Exam 8: Regional Economic Integration

A benefit of regional economic integration is that it always expands employment opportunities in all nations.

Countries of the European Union are unanimous in their quest to further enlarge the union.

In the absence of tariffs, multinationals can save money by supplying entire regions from just a few regional factories, rather than have a factory in each nation.

The common currency of the European Union is known as the ________.

The European Free Trade Association (EFTA) was originally designed to focus on ________ goods.

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. -Moonland Union can be described as a(n) ________.

The benefits to individual nations in a common market are typically distributed fairly evenly.

In 2006, the United States and six Central American nations established the CAFTA-DR, which stands for ________.

Scenario: Learning the Americas' Way The newly-formed countries that emerged after the break up of the United Frontier States (UFS) are interested in learning more about integration in the Americas. Because the former UFS nations have many similarities with the countries of North and South America, they believe they can learn from the integration experience in the Americas. To that end, they pose the following questions. -The North American Free Trade Agreement is best considered a ________.

Today, the Southern Common Market (MERCOSUR) acts as a political union.

Briefly describe regional integration efforts in Central America and the Caribbean.

A(n) ________ requires member nations to harmonize their tax, monetary, and fiscal policies and create a common currency.

Scenario: EU Primer The tiny but important country of Beaconville has been invited to join the European Union (EU). However, there is a lot of confusion among the country's population as to exactly how the EU operates. Beaconville's Office of Public Affairs is putting together a flyer outlining some of the EU's basic operating components and needs help answering the following questions. -The ________ brings together representatives of member states at the ministerial level to vote on proposed legislation.

Scenario: Learning the Americas' Way The newly-formed countries that emerged after the break up of the United Frontier States (UFS) are interested in learning more about integration in the Americas. Because the former UFS nations have many similarities with the countries of North and South America, they believe they can learn from the integration experience in the Americas. To that end, they pose the following questions. -The regional trade agreement between Canada, Mexico, and the United States to eliminate tariffs and non-tariff barriers between themselves is known as the ________.

Canada and the United States are examples of early formations of political unions.

The Court of Justice is the ________ of the European Union.

Discuss the European Union's effort at monetary union. Which countries are participating and which countries have chosen to retain their own currencies?

The Treaty of Rome aimed at establishing common policies among member nations for ________.

A(n) ________ is the greatest extent of national integration.

Economic integration whereby countries remove barriers to trade and the movement of labor and capital, erect a common trade policy against nonmembers, and coordinate their economic policies is called a(n) ________.