Exam 8: Regional Economic Integration

Higher levels of trade between nations result in ________.

Like the European Union commissioners,EU justices are required to act in the interest of their native countries.

If all countries in the bloc are asked to give up the greatest amount of sovereignty,they would most likely be joining a(n)________.

The common market between Costa Rica,El Salvador,Guatemala,Honduras,and Nicaragua is referred to as the ________.

In 1951,Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands signed the Treaty of Paris and created the ________.

A(n)________ combines the elimination of internal trade barriers among member countries with the adoption of common external trade policies toward nonmembers.

A(n)________ eliminates trade barriers among member countries,and is the lowest level of regional economic integration.

Bolivia,Colombia,Ecuador,and Peru belong to the ________.

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

The least amount of sovereignty that must be surrendered to a trading block occurs in a free trade agreement.

The increase in the level of trade between nations that results from regional economic integration is called trade creation.

ALADI refers to the ________.

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

The goal of the Single European Act was to remove remaining barriers,increase harmonization,and thereby enhance the competitiveness of European companies.

Scenario: Moonland Union Twenty-six nations of Moonland region, have decided to cooperate with one another to eliminate trade barriers among them and create the Moonland Union. They are not sure, however, to what extent they want to cooperate. -The process undertaken by these twenty-six countries is an example of ________.

Which of the following would the government of Zucoland most likely experience as a benefit of joining the trading bloc?

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

Which of the following is a potential drawback of regional economic integration?

Which of the following is currently a member of the European Free Trade Association?

For countries to become members of the European Union,they have to meet certain demands laid down by the EU referred to as the ________.