Exam 3: Regional Economic Integration

A ______ (or single)market is formed when member countries of a customs union remove all barriers to allow the movement of capital and labor within the customs union.

Venezuela became a member of MERCOSUR in July 2012 and is considered a key member because of its

A group of free trade member countries that have adopted a common external tariff with nonmember countries refers to ______.

Some argue that Asia may become the most important free trade region for this century. Do you agree? Explain.

NAFTA is in which stage of the economic integration process?

When the various regional integration blocs are analyzed from an economic geography perspective, they fall under three general categories - regional blocs close to major world markets, remote regions with large local markets, or _____.

Generally, countries within trading blocs that have significantly lowered trade barriers have done better economically than others.

The World Bank's (2009)World Development Report concludes that successful regional integration depends on positive changes within

Explain the pros and cons of regional integration.

According to the text, which of the following is NOT a regional bloc close to world markets?

In 2003, ASEAN leaders agreed to establish an ASEAN Community based on three pillars: ASEAN Security Community; ASEAN Economic Community; and ASEAN Socio-Cultural Community.

Implementation of a multitude of economic and/or political steps by member states to increase their global competitiveness, including preferential trade access refers to _______.

All 28 EU countries are permitted to use the euro as their currency.

Compare and contrast EU and NAFTA as regional integration blocs.

The Treaty of Montevideo created _____.

Of the following, which is NOT true about the future of ASEAN?

Of the following, which is NOT a primary reason why countries are now seeking to pursue regional integration at the expense of multilateral trade liberalization?

NAFTA is a comprehensive free-trade agreement among Canada, United States, and Mexico that addresses issues ranging from protection of workers' rights and the environment to phased reduction of tariff and non-tariff trade barriers, which were finally eliminated in 2009.

Which of the following is not a free trade policy impacting Sarten Gas Company?  

A group of states with convergent social, economic, and monetary policies is called a(n)_____.