Which of the following is true of the Andean Pact during the mid-1980s?
  • To harmonize macroeconomic and monetary policy between member-states
  • It created the position of the president of the European Council.
  • The Pact had failed to achieve the objective of a common external tariff.
  • It seeks the removal of most barriers on the cross-border flow of services.
An argument against the North American Free Trade Agreement centered on the fear that ratification would result in:
  • mass exodus of jobs from the United States into Mexico.
  • an increased efficiency with which investment funds are allocated.
  • draft legislation from the European Commission can become EU law only if the council agrees.
  • The implied loss of national sovereignty to the European Central Bank
The Andean Community now operates as a(n):
  • Customs union
  • customs union.
  • Trade diversion
  • Trade creation
Which of the following entails a closer economic integration and cooperation than a common market?
  • Economic union
  • European Council
  • Delors Commission
  • Common market
Which of the following was a change proposed by the Single European Act?
  • Apply the principle of "mutual recognition" to product standards
  • The European Union and the European Free Trade Association
  • It seeks the removal of most barriers on the cross-border flow of services.
  • The euro has had a volatile trading history against the U.S. dollar.
Which of the following is true of the Single European Act?
  • Its program includes cooperation on immigration, road and telecommunication networks, investment, and capital markets.
  • It provided the impetus for the restructuring of substantial sections of European industry.
  • Lowering of trade barriers between the United States and the Central American Common Market countries
  • Each member country is allowed to determine its own trade policies with regard to nonmembers.
Which of the following refers to a 1969 agreement among Bolivia, Chile, Ecuador, Colombia, and Peru to establish acustoms union?
  • Andean Pact
  • European Parliament
  • Trade diversion
  • Free trade agreements
Which of the following proposed that all impediments to the formation of a single market be eliminated by December 31, 1992, resulting in the Single European Act?
  • European Council
  • Delors Commission
  • Political union
  • Mercosur
Which of the following is an expected consequence of the implementation of the North American Free Trade Agreement?
  • Great Britain refusing to adopt the common currency of the European Union, the euro
  • Some U.S. and Canadian firms would move production to Mexico to take advantage of lower labor costs.
  • Countries can enhance their political weight in the world by grouping their economies.
  • It seeks the removal of most barriers on the cross-border flow of services.
Which of the following is true of Alexander Yeats's criticism of the Andean Pact?
  • It was founded by those western European countries that initially decided not to be part of the EuropeanCommunity.
  • It created the position of the president of the European Council.
  • He pointed out that Mercosur countries were insulated from outside competition by tariffs that run as high as 70 percent of value.
  • The 18 member nations who use the euro as their currency
Which of the following is a threat facing the emergence of single markets?
  • Countries can enhance their political weight in the world by grouping their economies.
  • It seeks the removal of most barriers on the cross-border flow of services.
  • Increased price competition throughout the European Union
  • It is the supreme appeals court for European Union law.
Which of the following is true of the provisions of the North American Free Trade Agreement?
  • It seeks the removal of most barriers on the cross-border flow of services.
  • It is the supreme appeals court for European Union law.
  • The devastation of Western Europe during two world wars and the desire for a lasting peace
  • Countries can enhance their political weight in the world by grouping their economies.
Which of the following is a reason for Great Britain, Denmark, and Sweden to stay out of the euro zone?
  • The applicants were required to tame inflation.
  • The implied loss of national sovereignty to the European Central Bank
  • The euro has had a volatile trading history against the U.S. dollar.
  • The need for a united Europe to deal with the United States and the politically alien Soviet Union
Which of the following countries has adopted the euro as its currency?
  • European Commission
  • A free trade area
  • CARICOM
  • France
Which of the following is true of the Treaty of Rome?
  • Maastricht Treaty.
  • It is directly elected by the populations of the member-states.
  • It committed the European Community to establish common policies in agriculture and transportation.
  • Rome.
Which of the following comprises the euro zone?
  • The 18 member nations who use the euro as their currency
  • It was founded in 1990 at the suggestion of Australia.
  • It is directly elected by the populations of the member-states.
  • It created the position of the president of the European Council.
Establishment of which of the following would hold a coordinating bureaucracy accountable to the citizens of member nations?
  • A free trade area
  • Free trade agreements
  • give up control over monetary policy.
  • A political union
Which of the following is the aim of the Central America Free Trade Agreement?
  • An economic crisis in Argentina
  • The implied loss of national sovereignty to the European Central Bank
  • Lowering of trade barriers between the United States and the Central American Common Market countries
  • The United States wants its southern neighbors to agree to tougher enforcement of intellectual property rights, which they do not want to embrace.
Which of the following is true of the Court of Justice?
  • It is the supreme appeals court for European Union law.
  • Political and economic problems seem to have hindered cooperation among member countries of the Andean Pact.
