INTB 200 EXAM 2 REVIEW 2025 |
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,Terms in this set (87)
- All barriers to the trade of goods
and services among member
countries are removed, but
Free Trade Area
members determine their own trade
Definition
policies with nonmembers.
- Accounts for almost 90% of
regional agreements.
- European Free Trade Association
(EFTA) between Norway, Iceland,
Leichtenstein, and Switzerland
Free Trade Area began in 1960.
Example - Other free trade areas include
NAFTA, now replaced by the United
States Mexico - Canada Agreement
(USMCA)
Eliminate trade barriers between
Customs Union
member countries and adopts a
Definition
common external trade policy.
Andean Community established free
Customs Union
trade between Bolivia, Columbia,
Example
Ecuador, and Peru.
, - No barriers to trade between
member countries, a common
external trade policy, and the free
Common Market movement of the factors of
Definition production.
- Requires significant harmony
among members in fiscal, monetary,
and employment policies.
Mercosur (between Brazil,
Common Market
Argentina, Paraguay, and Uruguay)
Example
hopes to achieve this status.
Countries committed to the free
flow of products and factors of
production between members,
Economic Union
adoption of a common currency,
Definition
harmonization of tax rates, and
pursuit of a common external trade
policy.
Economic Union European Union
Example
ALL QUESTIONS AND CORRECT
ANSWERS | LATEST VERSIONS |
VERIFIED ANSWERS | GRADED A+ |
NEWEST EXAM (JUST RELEASED
Save
Warm up with practice questions
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
,Terms in this set (87)
- All barriers to the trade of goods
and services among member
countries are removed, but
Free Trade Area
members determine their own trade
Definition
policies with nonmembers.
- Accounts for almost 90% of
regional agreements.
- European Free Trade Association
(EFTA) between Norway, Iceland,
Leichtenstein, and Switzerland
Free Trade Area began in 1960.
Example - Other free trade areas include
NAFTA, now replaced by the United
States Mexico - Canada Agreement
(USMCA)
Eliminate trade barriers between
Customs Union
member countries and adopts a
Definition
common external trade policy.
Andean Community established free
Customs Union
trade between Bolivia, Columbia,
Example
Ecuador, and Peru.
, - No barriers to trade between
member countries, a common
external trade policy, and the free
Common Market movement of the factors of
Definition production.
- Requires significant harmony
among members in fiscal, monetary,
and employment policies.
Mercosur (between Brazil,
Common Market
Argentina, Paraguay, and Uruguay)
Example
hopes to achieve this status.
Countries committed to the free
flow of products and factors of
production between members,
Economic Union
adoption of a common currency,
Definition
harmonization of tax rates, and
pursuit of a common external trade
policy.
Economic Union European Union
Example
