Exam 8: Regional Economic Integration

Economic and political integration whereby countries coordinate aspects of their economic and political systems is called a(n) ________.

The North American Free Trade Agreement comprises a market of ________ consumers.

The 1957 ________ called for elimination of tariffs among member nations, creation of a common external tariff, and free internal movement of goods, labor, and capital.

The Free Trade Area of the Americas (FTAA) is a trade agreement ________.

The ________ called for banking in a single common currency, setting up monetary and fiscal targets for countries taking part in monetary union, and political union of member nations.

Main objectives of the Andean Community include all of the following EXCEPT ________.

________ goes beyond the demands of a common market by requiring member nations to harmonize their tax, monetary, and fiscal policies and to create a common currency.

The process whereby countries in a geographic region cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital is called ________.

In 1951, Belgium, France, West Germany, ________, Luxembourg, and the Netherlands created what was called the European Coal and Steel Community.

The Southern Common Market is also referred to as MERCOSUR.

The process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital is known as regional economic integration (regionalism).

All of the following are potential drawbacks of regional integration EXCEPT ________.

A common market integrates elements of free-trade areas and customs unions while adding the free movement of important factors of production people and cross-border investment.

The 1957 Treaty of Rome created the ________.

All of the following institutions play important roles in monitoring and enforcing economic and political integration in the European Union EXCEPT the ________.

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) ________.

Another term for regional economic integration is ________.

Which of the following is NOT a result of trade creation?

Since the start of the North American Free Trade Agreement, Mexico's exports to the United States grew about ________ percent.

Integration whereby countries coordinate aspects of their economic and political systems is called a(n) ________.