  • Apply the principle of "mutual recognition" to product standards
  • It provided the impetus for the restructuring of substantial sections of European industry.
Which of the following is a major consideration that underlay the establishment of the European Community?
  • Great Britain refusing to adopt the common currency of the European Union, the euro
  • The need for a united Europe to deal with the United States and the politically alien Soviet Union
  • Its program includes cooperation on immigration, road and telecommunication networks, investment, and capital markets.
  • Each member country is allowed to determine its own trade policies with regard to nonmembers.
Suppose the country of Ceria and Lithinia imposed tariffs on imports from all countries, and then they set up a free trade area, scrapping all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Now, Ceria begins to import sugar from Lithinia. However, Ceria had previously been importing sugar from another country, Cadnia, which produced sugar more cheaply than Ceria or Lithinia. This is known as:
  • Economic union
  • Trade creation
  • trade diversion
  • Free trade area
Which of the following is true of the Treaty of Lisbon that was signed in 2007?
  • Free movement of factors of production between member nations
  • It is directly elected by the populations of the member-states.
  • It created the position of the president of the European Council.
  • It committed the European Community to establish common policies in agriculture and transportation.
Which of the following is the goal of the Caribbean Single Market and Economy?
  • Coordination and policy harmonization problems are largely a function of the number of countries that seek agreement.
  • It created the position of the president of the European Council.
  • It was founded in 1990 at the suggestion of Australia.
  • To harmonize macroeconomic and monetary policy between member-states
Where has the movement toward regional economic integration been most successful?
  • Maastricht Treaty.
  • He pointed out that Mercosur countries were insulated from outside competition by tariffs that run as high as 70 percent of value.
  • Europe
  • It committed the European Community to establish common policies in agriculture and transportation.
Which of the following refers to an association of English-speaking Caribbean states that are attempting to establish acustoms union?
  • Political union
  • CARICOM
  • Economic union
  • Common market
Which of the following are significant trade blocs in Europe?
  • It is the supreme appeals court for European Union law.
  • The applicants were required to tame inflation.
  • The European Union and the European Free Trade Association
  • The euro has had a volatile trading history against the U.S. dollar.
The country of Argonia and the country of Berylia imposed tariffs on imports from all countries. They set up a free tradearea, removing all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Argonia now begins to import sugar from Berylia. Previously, Argonia was indigenously producing sugar at a higher cost. Thus, Argonia benefits from this transaction.
  • Political union
  • Economic union
  • trade diversion
  • trade creation
Which of the following is considered to be the ultimate controlling authority within the European Union?
  • Economic union
  • European Commission
  • European Council
  • European Parliament
The agreement of the member-states of the Central American Common Market joined by the Dominican Republic to trade freely with the United States is known as the:
  • Customs union
  • the amount of trade it creates exceeds the amount it diverts.
  • establishment of the independent European Central Bank (ECB).
  • Central American Free Trade Agreement.
Which of the following refers to a permanent bailout fund, worth about €500 billion, set up by the euro zone nations to restore confidence in the euro?
  • European Stability Mechanism
  • European Council
  • European Parliament
  • European Commission
The European Council is considered to be the ultimate controlling authority within the European Union (EU) because:
  • Great Britain refusing to adopt the common currency of the European Union, the euro
  • draft legislation from the European Commission can become EU law only if the council agrees.
  • Some U.S. and Canadian firms would move production to Mexico to take advantage of lower labor costs.
  • The devastation of Western Europe during two world wars and the desire for a lasting peace
Which of the following is a reason why Mercosur was temporarily suspended in 2001?
  • Association of Southeast Asian Nations
  • An economic crisis in Argentina
  • The euro has had a volatile trading history against the U.S. dollar.
  • Economic union
Which of the following is true of the criteria to qualify for membership to the European Union?
  • Regional economic integration is good for consumers because it lowers prices.
  • The implied loss of national sovereignty to the European Central Bank
  • Loss of control over national monetary policy
  • The applicants were required to tame inflation.
Which of the following occurs when lower-cost external suppliers are replaced by higher-cost suppliers within a free trade area?
  • Free trade agreements
  • Trade diversion
  • European Council
  • Political union
Which of the following is defined as a central political apparatus that coordinates the economic, social, and foreign policy of the member-states?
  • Economic union
  • European Commission
  • Political union
  • Trade diversion
Which of the following institutions has a monopoly in proposing European Union legislation?
  • Trade creation
  • Economic union
  • Political union
  • European Commission
Which of the following is true about the European Parliament?
  • It is directly elected by the populations of the member-states.
  • War between Honduras and El Salvador after a riot at a soccer match between teams from the two countries
  • It helped create the background for increased political stability in Mexico.
  • He pointed out that Mercosur countries were insulated from outside competition by tariffs that run as high as 70 percent of value.
Which of the following refers to agreements among countries in a geographic region to reduce and ultimately remove tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other?
