Question 1

Discuss the impact of the Association of Southeast Asian Nations.

Accepted Answer

ASEAN is a regional grouping of 500 mill...

Question 2

Which of the following observations is true?

Accepted Answer

A)  Countries adopting the euro need not give up their own currencies.
B)  Countries agreeing the euro could allow their exchange rates to float against each other.
C)  Countries adopting the euro need to only satisfy the criteria of being democratic in nature.
D)  Countries adopting the euro have to give up control over monetary policy.E) None of the above
F) A) and B)

Question 3

Which of the following is a threat facing the emergence of single markets?

Accepted Answer

A)  Threat of being shut out of the EU market by the creation of a "trade fortress"
B)  Increased price competition
C)  Inability to offer different prices across the globe
D)  Reduced environmental standardsE) B) and C)
F) A) and D)

Question 4

The European Community became the European Union following the ratification of the:

Accepted Answer

A)  Maastricht Treaty.
B)  Warsaw Pact.
C)  Treaty of Rome.
D)  Single European Act.E) A) and D)
F) B) and D)

Question 5

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

Accepted Answer

A)  Montreal Treaty
B)  Treaty of Rome
C)  Treaty of Lisbon
D)  Single European ActE) None of the above
F) All of the above

Question 6

Which countries are the latest entrants into the EU?

Accepted Answer

A)  Hungary and Poland
B)  Malta and Cyprus
C)  Hungary and Turkey
D)  Bulgaria and RomaniaE) None of the above
F) A) and D)

Question 7

Which of the following observations is true of the European Parliament?

Accepted Answer

A)  It polices rule violations by member nations.
B)  It is the co-equal legislator for almost all European laws.
C)  Its power has gradually declined over the years.
D)  Its members are nominated by governments.E) B) and C)
F) None of the above

Question 8

Which of the following provides the closest example to a political union?

Accepted Answer

A)  The European Union
B)  The United States
C)  NAFTA
D)  MERCUSORE) All of the above
F) A) and D)

Question 9

Why is the European Council considered to be the ultimate controlling authority within the EU?

Accepted Answer

A)  Because it monitors member states to make sure they are complying with EU laws
B)  Because it has a monopoly in proposing European Union legislation
C)  Because it is directly elected by the populations of the member states
D)  Because draft legislation can become EU law only if the council agreesE) A) and C)
F) A) and B)

Question 10

Discuss the benefits associated with the euro.

Accepted Answer

Europeans decided to establish a single ...

Question 11

Which of the following has been the emphasis of the European Free Trade Association (EFTA) ?

Accepted Answer

A)  Industrial goods
B)  Fisheries
C)  Agricultural goods
D)  ServicesE) A) and B)
F) None of the above

Question 12

Which of the following underlies the decision by Great Britain,Denmark,and Sweden to stay out of the euro zone?

Accepted Answer

A)  The dollar peg advocated by some EU members.
B)  The implied loss of national sovereignty to the ECB.
C)  The volatility of the euro over the past few years.
D)  The reluctance to compete directly against the U.S.dollar.E) B) and D)
F) A) and B)

Question 13

Which of the following is true of the European Commission?

Accepted Answer

A)  The commission's role in competition policy has become increasingly important.
B)  The commission has to be approved by the Council of the European Union before it can begin work.
C)  The commission does not have a policing role with respect to EU laws.
D)  The legislation proposed by the commission goes directly to the European Parliament.E) B) and C)
F) C) and D)

Question 14

Describe the concept of regional economic integration.Do you believe that regional economic integration is a good thing? Explain your answer.

Accepted Answer

Regional economic integration refers to ...

Question 15

In a(n) ______,similarities in the underlying structure of economic activity make it feasible to adopt a single currency and use a single exchange rate as an instrument of macroeconomic policy.

Accepted Answer

A)  managed currency zone
B)  open exchange regime
C)  optimal currency area
D)  free trade areaE) None of the above
F) B) and C)

Question 16

Which of the following paved the way for the Single European Act?

