Exam 8: Regional Economic Integration

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

Discuss free trade areas as a level of regional economic integration.How can regional integration enable employment opportunities?

Currently the most sophisticated and advanced example of regional integration is occurring in ________.

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

The stated aim of Asia Pacific Economic Cooperation (APEC)is to strengthen the multilateral trading system.

A result of trade creation is that buyers pay higher prices for imported goods and services after trade barriers are removed.

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

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. -As a first stage of cooperation,the countries agree to remove all barriers to trade among themselves.Each country also maintains policies it sees fit against nonmembers.At this stage,Moonland Union can be described as a ________.

Discuss the benefits and drawbacks of regional integration.

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

Which of the following is true of the euro?

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. -Some countries in Moonland Union are interested not just in free trade among themselves and a common trade policy against nonmembers,but also in removing all barriers to the movement of labor and capital among themselves.This type of integration is best described as a ________.

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

Today,the Southern Common Market (MERCOSUR)acts as a(n)________.

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 ________.

Discuss "political union" as a level of economic integration and "political cooperation" as a benefit of economic integration.

Describe the structure of the European Union.

The process whereby countries in a geographic area cooperate with one another to reduce or eliminate barriers to the international flow of products,people,or capital is called ________.

The main challenge facing the Caribbean Community and Common Market (CARICOM)is that ________.

The Single European Act predominantly aimed at establishing common transportation policies among the European Union members.