True / False Questions
1.As with free trade in general, regional economic integration creates gain for consumers, but it can be challenging for some producers.
2.In a free trade area, all barriers to the trade of goods and services among member countries are removed and a common external trade policy is adopted.
3.The emphasis of the European Free Trade Association has been on free trade in consumer goods.
4.A common market has no barriers to trade among member-countries, includes a common external trade policy, and allows factors of production to move freely among members.
5.In a customs union, a common currency is adopted.
6.A political union addresses the issue of how to make a coordinating bureaucracy accountable to the citizens of member nations of an economic union.
7.Economic theories suggest that free trade and investment is a positive-sum game, in which all participating countries stand to gain.
8.In terms of regional economic integration, linking neighboring economies and making them increasingly dependent on each other creates incentives for political cooperation between the neighboring states.
9.To achieve full economic union, the European Union (EU) introduced a common currency, the euro, controlled by a central EU bank.
10.Some economists have pointed out that the benefits of regional integration are determined by the extent of trade diversion, as opposed to trade creation.
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