Exam 8: Regional Economic Integration

The ________ was established in 2006 between the United States and Costa Rica,El Salvador,Guatemala,Honduras,Nicaragua,and later the Dominican Republic.

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

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 Andean Community most closely resembles a(n)________.

The major objective of the Association of Southeast Asian Nations (ASEAN)is to ________.

Countries belonging to a ________ maintain whatever policies they see fit against nonmember countries.

Ombudsman and Data Protection Supervisor are the EU institutions that fulfill secondary and support roles.

Which of the following is the lowest extent of regional economic integration?

Which of the following is the greatest extent of regional economic integration?

The ________ called for banking in a single common currency,setting up of monetary and fiscal targets,and political union of the European Union members.

Which of the following countries is a member of the North American Free Trade Agreement (NAFTA)?

In a free trade area,each country can maintain whatever policy it sees fit against nonmember countries.

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

The Maastricht Treaty called for political union of the member nations.

The main difference between a free trade area and a customs union is that the members of a customs union ________.

Compare and contrast the slow progress of the Andean Community and the Economic Community of West African States (ECOWAS).Why have these trade blocs not been more successful?

When trade diversion occurs,buyers will likely pay less for products.

Which of the following is a result of trade creation?

________ require that member countries concede a certain amount of their national autonomy to the supranational union of which they are a part.

In today's world,the Andean Community is best described as an incomplete ________.

No proposed legislation becomes EU law unless the ________ votes it into law.