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Exam 8: Regional Economic Integration

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Question 21

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The Maastricht Treaty called for eventual political union of the member nations.

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Question 22

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Scenario: Zucoland Zucoland,a small-sized country just south of the Andes mountain range,was invited to join a regional trading bloc.The government of Zucoland is considering the benefits and costs of joining such a bloc.The government is attracted by the fact that this trading bloc requires Zucoland to give up the least amount of sovereignty compared to other types of blocs. -Joining a trading block has some drawbacks also.Zuocoland would likely experience all of the following drawbacks EXCEPT ________.

A) loss of national sovereignty
B) loss of military power
C) trade diversion
D) shifts in employment

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Question 23

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Scenario: Learning from the Americas The newly-formed countries that emerged after the breakup 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. -Another name for MERCOSUR is the ________.

NAFTA is a good example of trade diversion.

Today,the Southern Common Market (MERCOSUR) is best described as a(n) ________.

Scenario: Moonland Union Twenty-six nations,A through Z countries of Moonland region,have decided to cooperate with one another to eliminate trade barriers among them and create Moonland Union.They are not sure,however,to what extent they want to cooperate. -The process undertaken by these 26 countries is an example of ________.

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

The ________ is the court of appeals of the European Union.

Studies of the Southern Common Market (MERCOSUR) found that the net effect of the agreement was ________.

A group of nations in a geographic region undergoing economic integration is called a regional trading bloc.

Scenario: Learning from the Americas The newly-formed countries that emerged after the breakup 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 North American Free Trade Agreement is best considered a ________.

Scenario: Moonland Union Twenty-six nations,A through Z countries of Moonland region,have decided to cooperate with one another to eliminate trade barriers among them and create Moonland Union.They are not sure,however,to what extent they want to cooperate. -Country X advocates for the member nations to achieve the greatest level of integration,even beyond that which would accompany harmonized economic policies and a common currency.Country X most likely supports which of the following?

A group of nations in a geographic region undergoing economic integration is called a(n)________.

The Maastricht Treaty did all of the following EXCEPT ________.

Today,the number of European Union (EU) members stands at ________.

Under NAFTA terms,Canada must make majority of its natural gas supplies available for export to the United States.

NAFTA does not include provisions for environmental protection.

A group of nations currently taking steps toward political union is ________.

Scenario: Learning from the Americas The newly-formed countries that emerged after the breakup 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 ________.

One result of trade creation is that buyers pay higher prices for imported goods and services after trade barriers are removed.