Exam 10: Europe, Africa, and the Middle East

was that 12 members of the European community agreed to an economic but not political union.

Multinational market regions are those groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers.

One of the challenges facing the European Union in the next 50 years is ____.

The European Union was created when the 12 nations of the European Community ratified the Maastricht Treaty.

Most of the problems faced by EU relates to:

Every type of economic union shares the development and enlargement of market opportunities as a basic orientation. Which of the following best describes the primary way market opportunities are enlarged by economic unions?

The Czech Republic, Hungary, the Slovak Republic, and Poland have become members of the ____.

Most eastern European countries are privatizing state-owned enterprises, establishing free market pricing systems and:

The _____ initiates policy and supervises its observance by member states, and it proposes and supervises execution of laws and policies.

A _____ involves complete political and economic integration, either voluntary or enforced.

The Arab Gulf states, Egypt, and Morocco have worked out an agreement on an Arab Free Trade Area, sometimes called the Gulf Arabian Free Trade Area (GAFTA).

Similarity of cultures can make or break an economic union. Although there is great cultural diversity in the European Union, key members share _____ and are commonly aware of being European.

The Commonwealth of Independent States is:

Essentially, a free trade area (FTA) provides its members with:

The _____ has reduced or eliminated internal tariffs and adds a common external tariff on products imported from countries outside the group.

The _____ increases the authority of the institutions of the EU and is designed to accommodate the changes brought about by the monetary union and the admission of new members.

The Commonwealth of Independent States (CIS) was formed by Britain because it did not want to join the European Economic Community (EEC).

The European Court of Justice is the European Union's ____.

As George Platt examines markets that might match his company's investment requirements; he is particularly struck by the fact that the European Community has an extensive transportation network. This network seems to draw all the member nations closer together. Which of the following critical factors for ensuring an effective economic union is Mr. Platt examining when he reviews transportation networks?

The _____ originally had only a consultative role that passed on most European Union legislation but now has the power to amend and adopt legislation.