BUAD 331: Final Exam Correct 100%(GEADED A+)

regional economic integration - ANSWERAgreements among countries in a geographic region to reduce and ultimately remove tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other Free Trade Area - ANSWERA group of countries committed to removing all barriers to the free flow of goods and services between each other Common external tariff - ANSWERThe policy of customs unions in which the members adopt the same tariffs toward nonmembers Customs Union - ANSWERA group of countries committed to (1) removing all barriers to the free flow of goods and services between each other and (2) the pursuit of a common external trade policy. Common Market - ANSWERa group of countries that acts as a single market, without trade barriers between member countries Economic Union - ANSWERHaving all the features of a common market, members also coordinate and harmonize economic policies (in areas such as monetary, fiscal, and taxation) to blend their economies into a single economic entity. Sovereignty of Nations - ANSWEReach country or sovereign nations sets the laws and regulations within its own territory and has the highest level of authority for enforcement. Bretton Woods System - ANSWERNamed for a conference held at Bretton Woods, New Hampshire, in 1944, this system provided the foundation for postwar economic globalization, including the World Bank and the International Monetary Fund; it established a fixed exchange rate with international currencies pegged to the U.S. dollar, which was backed by convertibility to gold Internation Monetary Fund (IMF) - ANSWERan international agency that oversees the new exchange rate system and helps bridge difficulties and financial crises in individual member countries World Bank - ANSWERan international bank that offers low-interest loans, advice, and information to developing nations; created to help countries improve their infrastructure and reduce poverty General Agreement on Tariffs and Trade (GATT) - ANSWERInternational treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO