INBU 3301 CHAP 8 EXAM 2024/2025
WITH 100% ACCURATE SOLUTIONS
Regional economic integration: - Precise Answer ✔✔agreements
between countries in a geographic region to reduce tariff and non-tariff
barriers to the free flow of goods, services, and factors of production
between each other
Free-Trade Area - Precise Answer ✔✔eliminates all barriers to the trade
of goods and services among member countries European Free Trade
Association (EFTA)
North American Free Trade Agreement (NAFTA)
Customs Union - Precise Answer ✔✔eliminates trade barriers between
member countries and adopts a common external trade policy Andean
Community
Common Market - Precise Answer ✔✔no barriers to trade between
member countries, a common external trade policy, and the free
movement of the factors of production Mercosur
Economic Union - Precise Answer ✔✔free flow of products and factors
of production between members, a common external trade policy, a
common currency, a harmonized tax rate, and a common monetary and
fiscal policy European Union (EU)
, Political Union - Precise Answer ✔✔a central political apparatus that
coordinates the economic, social, and foreign policy of member states
the EU is headed toward at least partial political union, and the U.S. is
an example of even closer political union
Benefits of regional economic integration - Precise Answer ✔✔Trade
creation
Political power
Political cooperation
Drawbacks of regional economic integration - Precise Answer ✔✔Trade
diversion
Shifting employment
Lost sovereignty
Europe has two trade blocs - Precise Answer ✔✔-The European Union
(EU) with 28 members
-The European Free Trade Area (EFTA) with 4 members
The European Union - Precise Answer ✔✔The devastation of two world
wars on Western Europe prompted the formation of the EU
The members wanted lasting peace and a stronger presence on the
world's stage
November 1, 1993 - Precise Answer ✔✔The European Union was
formed
WITH 100% ACCURATE SOLUTIONS
Regional economic integration: - Precise Answer ✔✔agreements
between countries in a geographic region to reduce tariff and non-tariff
barriers to the free flow of goods, services, and factors of production
between each other
Free-Trade Area - Precise Answer ✔✔eliminates all barriers to the trade
of goods and services among member countries European Free Trade
Association (EFTA)
North American Free Trade Agreement (NAFTA)
Customs Union - Precise Answer ✔✔eliminates trade barriers between
member countries and adopts a common external trade policy Andean
Community
Common Market - Precise Answer ✔✔no barriers to trade between
member countries, a common external trade policy, and the free
movement of the factors of production Mercosur
Economic Union - Precise Answer ✔✔free flow of products and factors
of production between members, a common external trade policy, a
common currency, a harmonized tax rate, and a common monetary and
fiscal policy European Union (EU)
, Political Union - Precise Answer ✔✔a central political apparatus that
coordinates the economic, social, and foreign policy of member states
the EU is headed toward at least partial political union, and the U.S. is
an example of even closer political union
Benefits of regional economic integration - Precise Answer ✔✔Trade
creation
Political power
Political cooperation
Drawbacks of regional economic integration - Precise Answer ✔✔Trade
diversion
Shifting employment
Lost sovereignty
Europe has two trade blocs - Precise Answer ✔✔-The European Union
(EU) with 28 members
-The European Free Trade Area (EFTA) with 4 members
The European Union - Precise Answer ✔✔The devastation of two world
wars on Western Europe prompted the formation of the EU
The members wanted lasting peace and a stronger presence on the
world's stage
November 1, 1993 - Precise Answer ✔✔The European Union was
formed
