Question 1

In addition to eliminating internal barriers to trade, members of a customs union agree to the establishment of common external tariffs.

Accepted Answer

A) True 
 B)False

Question 2

With the global economic crisis as a backdrop, the first-ever Happiness Congress was held in:

Accepted Answer

A) Sweden. 
B) Austria. 
C) Spain. 
D) Italy. 
E) Greece.

Question 3

The EU is Mercosur's number one trading partner although Germany and France are opposed to such an agreement.

Accepted Answer

A) True 
 B)False

Question 4

Why do some critics refer to GATT as the "General Agreement to Talk and Talk" and how does its successor, WTO, provide a better forum for trade agreements?

Accepted Answer

The answer of Why do some critics refer to GATT...

Question 5

The World Trade Organization, which came into existence on January 1, 1995, is the successor of another organization with the abbreviation:

Accepted Answer

A) DSB. 
B) GATT. 
C) FTAA. 
D) NAFTA. 
E) ASEAN.

Question 6

Implementation of the Central American Free Trade Agreement with the United States created a free trade area known as DR-CAFTA that includes all SICA members except:

Accepted Answer

A) Honduras. 
B) Guatemala. 
C) Nicaragua. 
D) Panama. 
E) Costa Rica.

Question 7

In 2007, the United States and South Korea completed preliminary negotiations to establish the world's largest bilateral trade agreement which impacted all of the following except:

Accepted Answer

A) reduction of tariffs on 90% of product categories. 
B) reduction of tariffs boosts exports from the United States. 
C) a boon for Hyundai, Samsung, LG, and other South Korean industry leaders. 
D) General motors, Ford, and Chrysler and other U.S.companies stand to benefit. 
E) reduction of beef quota sold by the United States to Korea.

Question 8

A preferential trade agreement is a mechanism that confirms special treatment on select trading partners, thereby at times discriminating against other trading partners.

Accepted Answer

A) True 
 B)False

Question 9

Why are Greece, Ireland, Italy, Portugal, and Spain sometimes referred to as the eurozone's "peripheral countries"? Discuss each country's impact on the euro's survival.

Accepted Answer

The answer of Why are Greece, Ireland, Italy, Portugal, and...

Question 10

Argentina provides a good example of how a country can emerge from an economic crisis as a stronger global competitor.An example of emergency measures implemented by Argentina include:

Accepted Answer

A) Argentina reduced the duties on consumer goods. 
B) Argentina devalued its currency for exports and capital transactions. 
C) Argentina added tariffs on imported wines. 
D) Argentina adopted the U.S.dollar as official currency. 
E) Argentina added tariffs on wine produced within the country.

Question 11

The highest level in the pyramid of hierarchy of Preferential Trade Agreements consists of:

Accepted Answer

A) free trade area. 
B) customs union. 
C) common market. 
D) European Union. 
E) economic union.

Question 12

Markets in Central and Eastern Europe are not eager to embrace well-known global brands such as McDonald's, 3M International, and Philips Electronics.

Accepted Answer

A) True 
 B)False

Question 13

CARICOM's main objective has been to achieve a deepening of economic integration by means of a Caribbean common market.

Accepted Answer

A) True 
 B)False

Question 14

The formation and enlargement of the European Union have wide everlasting impact on marketing strategies and marketing mix.Discuss this giving examples from member nations.

Accepted Answer

The answer of The formation and enlargement of the European...

Question 15

The form of economic cooperation that calls for 1)eliminating internal barriers to trade and 2)establishing common external barriers is known as a(n)________.

Accepted Answer

A) Free trade area 
B) Economic union 
C) Customs union 
D) free trade area 
E) Common market

Question 16

McDonalds, Philips Electronics, 3 M International and many other similar well known global corporations are operating in Central and Eastern Europe.Some countries in the region are still recovering from decades of command economies.What makes the region so attractive for global business corporations?

Accepted Answer

The answer of McDonalds, Philips Electronics, 3 M International and...

Question 17

The six countries in the Gulf Cooperation Council (GCC)hold about 45% of the world's known oil reserves, but production is only about 18% of world oil output.

Accepted Answer

A) True 
 B)False

Question 18

About 50% of global trade takes place among nations linked by free trade areas.

Accepted Answer

A) True 
 B)False

Question 19

Arrange the following in order from lowest to highest level of economic integration.

Accepted Answer

A) customs union→economic union→free trade area→common market 
B) economic union→customs union→common market→free trade area 
C) common market→free trade area→economic union→customs union 
D) free trade area→customs union→common market→economic union 
E) common market→economic union→customs union→free trade area

Question 20

Movements such as "the Arab Spring" have forced some of the regional leaders to make economic and political concessions.

Accepted Answer

A) True 
 B)False

Exam 3: Regional Market Characteristics and Preferential Trade Agreements

In addition to eliminating internal barriers to trade, members of a customs union agree to the establishment of common external tariffs.

With the global economic crisis as a backdrop, the first-ever Happiness Congress was held in:

The EU is Mercosur's number one trading partner although Germany and France are opposed to such an agreement.

Why do some critics refer to GATT as the "General Agreement to Talk and Talk" and how does its successor, WTO, provide a better forum for trade agreements?

The World Trade Organization, which came into existence on January 1, 1995, is the successor of another organization with the abbreviation:

Implementation of the Central American Free Trade Agreement with the United States created a free trade area known as DR-CAFTA that includes all SICA members except:

In 2007, the United States and South Korea completed preliminary negotiations to establish the world's largest bilateral trade agreement which impacted all of the following except:

A preferential trade agreement is a mechanism that confirms special treatment on select trading partners, thereby at times discriminating against other trading partners.

Why are Greece, Ireland, Italy, Portugal, and Spain sometimes referred to as the eurozone's "peripheral countries"? Discuss each country's impact on the euro's survival.

Argentina provides a good example of how a country can emerge from an economic crisis as a stronger global competitor.An example of emergency measures implemented by Argentina include:

The highest level in the pyramid of hierarchy of Preferential Trade Agreements consists of:

Markets in Central and Eastern Europe are not eager to embrace well-known global brands such as McDonald's, 3M International, and Philips Electronics.

CARICOM's main objective has been to achieve a deepening of economic integration by means of a Caribbean common market.

The formation and enlargement of the European Union have wide everlasting impact on marketing strategies and marketing mix.Discuss this giving examples from member nations.

The form of economic cooperation that calls for 1) eliminating internal barriers to trade and 2) establishing common external barriers is known as a(n) ________.

The six countries in the Gulf Cooperation Council (GCC)hold about 45% of the world's known oil reserves, but production is only about 18% of world oil output.

About 50% of global trade takes place among nations linked by free trade areas.

Arrange the following in order from lowest to highest level of economic integration.

Movements such as "the Arab Spring" have forced some of the regional leaders to make economic and political concessions.