International Business CH. 9

The banking union and harmonized tax rules that have been adopted by Eurozone members are indicators of which level of economic integration?

political union

If it is approved by legislators in member countries, the United States-Mexico-Canada Agreement (USMCA) will replace the existing North American Free Trade Agreement (NAFTA). Which level of regional economic integration best describes NAFTA?

free trade area

If the proposed Regional Comprehensive Economic Partnership (RCEP) is successful at removing tariffs on cross-border trade between member countries

All member countries would stand to benefit, although the benefits may not be equally distributed

Which of the following best explains why some thought the European Union (EU) would be better off without Britain?

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

The 25-year-old NAFTA agreement is set to be replaced with a new agreement, the USMCA. Which countries belong to NAFTA and, going forward, the USMCA?

Canada, Mexico, and the United States

The United States-Mexico-Canada Agreement (USMCA) retains much of the framework of the North America Free Trade Agreement (NAFTA) but with some changes especially in trade in automobiles. For U.S. consumers, the USMCA

Could significantly increase the cost of a new car

If the proposed Regional Comprehensive Economic Partnership (RCEP) is achieved, it will rival the European Union (EU) when measured by the number of countries involved and their combined gross domestic product (GDP). The EU is an example of a(n)

Economic Union

While the terms of the Regional Comprehensive Economic Partnership (RCEP) are still being negotiated, if the agreement achieves just a(n) _ status, all barriers to the trade of goods and services among member countries will be removed.

Free trade area

The Treaty of Maastricht and the Treaty of Lisbon were indications of _ within the European Union (EU).

Greater Political Union

In the current state, the European Union (EU) can best be characterized as being at which level of economic integration?

Political Union

Which fundamental element of a political union did the European Union (EU) lack as a result of Britain's decision to opt out of provisions such as the EU Charter of Fundamental Rights, the Schengen Agreement, and the Eurozone?

The willingness of countries to give up sovereignty for the benefit of all.

Which of the following is most likely if the United States-Mexico-Canada Agreement (USMCA) is approved in member countries?

U.S. automakers will have to source more inputs within the bloc for vehicles to qualify as tariff-free.