INTB 3 Exam #1 Questions with correct answers
Trans-Pacific Partnership (TPP) - ✔✔A trade agreement among 12 Pacific Rim
countries:
The Americas: Canada, Chile, Mexico, Peru, U.S.
Pacific Asia: Australia, Brunei, Japan, Malaysia, New Zealand, Singapore, and
Vietnam (NOT including China)
meant to boost trade and economic growth among member countries
One could now state that, "The Atlantic is the ocean of _______________ -
✔✔the past, the Pacific is the ocean of the present and the Indian Ocean is the
ocean of the future!
The center of economic activity is shifting from North America to ___________ -
✔✔Pacific Asia
Asia expected to grow at ________the rate of the United States and ______
_______ the rate of the European Union for at least the next two decades. - ✔✔3
times; 4 times
China is know to be - ✔✔the engine of Asia-Pacific economic growth
What other trading block rivals the TPP agreement? - ✔✔Free Trade Area of Asia-
Pacific (FTAAP)
,Reasons for regional integration - ✔✔social, security, economic, and political
promote trade investment
regional integration - ✔✔implementation of a multitude of economic and/or
political steps by member states to increase their global competitiveness,
including preferential trade access
How does regional integration help? - ✔✔especially helps small and medium-
sized countries scale up their supply and capacity through regional production
networks and become more globally competitive.
What needs to happen for regional transformation to be successful? - ✔✔-
member countries need to undertake spatial transformations
-allow efficient geographic distribution of economic activities within and among
countries.
-the strategies need to be customized to the economic geography of the countries
involved and their openness to interaction with major world markets
spatial transformations - ✔✔the process of allowing efficient geographic
distribution of business activities within and among countries
free-trade area - ✔✔an area in which two or more countries agree to eliminate all
barriers to trade, such as tariffs, quotas, and nontariff barriers like border
restrictions, while at the same time keeping their own external tariffs (within
WTO guidelines) against nonmembers
, Stages of Integration - ✔✔-Free Trade: abolition of tariffs and quotas among
members
-Customs Union: 1) abolition of tariffs and quotas among members 2) Common
external tariff and quota system
-Common Market: 1 and 2 plus 3) abolition of restrictions on factor movements
-Economic Union: 1, 2, 3 and 4) harmonization and unification of economic
policies and institutions
customs union - ✔✔a group of free-trade member countries that have adopted a
common external tariff with nonmember countries
common market or single market - ✔✔a market formed when member countries
of a customs union remove all barriers to allow the movement of capital and
labor within the customs union
economic and monetary union - ✔✔a union formed when members of a common
market agree to implement common social programs (on education, employee
benefits and retraining, health care, etc.) and coordinated macroeconomic
policies (such as fiscal and monetary policies) that would lead to the creation of a
single regional currency and a regional apex central bank
political union - ✔✔the union 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
Benefits and costs of regional integration depend on_____ - ✔✔the level of
integration the countries in the group achieve
Trans-Pacific Partnership (TPP) - ✔✔A trade agreement among 12 Pacific Rim
countries:
The Americas: Canada, Chile, Mexico, Peru, U.S.
Pacific Asia: Australia, Brunei, Japan, Malaysia, New Zealand, Singapore, and
Vietnam (NOT including China)
meant to boost trade and economic growth among member countries
One could now state that, "The Atlantic is the ocean of _______________ -
✔✔the past, the Pacific is the ocean of the present and the Indian Ocean is the
ocean of the future!
The center of economic activity is shifting from North America to ___________ -
✔✔Pacific Asia
Asia expected to grow at ________the rate of the United States and ______
_______ the rate of the European Union for at least the next two decades. - ✔✔3
times; 4 times
China is know to be - ✔✔the engine of Asia-Pacific economic growth
What other trading block rivals the TPP agreement? - ✔✔Free Trade Area of Asia-
Pacific (FTAAP)
,Reasons for regional integration - ✔✔social, security, economic, and political
promote trade investment
regional integration - ✔✔implementation of a multitude of economic and/or
political steps by member states to increase their global competitiveness,
including preferential trade access
How does regional integration help? - ✔✔especially helps small and medium-
sized countries scale up their supply and capacity through regional production
networks and become more globally competitive.
What needs to happen for regional transformation to be successful? - ✔✔-
member countries need to undertake spatial transformations
-allow efficient geographic distribution of economic activities within and among
countries.
-the strategies need to be customized to the economic geography of the countries
involved and their openness to interaction with major world markets
spatial transformations - ✔✔the process of allowing efficient geographic
distribution of business activities within and among countries
free-trade area - ✔✔an area in which two or more countries agree to eliminate all
barriers to trade, such as tariffs, quotas, and nontariff barriers like border
restrictions, while at the same time keeping their own external tariffs (within
WTO guidelines) against nonmembers
, Stages of Integration - ✔✔-Free Trade: abolition of tariffs and quotas among
members
-Customs Union: 1) abolition of tariffs and quotas among members 2) Common
external tariff and quota system
-Common Market: 1 and 2 plus 3) abolition of restrictions on factor movements
-Economic Union: 1, 2, 3 and 4) harmonization and unification of economic
policies and institutions
customs union - ✔✔a group of free-trade member countries that have adopted a
common external tariff with nonmember countries
common market or single market - ✔✔a market formed when member countries
of a customs union remove all barriers to allow the movement of capital and
labor within the customs union
economic and monetary union - ✔✔a union formed when members of a common
market agree to implement common social programs (on education, employee
benefits and retraining, health care, etc.) and coordinated macroeconomic
policies (such as fiscal and monetary policies) that would lead to the creation of a
single regional currency and a regional apex central bank
political union - ✔✔the union 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
Benefits and costs of regional integration depend on_____ - ✔✔the level of
integration the countries in the group achieve
