and New Zealand. B. Professionals can practice their occupation in the other country. C. The CER advances free trade and integrates the two economies. D. Goods cannot be sold within the other​ country's borders. E. Australia and New Zealand created a free trade agreement in 1966.

A. Common tariffs and standards

Which of the following is NOT a fact about ASEAN that warrants​ consideration? A. Common tariffs and standards B. Economic competition C. Political change and turmoil D. Corruption and shadow markets E. Diverse cultures and politics

E. United Nations

Which of the following is NOT a main regional trading​ bloc? A. North American Free Trade Agreement B. Association of Southeast Nations C. Southern Common Market D. European Union E. United Nations

D. Political Cooperation

Which of the following is NOT a negative effect of regional trade​ agreements? A. Trade diversion B. Loss of national sovereignty C. Cultural homogenization D. Political cooperation E. Employment shifts

E. trade diversion

Which of the following is NOT a positive effect of regional trade​ agreements? A. Trade creation B. Political cooperation C. Employment opportunities D. Corporate savings E. Trade diversion

E. Good Economic policies

Which of the following is NOT a problem facing Economic Community of West African States​ (ECOWAS)? A. Weak national economies B. Poor infrastructure C. Political instability D. Poor governance E. Good economic policies

D. EU

Which of the following is NOT a trade bloc in the​ Americas? A. CAFTA-DR B. CAN C. CARICOM D. EU E. MERCOSUR

E. Market Integration

Which of the following is NOT an area of progress for The Economic Community of West African States​ (ECOWAS)? A. Construction of international roads B. Goal-setting C. Development of international telecommunication links D. The free movement of people E. Market integration

B. NAFTA has created jobs in Cuba

Which of the following is NOT an effect of​ NAFTA? A. Trade among​ Canada, the United​ States, and Mexico has increased. B. NAFTA has created jobs in Cuba. C. The United States exports more to Mexico. D. The United States has developed a trade deficit with Canada and Mexico. E. Mexico's exports to the United States have increased.

A. A lack of transparency

Which of the following is NOT criteria for member nations to use the euro as outlined in the Maastricht​ Treaty? A. A lack of price transparency B. A specific level of inflation C. A specified level of debt D. A specified level of government deficit E. Specific interest rates

E. They fear destructive rivalries and loss of national sovereighty

Which of the following is a reason that some European countries did not join the​ EU? A. They​ don't want to increase tourism. B. They wanted all European countries to have the same culture. C. They​ didn't want increased trade. D. They wanted to use the euro. E. They feared destructive rivalries and loss of national sovereignty.

D. Regional economic integration (regionalism)

Which of the following is the process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of​ products, people, or​ capital? A.Free trade area B.Customs union C.Political union D.Regional economic integration​ (regionalism) E. Economic union

E. ASEAN consists of five countries

Which of the following statements about ASEAN is​ FALSE? A. ASEAN serves as a forum to resolve differences peacefully. B. ASEAN seeks to counter​ China's rising​ strength, resources of cheap​ labor, and abundant raw materials. C. ASEAN seeks to promote​ economic, cultural, and social development. D. ASEAN was formed in 1967. E. ASEAN consists of five countries.

E. GCC was formed in 2014

Which of the following statements about the Gulf Cooperation Council​ (GCC) is​ FALSE? A. The GCC has evolved to become as much a political entity as an economic one. B. The primary purpose was to cooperate with the EU and EFTA. C. Members include​ Bahrain, Kuwait,​ Oman, Qatar, Saudi​ Arabia, and the United Arab Emirates. D. Citizens of member countries can travel freely in the GCC without visas. E. GCC was formed in 2014.

B. The AU aims to continue the policies of colonialism

Which of the following statements does not describe the African Union​ (AU)? A. The aim of the AU is to remove vestiges of colonialism and apartheid. B. The AU aims to continue the policies of colonialism. C. The AU envisions a united and strong Africa. D. The AU aims to intensify cooperation for development. E. On the African​ continent, 53 nations created the African Union ​(AU).

E. The European Union

Which organization is NOT integrated in Asia and the Pacific​ Rim? A. The Australian and New Zealand Closer Economic Relations Agreement B. Gulf Cooperation Council C. The organization for Asia Pacific Economic Cooperation D. The Association of Southeast Asian Nations E. The European Union

E. Adding new countries to the European Union

hich of the following is NOT a provision of​ NAFTA? A. Liberalized rules for the granting of subsidies B. Elimination of tariffs in North America C. Trade in​ services, intellectual property​ rights, and standards of​ health, safety, and the environment D. Liberalized rules regarding government procurement practices E. Adding new countries to the European Union