Exam 8: Regional Economic Integration

________ has adopted the U.S. dollar as its official currency.

One country that has applied for European Union membership is ________.

The goal of the Single European Act was to reduce the ability of European companies to compete against companies from Japan and North America.

North America was about three decades behind Europe in taking major steps toward economic integration.

Integration involving political cooperation typically intensifies the potential for military conflict between member nations.

Scenario: Moonland Union Twenty-six nations, A through Z countries of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create Moonland Union. They are not sure, however, to what extent they want to cooperate. -If these 26 nations remove all barriers to trade among themselves but erect a common trade policy against nonmembers, they would create a(n) ________.

Scenario: Zucoland Zucoland, a small-sized country just south of the Andes mountain range was invited to join a regional trading bloc. The government of Zucoland is considering the benefits and costs of joining such a bloc. The government is attracted by the fact that this trading bloc requires Zucoland to give up the least amount of sovereignty than other types of blocs. -The regional trading bloc that Zucoland will be joining is most likely a(n) ________.

Which of the following requires nations to give up the least amount of sovereignty?

The opposite of trade creation is ________.

The European Commission is the ________ body of the European Union.

Scenario: Zucoland Zucoland, a small-sized country just south of the Andes mountain range was invited to join a regional trading bloc. The government of Zucoland is considering the benefits and costs of joining such a bloc. The government is attracted by the fact that this trading bloc requires Zucoland to give up the least amount of sovereignty than other types of blocs. -The regional trading bloc that Zucoland is invited to join is most likely the ________.

The African Union (AU) aims to promote peace, security, and stability across Africa, and accelerate economic and political integration while addressing problems of globalization.

Today, the Southern Common Market (MERCOSUR) is best described as a(n) ________.

A result of trade creation is that buyers can acquire goods and services at ________ cost after trade barriers are lowered.

The only Western Hemisphere nation that will not be part of the Free Trade Area of the Americas (FTAA) is ________.

Studies of the Southern Common Market (MERCOSUR) found that the net effect of the agreement was ________.

Regionalism ________.

Higher levels of trade between nations results in all of the following EXCEPT ________.

Describe the evolution and the present state of the European Union.

ALADI refers to the ________.