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Question
Compare and contrast EU and NAFTA as regional integration blocs.
Answer
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Related questions
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c. 2
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Of the following, which is NOT a primary reason why countries are now seeking to pursue regional integration at the expense of multilateral trade liberalization?
a. Uncertainty surrounding the Doha Round
b. Concern that the prospect of creating a truly open global economic system that benefits all countries may recede
c. Some governments may initiate regional pacts
d. Some countries are clamoring for bilateral or regional trade agreements to meet their specific agendas
e. NAFTA is pushing the EU to pursue regional integration
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The World Banks (2009) World Development Report concludes that successful regional integration depends on positive changes within
a. comparative and absolute advantage.
b. market size, location, and openness to trade.
c. government control over the economy.
d. the relationship between employers and employees.
e. regional integration blocs.
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The newest member of the EU is _____.
a. Bulgaria
b. Malta
c. Russia
d. Turkey
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Of the following statements regarding the euro, which is NOT true?
a. The U.K., Denmark, and Sweden use the euro as their currency.
b. The euro was introduced on January 1, 1999.
c. Eighteen of the 28 EU countries are permitted to use the euro as their currency.
d. The euro was considered the crowning success of the EUs plans to integrate European economies.
e. The European Central Bank is the apex central bank for the Eurozone countries.
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The World Banks World Development Report (WDR), titled Reshaping Economic Geography, analyzes trade and regional economic integration through the lens of economic geography (i.e., market size, location, and openness to trade). The WDR concludes that positive changes within these three categories are essential for successful regional integration.
a. True
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With uncertainty surrounding the outcome of the Doha Round of trade negotiations, countries (large and small) are clamoring for bilateral or regional trade agreements to meet their specific agendas causing economists to be concerned about the prospects of creating a truly open global economic system that benefits all countries.
a. True
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Remote regions with small local markets which Paul Collier calls the bottom billion, are located in Central Asia; East, Central and West Africa; and the Pacific Islands.
a. True
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Some argue that Asia may become the most important free trade region for this century. Do you agree? Explain.
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Scenario Sarten Gas CompanyEstablished in Salt Lake City, UT in 1975, the Sarten Gas Company (SGC) has grown to be a recognized name in the industry. Since its inception, this company has been able to withstand serious economic downturns in the economy. It has been able to remain financially stable when many others in the industry have struggled with financial losses. The expertise and knowledge of its leaders has led the SGC to be one of the few companies in the industry able to report continued growth.This excellent track record has inspired the owners of SGC into embracing the idea of expansion. Sarten plans to begin trading with Canada this year and plans to include trading with Mexico within the next three years. The leaders of Sarten Gas feel confident these new trade deals will prove successful for the company and its shareholders.Which one of the following represents a trade agreement most likely to impact the Sarten Gas Company and its proposed trading partners?a. NAFTAb. ASCc. ASEANd. CAFTAe. NATO
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A(n) ________ is formed when members of a common market agree to implement common social programs and coordinated macroeconomic policies that would lead to the creation of a single regional currency and a regional apex central bank.
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Defend the following statement: Trade and foreign investment are good for society.
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______ refers to an external shock or development that could drastically change or hasten the course of economic development.
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According to Porter's "diamond" model, the success or competitive advantage of a nation at the global stage depends upon the interaction of all of the following EXCEPT
a. firm strategy, structure, and rivalry.
b. related and supporting industries.
c. demand conditions.
d. a conservative political structure.
e. factor conditions.
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The _____ states that when factors are allowed to move freely among trading nations, efficiency increases, which leads to price of factors becoming equal among countries.
a. factor-price equalization theory
b. diamond theory
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Of the following statements about foreign direct investment, which is NOT true?
a. FDI in a country brings funds and business culture from abroad.
b. Governments all over the world try to create a business-friendly environment to attract such investments.
c. FDI creates new well-paying jobs.
d. Foreign investors have little faith in high-income economies such as Canada.
e. Foreign investment flows are generally based on long-term global or country outlook.
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A specific tariff describes a tax on imports levied as a constant percentage of the monetary value of one unit of the imported good.
a. True
b. False
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Foreign direct investment (FDI) in a country brings funds and business culture from abroad, creates new well-paying jobs, introduces innovative technologies, and enhances the skills of domestic workers.
a. True
b. False
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Scenario T & M ComputersThomas Benson and Matthew Roderick started a small computer business ten years ago in Rapid City, South Dakota. Armed only with determination and innovative designs, Thomas and Matthew were driven to achieve success for their company, T & M Computers. Their hard work has indeed, paid off. Since the inception of the company, the two owners have watched their business grow and demand for their products increase.Four years ago due to this high product demand, they went international with their business operations. Thomas and Matthew now have international business operations in Singapore, France, Turkey, and Great Britain. Further operational expansion is anticipated within the next year and the company plans to begin operations in Spain, Greece, and Italy.The owners hard work and dynamic ideas have proven quite profitable for the company. Thomas and Matthew are pleased with how their operation has grown into becoming a major international business worthy of competing with Intel and Microsoft. T & M Computers may well be the next giant recognized in the field of computer software.T & M Computers are conducting international business operations in world areas, which have recently undergone financial turmoil. Of the following, which organization is most likely to provide assistance in providing global financial stability?a. International Monetary Fundb. The United Nationsc. The World Bankd. The Global Center for Financial Restructuringe. The World Trade Organization
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Scenario The Everline CorporationThe Everline Corporation is a multinational business that provides state-of-the-art digital communication capabilities to its global customers. Originally operating as a U.S. domestic business based in Duluth, Minnesota, Everline quickly seized on the opportunity provided by international expansion. Within two years, the corporation had expanded into fourteen foreign nations found throughout the Middle East, Europe, Asia, and South America.Everline understands the vital importance of offering effective and affordable communication products to its customers. It realizes the value consumers place on being able to communicate with businesses without delays or hassles. The corporation recognizes its customers need to quickly and efficiently communicate with others in the global marketplace of today.Fueled by its staff of innovative and highly skilled communication engineers, the future for Everline looks more and more promising. Communication needs around the globe continue to grow and this business stands ready to fill the demand. With net profits expected to reach one billion dollars in the next year, this company is decidedly reaping the rewards of its hard work.The mangers of the Everline Corporation attribute their companys continued profitability to the idea that globalization and information technology are closely related to one another. They acknowledge that the information technology revolution has occurred almost instantaneously. Which one of the following would not be considered a benefit derived from this so-called revolution?a. Societal hierarchies have grown in number to better accommodate information technology changes.b. A more free flow of capital across national boundaries has occurred.c. Operating costs have decreased for many businesses.d. The production of goods and services has become globalized.e. The costs of communication are reduced.
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A world economy in which the engines of growth could comprise the United States, the European Union, China, India, Brazil, Russia, and South Africa rather than the United States alone can be described as a(n) __________.
a. interdependent world
b. industrialized world
c. globalized economy
d. multi-polar world
e. diverse world
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Which of the following is NOT a key aspect of globalization?
a. The elimination of barriers to trade
b. Investment
c. Financial independence
d. Culture
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An office uses printer paper made primarily of recycled paper. This is an example of a ______ policy.
a. future sourcing
b. global warming
c. next-generation consumer hook
d. digital divide
e. sustainable development