World trade Test 3 Quiz 2

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

C

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

D

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

C

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

D

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

A

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

A

Which of the following does NOT describe Asia Pacific Economic Cooperation​ (APEC)? A.The stated aim of APEC is to build a trading bloc. B.APEC does not want to have free trade and investment throughout the region. C.APEC wants to increase​ members' tariff. D.APEC wants to simplify and harmonize customs procedures. E.APEC has 21 members.

A

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

A

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

A

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

A

Which of the following statements about the Gulf Cooperation Council​ (GCC) is​ FALSE? A.GCC was formed in 2014. B.The GCC has evolved to become as much a political entity as an economic one. 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.The primary purpose was to cooperate with the EU and EFTA.

A

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

B

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

B

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

B

Which of the following statements does not describe the African Union​ (AU)? A.On the African​ continent, 53 nations created the African Union ​(AU). 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.The aim of the AU is to remove vestiges of colonialism and apartheid.

B

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

C

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 to use the euro. C.They feared destructive rivalries and loss of national sovereignty. D.They​ didn't want increased trade. E.They wanted all European countries to have the same culture.

C

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.Customs union B.Political union C.Regional economic integration​ (regionalism) D.Free trade area E.Economic union

C

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

D

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

D

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

E

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

E

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

E

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

E

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

E