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Exam 3: Regional Economic Integration

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Question 31

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In 2003,ASEAN leaders agreed to establish an ASEAN Community based on three pillars: ASEAN Security Community; ASEAN Economic Community; and ASEAN Socio-Cultural Community.

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Question 32

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Of the following statements regarding the euro,which is NOT true?

A) The U.K.,Denmark,and Sweden use the euro as their currency.
B) The euro was introduced on January 1,1999.
C) Eighteen of the 28 EU countries are permitted to use the euro as their currency.
D) The euro was considered the crowning success of the EU's plans to integrate European economies.
E) The European Central Bank is the apex central bank for the Eurozone countries.

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Question 33

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Remote regions with small local markets which Paul Collier calls the "bottom billion," are located in Central Asia; East,Central and West Africa; and the Pacific Islands.

NAFTA is in which stage of the economic integration process?

A(n)________ union is created when member countries of an economic and monetary union work closely with one another to arrive at common defense and foreign policies and behave as a single country.

Both common markets and economic unions abolish restrictions on factor movements.

Scenario - Sarten Gas Company Established in Salt Lake City,UT in 1975,the Sarten Gas Company (SGC) has grown to be a recognized name in the industry.Since its inception,this company has been able to withstand serious economic downturns in the economy.It has been able to remain financially stable when many others in the industry have struggled with financial losses.The expertise and knowledge of its leaders has led the SGC to be one of the few companies in the industry able to report continued growth. This excellent track record has inspired the owners of SGC into embracing the idea of expansion.Sarten plans to begin trading with Canada this year and plans to include trading with Mexico within the next three years.The leaders of Sarten Gas feel confident these new trade deals will prove successful for the company and its shareholders. -Which one of the following represents a trade agreement most likely to impact the Sarten Gas Company and its proposed trading partners?

A(n)________ is formed when members of a common market agree to implement common social programs and coordinated macroeconomic policies that would lead to the creation of a single regional currency and a regional apex central bank.

With uncertainty surrounding the outcome of the Doha Round of trade negotiations,countries (large and small)are clamoring for bilateral or regional trade agreements to meet their specific agendas causing economists to be concerned about the prospects of creating a truly open global economic system that benefits all countries.

In 1969,frustrated by the lack of progress in LAFTA,Bolivia,Chile,Colombia,Ecuador,and Peru joined in creating the Andean Group,which aimed to create economic integration through reduced taxes,a common external tariff,and investment in the poorer industrial areas of their respective countries.

The newest member of the EU is _____.

Of the following,which is NOT true about the future of ASEAN?

ASEAN's current membership stands at how many countries?

The Treaty of ______ in 1957 established the European Economic Community (EEC).

Of the following statements about regional blocs close to major world markets,which is NOT true?

When the various regional integration blocs are analyzed from an economic geography perspective,they fall under three general categories - regional blocs close to major world markets,remote regions with large local markets,or _____.

NAFTA is a comprehensive free-trade agreement among Canada,United States,and Mexico that addresses issues ranging from protection of workers' rights and the environment to phased reduction of tariff and non-tariff trade barriers,which were finally eliminated in 2009.

All of the following statements about regional integration are true EXCEPT:

In which country is the EU headquartered?

Which one of the following is not considered a main objective of the regional bloc affecting Lynette?