Where Has The Movement Toward Regional Economic Integration Been Most Successful?

Identify the most popular form of regional economic integration, accounting for almost 90 percent of regional agreements.

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Free trade areas. In a free trade area, all barriers to the trade of goods and services among member countries are removed. Free trade agreements are the most popular form of regional economic integration, accounting for almost 90 percent of regional agreements.
A _____ eliminates trade barriers between member countries and adopts a common external trade policy, but does not allow free movement of factors of production between member nations.
A customs union eliminates trade barriers between member countries and adopts a common external trade policy.
Which of the following happens when higher-cost external producers are replaced by lower-cost external producers within the free trade area?
Trade creation. Trade creation occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area. It may also occur when higher-cost external producers are replaced by lower-cost external producers within the free trade area.
Country A and Country B entered into a free trade agreement recently. After this, Country A starts importing heavy machinery from Country B. Country A used to domestically produce such machinery at a higher cost. Which of the following has occurred in this scenario?
Trade creation. Trade creation occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.
_____ can be seen as an attempt to achieve additional gains from the free flow of trade and investment between countries beyond those attainable under global agreements.
Regional economic integration. Regional economic integration can be seen as an attempt to achieve additional gains from the free flow of trade and investment between countries beyond those attainable under global agreements.
concerns over national sovereignty. Despite the strong economic and political arguments in support, integration has never been easy to achieve or sustain for two main reasons. First, although economic integration aids the majority, it has its costs. While a nation as a whole may benefit significantly from a regional free trade agreement, certain groups may lose. Moving to a free trade regime involves painful adjustments. A second impediment to integration arises from concerns over national sovereignty.
To achieve full economic union, the European Union introduced a common currency, the euro, controlled by a central EU bank. Although most member states have signed on, _____ remains an important holdout.
Great Britain. To achieve full economic union, the EU introduced a common currency, the euro, controlled by a central EU bank. Although most member states have signed on, Great Britain remains an important holdout.
_____ occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.
Trade Creation. Trade creation occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area. Trade diversion occurs when lower-cost external suppliers are replaced by higher-cost suppliers within the free trade area.
Which of the following accounts for about 55 percent of the world”s GNP and 49 percent of world trade?
APEC. Collectively, the APEC member states account for about 55 percent of the world”s GNP, 49 percent of world trade, and much of the growth in the world economy.
EAC. In 2005 the EAC started to implement a customs union, although many tariffs remained in place until 2010.

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increased price competition throughout the EU and NAFTA. The lowering of barriers to trade and investment among countries has led to increased price competition throughout the EU and NAFTA. Over time, price differentials across nations will decline in a single market.
The emerging role of the _____ in competition policy suggests the EU is increasingly willing and able to intervene and impose conditions on companies proposing mergers and acquisitions.
European Commission. The emerging role of the European Commission in competition policy suggests the EU is increasingly willing and able to intervene and impose conditions on companies proposing mergers and acquisitions.
The creation of a single market through regional economic integration offers significant opportunities. Which of the following is one of these opportunities?
Markets that were formerly protected from foreign competition are increasingly open. The creation of a single market through regional economic integration offers significant opportunities because markets that were formerly protected from foreign competition are increasingly open.
In a free trade area, countries are not allowed to determine their own trade policies with nonmembers.
False. Each country is allowed to determine its own trade policies with regard to nonmembers. Thus, for example, the tariffs placed on the products of nonmember countries may vary from member to member.
True. Nowhere has the movement toward regional economic integration been more successful than in Europe.
While a nation as a whole may benefit significantly from a regional free trade agreement, certain groups within the country may lose.
True. While a nation as a whole may benefit significantly from a regional free trade agreement, certain groups within the country may lose.
Trade diversion occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.
False. Trade creation occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.
False. The European Council represents the interests of member states. It is clearly the ultimate controlling authority.
False. According to critics, a drawback of the euro is that the EU is not what economists would call an optimal currency area.
The emergence of single markets will make the business environment within each grouping less competitive.

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False. Just as the emergence of single markets creates opportunities for business, it also presents a number of threats. For one thing, the business environment within each grouping will become more competitive.
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