  • An economic crisis in Argentina
  • European Parliament
  • Regional economic integration
  • Economic union
The European Community was established with the signing in 1957 of the Treaty of:
  • It helped create the background for increased political stability in Mexico.
  • War between Honduras and El Salvador after a riot at a soccer match between teams from the two countries
  • Rome.
  • Europe
Which of the following is true of the euro since its establishment in 1999?
  • It seeks the removal of most barriers on the cross-border flow of services.
  • It involves the free flow of products and factors of production among member countries.
  • The devastation of Western Europe during two world wars and the desire for a lasting peace
  • The euro has had a volatile trading history against the U.S. dollar.
Which of the following treaties committed European Community members to adopt a common currency by January 1, 1999?
  • Free trade agreements
  • Andean Pact
  • The Maastricht Treaty
  • To harmonize macroeconomic and monetary policy between member-states
Which of the following is true of the political case for regional economic integration?
  • Countries can enhance their political weight in the world by grouping their economies.
  • It seeks the removal of most barriers on the cross-border flow of services.
  • Political and economic problems seem to have hindered cooperation among member countries of the Andean Pact.
  • The stated aim of APEC is to increase multilateral cooperation in view of the economic rise of the Pacific nations.
Which of the following has no barriers to trade between member countries, includes a common external trade policy, and allows factors of production to move freely between members?
  • Common market
  • Free trade area
  • Trade creation
  • Free trade agreements
Which of the following is true of the Asia-Pacific Economic Cooperation (APEC)?
  • Maastricht Treaty.
  • It was founded in 1990 at the suggestion of Australia.
  • It was founded by those western European countries that initially decided not to be part of the EuropeanCommunity.
  • The 18 member nations who use the euro as their currency
Which of the following has 754 members as of 2014, and is directly elected by the populations of the member-states?
  • Trade diversion
  • European Parliament
  • European Commission
  • European Council
Which of the following is true of the East African Community (EAC)?
  • It provided the impetus for the restructuring of substantial sections of European industry.
  • The European Union and the European Free Trade Association
  • Its program includes cooperation on immigration, road and telecommunication networks, investment, and capital markets.
  • Political and economic problems seem to have hindered cooperation among member countries of the Andean Pact.
Which of the following supports the economic case for regional economic integration?
  • The Maastricht Treaty
  • Expanding the membership of the agreement
  • Lowering of trade barriers between the United States and the Central American Common Market countries
  • Coordination and policy harmonization problems are largely a function of the number of countries that seek agreement.
Which of the following refers to an attempt to establish a free trade area between Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam?
  • European Parliament
  • The applicants were required to tame inflation.
  • Central American Common Market
  • Association of Southeast Asian Nations
Which of the following is responsible for proposing European Union legislation, implementing it, and monitoring compliance with European Union laws by member-states?
  • Trade creation
  • European Commission
  • Common market
  • European Parliament
Establishment of the euro required participating national governments to:
  • give up control over monetary policy.
  • The euro has had a volatile trading history against the U.S. dollar.
  • The European Union and the European Free Trade Association
  • mass exodus of jobs from the United States into Mexico.
Over time the euro will impact the pan-European capital market by leading to:
  • The implied loss of national sovereignty to the European Central Bank
  • an increased efficiency with which investment funds are allocated.
  • Regional economic integration is good for consumers because it lowers prices.
  • The euro has had a volatile trading history against the U.S. dollar.
Which of the following is true with regard to an economic union?
  • The implied loss of national sovereignty to the European Central Bank
  • It involves the free flow of products and factors of production among member countries.
  • Countries can enhance their political weight in the world by grouping their economies.
  • It provided the impetus for the restructuring of substantial sections of European industry.
Which of the following is true with regard to a free trade area?
  • The devastation of Western Europe during two world wars and the desire for a lasting peace
  • Each member country is allowed to determine its own trade policies with regard to nonmembers.
  • Countries can enhance their political weight in the world by grouping their economies.
  • Regional economic integration is good for consumers because it lowers prices.
The Maastricht Treaty called for:
  • The European Union and the European Free Trade Association
  • customs union.
  • Central American Free Trade Agreement.
  • establishment of the independent European Central Bank (ECB).
Which of the following are the two impediments to regional economic integration?
  • European Parliament
  • An economic crisis in Argentina
  • Loss of control over national monetary policy
  • Costs and national sovereignty
Which of the following is a feature of a common market?
  • It is directly elected by the populations of the member-states.
  • The 18 member nations who use the euro as their currency
  • Free movement of factors of production between member nations
  • He pointed out that Mercosur countries were insulated from outside competition by tariffs that run as high as 70 percent of value.
Which of the following is the economic level corresponding to the least integration?
  • An economic crisis in Argentina
  • A free trade area
  • Trade creation
  • Free trade area
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