IB 300 Test questions with answers
well defined
In a free trade area, members drop internal tariffs. External tariffs - ANS✅✅are maintained
independently by each member.
The free trade area that was created in 1994 between Canada, Mexico and the United States is
called - ANS✅✅NAFTA
Most African nations have their main trade relationships - ANS✅✅with developed nations, often
built on former colonial ties.
The oldest customs union is - ANS✅✅the Southern African Customs Union.
The Eurasian Economic Union, consisting of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is
an example of a - ANS✅✅common market.
The Chinese concept of guanxi is an example of - ANS✅✅an informal, cognitive institution.
New institutional theory suggests that institutions provide - ANS✅✅the rules of the game,
reducing uncertainty.
The World Trade Organization is an example of an institution that "propagate(s) principles, and
broadly represent(s) 'humanity.'" As such, the WTO is a (n) - ANS✅✅normative institution.
Which scenario demonstrates the concept of guanxi? - ANS✅✅A Chinese businessman would not
commit to a project with an American company until he established a relationship with the local
representative.
An informal cognitive institution is - ANS✅✅a collection of shared ideas that define reality.
well defined
In a free trade area, members drop internal tariffs. External tariffs - ANS✅✅are maintained
independently by each member.
The free trade area that was created in 1994 between Canada, Mexico and the United States is
called - ANS✅✅NAFTA
Most African nations have their main trade relationships - ANS✅✅with developed nations, often
built on former colonial ties.
The oldest customs union is - ANS✅✅the Southern African Customs Union.
The Eurasian Economic Union, consisting of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is
an example of a - ANS✅✅common market.
The Chinese concept of guanxi is an example of - ANS✅✅an informal, cognitive institution.
New institutional theory suggests that institutions provide - ANS✅✅the rules of the game,
reducing uncertainty.
The World Trade Organization is an example of an institution that "propagate(s) principles, and
broadly represent(s) 'humanity.'" As such, the WTO is a (n) - ANS✅✅normative institution.
Which scenario demonstrates the concept of guanxi? - ANS✅✅A Chinese businessman would not
commit to a project with an American company until he established a relationship with the local
representative.
An informal cognitive institution is - ANS✅✅a collection of shared ideas that define reality.
