Question 1

Explain how economic blocs might prove detrimental to small firms. Provide an example of an industry or firm that was harmed as a result of regional integration.

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Question 2

Describe the four characteristics typical of successful economic blocs. Which characteristic is considered the most important? Why?

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Question 3

Describe four advantages of regional integration. Provide an example to illustrate each point.

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Question 4

Explain how the creation of an economic bloc facilitates the rationalization of operations for international firms. Describe how the rationalization of operations can help firms achieve scale economies and enhanced productivity.

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Question 5

Discuss the benefits of the worldwide trend toward regional economic integration, and briefly describe the five levels of economic integration.

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Question 6

Describe customs unions and explain why MERCOSUR is an example of a customs union. How can customs unions potentially reduce global free trade?

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Question 7

Describe the differences and similarities between the European Union and the European Free Trade Association, and explain how the EU helps member countries to acquire stronger defensive and political posture.

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Quiz 9: Regional Economic Integration