Accepted Answer

A)  The Delors Commission
B)  The Prodi commission
C)  The Santer commission
D)  The Barroso commissionE) A) and D)
F) A) and C)

Question 17

Describe the contents of the North American Free Trade Agreement (NAFTA).

Accepted Answer

The contents of NAFTA include the follow...

Question 18

Which of the following is a key advantage of adopting the euro?

Accepted Answer

A)  It reduces competition in continental Europe.
B)  It makes imports of commodities like crude oil cheaper.
C)  It lowers foreign exchange and hedging costs in Europe.
D)  It insulates Europe from international competition.E) C) and D)
F) A) and B)

Question 19

As a consequence of competitive pressures,the introduction of the euro has led to lower prices,which translates into substantial gains for European consumers.How has this trend affected European companies?

Accepted Answer

A)  It has resulted in most European companies looking for markets elsewhere where profit margins are not wafer thin.
B)  It has produced long-run gains in the economic efficiency of companies because firms were forced to look for ways to reduce their production costs.
C)  It has led to large-scale bankruptcies as companies found themselves unable to compete in a low margin scenario.
D)  It has led to an influx of even cheaper imports from manufacturing hubs such as China and South East Asia.E) A) and B)
F) B) and C)

Question 20

On average,studies indicate that NAFTA's overall impact has been positive and significant.

Accepted Answer

A) True 
 B)False

Exam 8: Regional Economic Integration

Which of the following is a key advantage of adopting the euro?

Correct AnswerverifiedShow Answer

Which of the following paved the way for the Single European Act?

Correct AnswerverifiedShow Answer

Discuss the benefits associated with the euro.

Correct AnswerverifiedEuropeans decided to establish a single ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

In a(n) ______,similarities in the underlying structure of economic activity make it feasible to adopt a single currency and use a single exchange rate as an instrument of macroeconomic policy.

Correct AnswerverifiedShow Answer

Which of the following observations is true?

Correct AnswerverifiedShow Answer

Why is the European Council considered to be the ultimate controlling authority within the EU?

Correct AnswerverifiedShow Answer

Describe the concept of regional economic integration.Do you believe that regional economic integration is a good thing? Explain your answer.

Correct AnswerverifiedRegional economic integration refers to ...View AnswerShow Answer

Which of the following is true of the European Commission?

Correct AnswerverifiedShow Answer

Which countries are the latest entrants into the EU?

Correct AnswerverifiedShow Answer

As a consequence of competitive pressures,the introduction of the euro has led to lower prices,which translates into substantial gains for European consumers.How has this trend affected European companies?

Correct AnswerverifiedShow Answer

Describe the contents of the North American Free Trade Agreement (NAFTA).

Correct AnswerverifiedThe contents of NAFTA include the follow...View AnswerShow Answer

Discuss the impact of the Association of Southeast Asian Nations.

Correct AnswerverifiedASEAN is a regional grouping of 500 mill...View AnswerShow Answer

On average,studies indicate that NAFTA's overall impact has been positive and significant.

Correct AnswerverifiedShow Answer

Which of the following has been the emphasis of the European Free Trade Association (EFTA) ?

Correct AnswerverifiedShow Answer

The European Community became the European Union following the ratification of the:

Correct AnswerverifiedShow Answer

Which of the following provides the closest example to a political union?

Correct AnswerverifiedShow Answer

Which of the following is a threat facing the emergence of single markets?

Correct AnswerverifiedShow Answer

Which of the following observations is true of the European Parliament?

Correct AnswerverifiedShow Answer

Which of the following underlies the decision by Great Britain,Denmark,and Sweden to stay out of the euro zone?

Correct AnswerverifiedShow Answer

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Europeans decided to establish a single ...
View Answer

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Correct Answer
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Regional economic integration refers to ...
View Answer

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Correct Answer
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Correct Answer
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The contents of NAFTA include the follow...
View Answer

Correct Answer
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ASEAN is a regional grouping of 500 mill...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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