Exam 8: Economic Integration, emerging and Developing Markets

The Organization of Petroleum Exporting Countries is an example of a commodity price agreement.

The first step toward European integration occurred in 1948 with the establishment of the Organization for European Economic Cooperation (EEC).

The __________ body of the EU is the European Commission,headquartered in Brussels.

In India,the emphasis is on the agriculture sector rather than the services or production sectors.

The biggest challenge in developing markets is in providing:

Gerenco is a South American utility company that can be described as a weak competitor with relatively low market share in South American utilities. What strategy should the company consider to gain market entry and development?

_________ is the provision of financial services to low-income clients,including consumers and the self-employed,who traditionally lack access to banking and related services.

Poor roads,outdated port facilities,and lack of refrigeration are examples of infrastructure problems for emerging economies.

Explain how the European Union is organized.

__________ are countries making an effort to change and improve their economies with the goal of raising performance to that of the world's more advanced nations.

________ is the ability to freely move factors of production across borders,as among common market countries.

_________ are Mexican border factories with lower labor costs that make goods for export back to the U.S.

_________ is the provision of financial services to low-income clients,including consumers and the self-employed,who traditionally lack access to banking and related services.

In restructuring firms in developing economies,authority must be come more centralized so regional programs can be executed.

The least restrictive form of economic integration,a free trade area,involves the abolition of barriers to trade among member countries.

A(n)_________ is an area in which all barriers to trade among member countries are removed,although sometimes only for certain goods or services.

Describe the three primary emerging markets in the world today. How does infrastructure play a role in improving economic performance in these markets?

Internal economies of scale refer to lower production costs resulting from greater production for an enlarged market.

When a small country imposes tariffs on certain imported goods,the price of these goods will typically decrease as a result.

Which of the following would most likely be considered a transition economy?