Exam 8: Regional Economic Integration

________ was a key goal of early efforts at European integration in the early 1950s.

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. -Another name for MERCOSUR is the ________.

Describe the Association of Southeast Asian Nations (ASEAN).

Indonesia, Malaysia, the Philippines, Singapore, and Thailand formed the Association of Southeast Asian Nations (ASEAN) in 1967.

Which of the following is NOT a member of European Free Trade Association?

The ________ was formed in 1969 and today consists of four South American countries located in the Andes mountain range.

The goals of nations undergoing economic integration are to protect their national identity and national security at all costs.

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 ________ drafts legislation, is responsible for managing and implementing policy, and monitors nations' implementation of, and compliance with, EU law.

The diversion of trade away from nations not belonging to a trading bloc and toward member nations is called trade diversion.

The stated aim of the organization for Asia Pacific Economic Cooperation (APEC) is to NOT build another trading bloc.

The European Union (EU) and European Free Trade Association (EFTA) created the European Economic Area to cooperate on matters such as the free movement of goods, persons, services, and capital.

According to the U.S. Trade Representative Office, exports to Mexico and Canada support some ________ million U.S. jobs.

Which of the following is best classified as an economic union?

Discuss the effect of the formation of the North American Free Trade Agreement on member and nonmember countries.

The greatest benefit of regional integration is trade diversion.

All of the following are true of trade diversion EXCEPT that it ________.

Which of the following is NOT a goal of regional economic integration?

Trade diversion can result in trade with a ________ efficient producer within the trading bloc and reduced trade with a ________ efficient nonmember producer.

The ________ is assigned the duty of auditing the European Union accounts and implementing its budget.

Today, the number of European Union (EU) members stands at ________.