Which of the following is true with regard to an economic union?
A.There are restrictions on immigration, emigration, or cross-border flows of capital among member-countries.
B.It entails less economic integration and cooperation than a common market.
C.It involves the free flow of products and factors of production among member-countries.
D.It is defined as a central political apparatus coordinates the economic, social, and foreign policy of the member states.
E.It does not adopt a common external trade policy.
52.Which of the following is a solution to the issue of how to make a coordinating bureaucracy accountable to the citizens of member nations?
A.Establishment of a political union
B.Establishment of a customs union
C.Establishment of exclusive economic zones
D.Establishment of free trade agreements
E.Establishment of a common market
53.A(n) _____ is defined as a central political apparatus that coordinates the economic, social, and foreign policy of the member states.
A.free trade area
54.Which of the following supports the economic case for regional economic integration?
A.International institutions such as the World Trade Organization have been moving the world away from a free trade regime.
B.The greater the number of countries involved in a free trade agreement, the fewer the perspectives that must be reconciled.
C.Coordination and policy harmonization problems are largely a function of the number of countries that seek agreement.
D.It is difficult to establish a free trade and investment regime among a limited number of adjacent countries as compared to the world community.
E.Since most governments do not intervene, unrestricted free trade and FDI have become a reality.
55.Which of the following is true of the political case for regional economic integration?
A.Linking neighboring economies increases the potential for violent conflict.
B.Free trade stimulates economic growth, which creates dynamic gains from trade.
C.Making neighboring economies increasingly dependent on each other fails to create incentives for political cooperation.
D.Countries can enhance their political weight in the world by grouping their economies.
E.Those who have sought a united Europe have always had a desire to make another war in Europe imminent.
56.Which of the following is a major consideration that underlay the establishment of the European Community?
A.The pressing need to have a common currency that would make trade between European and non-European countries easier
B.The need for a united Europe to deal with the United States and the politically alien Soviet Union
C.The economic lessons from the Great Depression that hit the United States in the 1920s
D.The success of the European Free Trade Association formed by Western European countries in 1960
E.The rise of communism in Europe in the 1960s
57.Concerns about _____ arise because close economic integration demands that countries give up some degree of their control over such key policy issues as monetary policy, fiscal policy, and trade policy.
58.Which of the following are the two impediments to regional economic integration?
A.Labor activism and political ideologies
B.Immigration and political ideologies
C.Costs and national sovereignty
D.Political will and popular support
E.Political ideologies and international policies
59.Which of the following is an example of concerns over national sovereignty acting as an impediment to regional economic integration?
A.The Organization of the Petroleum Exporting Countries regulating the supply of petroleum as a cartel
B.The Asia-Pacific Economic Cooperation failing to establish itself as a regional arrangement
C.Admission of Eastern European nations into the European Union
D.Great Britain refusing to adopt the common currency of the European Union, the euro
E.The rise of the World Trade Organization
60._____ occurs when high-cost domestic producers are replaced by low-cost producers within a free trade area.
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