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Exam 8: Regional Economic Integration

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Question 1

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The two main reasons that have made economic integration difficult to achieve are

A) concerns over the safety of travel from one nation to another and concerns over dissimilar political ideologies.
B) concerns over costs and concerns over national sovereignty.
C) concerns over immigration and emigration and concerns over economic and political ideologies.
D) concerns over the safety of travel from one nation to another and concerns over national sovereignty.
E) concerns over revenue sharing and political interdependence.

F) All of the above
G) B) and D)

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Question 2

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As of 2014 there are _____________ member countries of the EU.

A) 4
B) 5
C) 20
D) 27
E) 28

F) A) and B)
G) None of the above

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Question 3

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The Conference Board of Canada,after the enlargement of the EU from 15 to 25 members,in a report stated that,"In 2003,two-way merchandise trade between Canada and the EU totalled nearly $58 billion CAD.Canadian exports of goods to the EU were $18.8 billion,and imports were $38.8 billion.Canada's stock of foreign direct investment in the EU reached $99.8 billion in 2002.That same year,the EU's stock of FDI in Canada was $94 billion,representing 26.9 per cent of all foreign direct investment in Canada and 75 per cent of FDI in Canada originating from outside the United States.Canada's prospects are good for increased trade and investment with the EU's 25 member states." In addition to the economic benefits,would there be any political benefits to Canadian increasing its trade with the EU.

The acronym BRIC stands for Britain,Russia,India,and China.

In a free trade area

Trade creation occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.

You run a small company that manufactures plastic injection molded pieces for the construction industry.Currently,you manufacture your product in Windsor,Ontario and a small plant in Texas.You sell your products in both Canada and the United States.You are aware that NAFTA presented your company with increased access to the American market.You want to expand,and are aware of something called the "European Union",but are unsure of what it means,whether Canada can join (or has joined)and what your firm can do to get access to this large market.You are also interested to know whether there are other "groups of countries like NAFTA or the EU" out there. According to reports from the Canadian Embassy in Mexico,one of the major reasons for the growth of plastics and plastic products in Mexico is the increase in per capita consumption of plastic products and the substitution of parts in products such as household appliances,electronics products,vehicles,and machinery.If local production grows at a rate of five percent in the next three years,Mexico will still have to import injection moulded,extruded and blow moulded parts and packaging,as well as molds,to accommodate the substitution of metal,glass,and other materials.How does this report by the Canadian embassy in Mexico relate to the arguments in favour of lowering trade barriers within a regional trade agreement? Explain.

To signify the importance of the ______________,the European Community decided to change its name to the European Union once the act took effect.

The principle argument of those that opposed NAFTA centered around the fear that ratification would result in:

According to our textbook,the move to a single currency in Europe should

______________ occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area.

The European Free Trade Association (EFTA) is

A _____________ will benefit the world only if the amount of trade it creates exceeds the amount it diverts.

According to our textbook,the first year that NAFTA became a reality turned out to be

The Andean Pact was formed in 1969 when _____________ signed the Cartagena Agreement.

The phenomenon that occurs when high-cost domestic producers are replaced by low-cost producers within the free trade area is called

In 1999,the move toward a _______________ in the EU was given a further push by the adoption of a common currency,_______________,among a majority of the EU's member states.

Of the two trade blocks in Europe,the _______________ is by far the more significant,not just in terms of membership,but also in terms of economic and political influence in the world economy.

According to the textbook,one likely short-term effect of NAFTA would be that many U.S.and Canadian firms will move some production to Mexico to take advantage of

The implications of the Single European Act are