Exam 8: Economic Integration, emerging and Developing Markets

Discuss the four levels of economic integration in countries.

__________ includes goods kept on hand to prevent a shortage in times of unexpected demand.

The __________ is the original agreement that established the foundation for the formation of the European Economic Community.

A(n)_______ is a group of countries that have common foreign policy and security policy that share judicial cooperation.

In 1999,China proposed the Asia Pacific Economic Cooperation as an annual forum.

_________ will lead to the movement of labor and capital from areas of low productivity to areas of high productivity.

Either negative or positive effects may result when a group of countries trade freely among themselves but maintain common barriers to trade with nonmembers.

The __________ extended trade preferences to Caribbean countries granting them special access to the markets of the United States.

_________ is a benefit of economic integration,resulting in increased exports to member countries.

__________ refers to lower production costs resulting from greater production for an enlarged market.

Which free trade agreement includes the United States,Canada,and Mexico?

In October 1991,Brunei,Indonesia,Malaysia,and other Southeast Asian countries formed a customs union called:

Since NAFTA took effect in 1994,trade among Canada,Mexico,and the United States has stayed virtually the same.

A(n)_______ is an association of producers of a particular good,consisting either of private firms or nations,formed for the purpose of suppressing the market forces affecting prices.

The four freedoms identified in the economic and monetary union (EMU)include coordination of economic policies,creation of a European central bank,replacement of national monetary authorities,and:

__________ is the cost to a particular country when a group of countries trade a product freely among themselves but maintain common barriers to trade with nonmembers.

The primary difficulty within the European Union in terms of achieving the goal of free movement of goods has been an inability to agree on a common:

Economically speaking,the Arab Maghreb Union is one of the most powerful of any trade groups

In North American integration,the interest is more economic than political or social.

Members of the Group of Five include the United States,Britain,France,China,and Russia.