Question 1

CARICOM's main objective has been to achieve a deepening of economic integration by means of a Caribbean common market.

Accepted Answer

CARICOM's main objective has indeed been to achieve a deepening of economic integration through the establishment of a Caribbean common market.

Question 2

Anxious to retain control of a valuable agricultural export, officials at Peru's National Commission Against Biopiracy have ramped up efforts to prevent maca seeds from being smuggled out of the country for cultivation elsewhere.

Accepted Answer

The statement accurately reflects the efforts of officials in Peru's National Commission Against Biopiracy.

Question 3

Chile decided to become only an associate member of Mercosur and hence participates in the free trade area aspect of Mercosur as well as the customs union.

Accepted Answer

Chile is an associate member of Mercosur, which means it participates in the free trade area but not in the customs union.

Question 4

Competing ideologies in South America help explain why intraregional trade is yielding more benefits.

Accepted Answer

Competing ideologies in South America often lead to political and economic tensions, which can hinder rather than help intraregional trade.

Question 5

Individually and collectively, Association of Southeast Asian Nations (ASEAN)countries are active in regional and global trade.

Accepted Answer

ASEAN countries are actively involved in regional economic integration efforts, such as the ASEAN Free Trade Area, ASEAN Economic Community, and regional trade agreements with partners such as China, Japan, South Korea, Australia, and New Zealand. They are also active in global trade through participation in the World Trade Organization and other international economic forums.

Question 6

Despite trade agreements, attempts to achieve integration in Central America have been described as uncoordinated, inefficient, and costly. There are still tariffs on imports of sugar, coffee, and alcoholic beverages.

Accepted Answer

Despite the trade agreements in Central America, attempts to achieve integration have been criticized as uncoordinated, inefficient, and costly, and there are still tariffs on certain imports such as sugar, coffee, and alcoholic beverages.

Question 7

The English-speaking CARICOM members in the eastern Caribbean are concerned with defending their privileged trading position with:

Accepted Answer

The English-speaking CARICOM members in the eastern Caribbean are primarily concerned with defending their privileged trading position with the United States, as it is a major trading partner and a significant source of tourism revenue, investment, and remittances for these countries.

Question 8

For the past 40 years Bhutan, a kingdom of 754,000 people in the Himalaya mountains, has relied on the following measure:

Accepted Answer

Bhutan has relied on Gross National Happiness (GNH) as a measure of progress and development for the past 40 years instead of traditional measures like GDP or GNI. GNH takes into account factors such as environmental conservation, cultural preservation, good governance, and sustainable development, in addition to economic growth. This holistic approach reflects Bhutan's commitment to promoting the happiness and well-being of its citizens over mere economic prosperity.

Question 9

The five original members of the Central American Common Market (CACM)are El Salvador, Honduras, Guatemala, Panama, and Cost Rica.

Accepted Answer

The original members of the Central American Common Market (CACM) are El Salvador, Honduras, Guatemala, Nicaragua, and Costa Rica. Panama was not an original member.

Question 10

Which of the following ASEAN countries alone accounts for more than one-third of 2014 two-way trade exports with the United States?

Accepted Answer

Singapore accounted for $50.1 billion, which is more than one-third of the 2014 two-way trade exports with the United States among the given ASEAN countries, according to the Office of the United States Trade Representative.

Question 11

Mercosur or the Common Market of the South resulted from a treaty signed by four countries: Argentina, Brazil, Paraguay, and Venezuela.

Accepted Answer

Mercosur was originally founded by Argentina, Brazil, Paraguay, and Uruguay. Venezuela joined later but is currently suspended.

Question 12

Which one of the ASEAN members has the World's second-largest container port?

Accepted Answer

Singapore has the world's second-largest container port, following Shanghai in China.

Question 13

Implementation of the Central American Free Trade Agreement with the United States created a free trade area known as DR-CAFTA.

Accepted Answer

The answer of Implementation of the Central American Free Trade...

Question 14

Historically, most of the Latin American nations have witnessed decades of slow or no growth, crippling inflation, increasing foreign debt, protectionism, the bloated government payrolls, money laundering problems, and currency fluctuations. What measures are now being taken by countries in that region that will begin the process of economic transformations?

Accepted Answer

The answer of Historically, most of the Latin American nations...

Question 15

Bhutan has relied on a measure besides economic growth, namely, gross national happiness (GNH). The GNH Index includes all of the following indicators except:

Accepted Answer

The Gross National Happiness (GNH) Index of Bhutan includes indicators such as psychological well-being, community vitality, living standards, and environmental diversity, but it does not specifically include "economic vitality" as an indicator. GNH focuses more on holistic well-being rather than purely economic measures.

Question 16

When the roster of ASEAN members expanded to include Japan, Korea, and India, it was dubbed "ASEAN + 3."

Accepted Answer

ASEAN+3 refers to the grouping of the Association of Southeast Asian Nations (ASEAN) plus China, Japan, and South Korea, not India.

Question 17

Although the ASEAN member countries are geographically close, they have historically been divided in many respects.

Accepted Answer

While ASEAN member countries do share a close geographic proximity, they have historically been divided by cultural, linguistic, religious, and political differences.

Question 18

There are barriers in Japan for global marketers in terms of attitudes as well as laws. Barriers include all of the following except:

Accepted Answer

The statement "goods marketed should have a semblance of western products and services" is not a barrier, but rather an incorrect assumption. In fact, Japanese consumers often prefer products that are distinctly Japanese in design and features.

Question 19

Bhutan has relied on a measure besides economic growth referred to as the Gross National Happiness (GNH).

Accepted Answer

Bhutan has long prioritized GNH over GDP as a measure of progress and well-being. The concept of GNH focuses on achieving sustainable development, preserving cultural values, and promoting good governance and happiness of citizens rather than just economic growth.

Question 20

The original six members of the ASEAN (Association of Southeast Asian Nations)included all of the following countries except:

Accepted Answer

India was not one of the original six members of ASEAN. The original members were Indonesia, Malaysia, Philippines, Singapore, Thailand, and Brunei.

Quiz 3: The Global Trade Environment