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Exam 3: Regional Economic Integration

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Question 41

Multiple Choice

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Abolition of restriction on factor movements is part of which stages of regional integration?

A) A customs union and an economic union
B) An economic union and a free trade area
C) A free trade area and a customs union
D) A common market and an economic union
E) A common market and a customs union

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Question 42

Multiple Choice

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According to the text, which of the following is the third stage of regional integration?

A) A customs union
B) An economic union
C) A free trade area
D) A common market
E) A political union

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Question 43

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Both free-trade areas and customs unions include abolition of restrictions on factor movements.

All of the following statements about the EU are true EXCEPT:

Of the following, which is NOT true about the future of ASEAN?

Scenario - Sarten Gas Company Established in Salt Lake City, UT in 1975, the Sarten Gas Company (SGC) has grown to be a recognized name in the industry. Since its inception, this company has been able to withstand serious economic downturns in the economy. It has been able to remain financially stable when many others in the industry have struggled with financial losses. The expertise and knowledge of its leaders has led the SGC to be one of the few companies in the industry able to report continued growth. This excellent track record has inspired the owners of SGC into embracing the idea of expansion. Sarten plans to begin trading with Canada this year and plans to include trading with Mexico within the next three years. The leaders of Sarten Gas feel confident these new trade deals will prove successful for the company and its shareholders. -Which of the following is not a free trade policy impacting Sarten Gas Company?

Of the following, which is NOT a primary reason why countries are now seeking to pursue regional integration at the expense of multilateral trade liberalization?

Scenario - The Lynnette Company The Lynette Company was founded in 1982 by Solomon and Andrea Lynette. It is currently based in Jakarta, Indonesia and plans to remain in the region due to the potential for continued market growth. The company provides modern office equipment to customers throughout Southeast Asia and has watched a steady rise in need for its products. Last year, Lynette grossed over five million dollars in sales. It anticipates gross sales to more than double this year. The Lynette Company is pleased by the ample supply of workers from the local region available to help the company. The owners realize this area of the world has the potential to become an important global market. -Which one of the following is not considered a main objective of the regional bloc affecting Lynette?

Describe briefly the form and stages of regional integration.