Question 1

Andean Community is relatively more protectionist and suspicious of the United States,whereas Mercosur is more pro-free trade.

Accepted Answer

False

Question 2

In 2008,Andean Community and Mercusur countries agreed to form the Union of South American Nations (USAN).

Accepted Answer

The Union of South American Nations (USAN) was established in 2008 as a regional integration initiative, bringing together the Andean Community and Mercosur countries.

Question 3

The European Union (EU)is now a political union.

Accepted Answer

The European Union is primarily an economic and political partnership, but it is not a full political union like a single country. It has some political elements, such as a parliament and common policies, but member states retain significant sovereignty.

Question 4

_____ was established in 1995 as the global multilateral trading system and the organization that supports it.

Accepted Answer

The World Trade Organization (WTO) was established in 1995 as the global multilateral trading system and the organization that supports it.

Question 5

North American Free Trade Agreement (NAFTA)is a free trade agreement (FTA)among Canada,Mexico,and the United States.

Accepted Answer

NAFTA was a trade agreement between Canada, Mexico, and the United States that aimed to eliminate trade barriers and facilitate the cross-border movement of goods and services among the three countries.

Question 6

Which of the following is a disadvantage of global economic integration?

Accepted Answer

Global economic integration can lead to environmental concerns as increased production and trade may result in higher pollution and resource depletion, which critics often highlight.

Question 7

The Doha Round refers to a round of the World Trade Organization (WTO)negotiations to reduce agricultural subsidies,slash tariffs,and strengthen intellectual property protection.

Accepted Answer

The Doha Round, initiated in 2001, aimed to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules, including reducing agricultural subsidies, cutting tariffs, and enhancing intellectual property rights.

Question 8

The Doha Round was successful because most countries delivered on their promise to reduce agricultural subsidies.

Accepted Answer

The Doha Round, initiated in 2001, faced numerous challenges and was largely considered unsuccessful due to disagreements, particularly over agricultural subsidies and market access, leading to a lack of consensus among participating countries.

Question 9

Protectionist policies promote free trade and economic gains.

Accepted Answer

Protectionist policies are designed to restrict imports and protect domestic industries, which is contrary to the principles of free trade that encourage open markets and international economic exchange.

Question 10

The 1999 Doha Round,held by the WTO in Seattle,attracted a huge public outcry including 30,000 protestors.

Accepted Answer

The answer of The 1999 Doha Round,held by the WTO...

Question 11

Which of the following agreements was signed among Canada,Mexico,and the United States?

Accepted Answer

The North American Free Trade Agreement (NAFTA) was a trilateral trade agreement signed by Canada, Mexico, and the United States to eliminate trade barriers and facilitate cross-border movement of goods and services.

Question 12

Mexico has arguably been NAFTA's biggest beneficiary,almost tripling per capita GDP in two decades.

Accepted Answer

Mexico's per capita GDP has almost tripled in the two decades since NAFTA was implemented.

Question 13

Which of the following statements is true of global economic integration?

Accepted Answer

Global economic integration typically stimulates economic growth by reducing trade barriers, increasing market access, and encouraging investment and innovation among countries.

Question 14

Given the slowdown of multilateralism and the acceleration of regionalism,managers should focus their attention more at global levels than regional levels.

Accepted Answer

The slowdown of multilateralism and the acceleration of regionalism suggest that regional levels are becoming more significant, so managers should focus more on regional strategies.

Question 15

Which of the following will result from global economic integration?

Accepted Answer

Global economic integration aims to promote peace among countries by fostering economic interdependence and cooperation, reducing the likelihood of conflicts.

Question 16

The original motivations for European integration were economic in nature.

Accepted Answer

The answer of The original motivations for European integration were...

Question 17

Regional economic integration refers to efforts to reduce trade and investment barriers around the globe.

Accepted Answer

Regional economic integration refers to efforts to reduce trade and investment barriers within a specific region, not globally.

Question 18

Which of the following is an economic benefit of global economic integration?

Accepted Answer

The answer of Which of the following is an economic...

Question 19

Global economic integration refers to efforts to reduce trade and investment barriers around the globe.

Accepted Answer

Global economic integration involves reducing trade and investment barriers to facilitate the free flow of goods, services, and capital across international borders.

Question 20

The Association of Southeast Asian Nations (ASEAN)was founded in 1967 after being inspired by the EU's success.

Accepted Answer

ASEAN was founded in 1967, inspired by the success of the European Union (EU).

Quiz 8: Capitalizing On Global Regional Integration