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Chapter Quiz
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The European _____ Community was the first institution that was created to restore prosperity, stability, and peace in Europe after World War II.
A)Power and Telecom
B)Coal and Steel
Groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers are called _____.
A)mutual benefit zones
B)no restriction markets
C)multinational market regions
D)zero tariff zones
E)trade friendly zones
The most successful multinational market region since World War II is the ______.
A)Dominican Republic
B)Asia Pacific Economic Cooperation
C)Latin American Integration Association
D)European Union
E)North American Free Trade Agreement
Which of the following is the most fundamental reason for an economic union?
A)Increased social and cultural integration
B)The sharing of a common currency
C)The development and enlargement of markets
D)The ability to share natural resources
E)To settle long standing disputes
Which of the following statements is true?
A)Political, geographical and cultural factors determine how successful an economic union is.
B)Individual differences are a part of every economic union and do not determine the success quotient of that union.
C)Economic integration is not influenced by immigration issues such as existence or absence of transportation networks.
D)Language issues are a major barrier for countries that are entering into a union.
E)A political union has the least amount of integration.
At which level of economic integration do member countries maintain individual tariff schedules for external countries but eliminate customs duties and nontariff trade barriers among themselves?
A)Regional Cooperation Groups
B)Common Market
C)Free Trade Area
D)Customs Union
E)Political Union
Company A and Company B are at a particular level of economic integration. Both these countries enjoy reduced or eliminated internal tariffs on trade between them and have added a common external tariff on products imported from countries outside the union. These companies represent a _____.
A)Free Trade Area
B)Customs Union
C)Political Union
D)Common Market
E)Regional Cooperation Group
A _____is the most fully integrated form of regional cooperation.
A)Free Trade Area
B)Common Market
C)Political Union
D)Customs Union
E)Regional Cooperation Group
Company X, Y, and Z have eliminated all tariffs and other restrictions on internal trade, adopted a set of common external tariffs, and removed all restrictions on the free flow of capital and labor among member nations. However, they lack political unity. These companies are most likely a _____.
A)Free marketplace
B)Free Trade Area
C)Customs Union
D)Common Market
E)Political Union
A voluntary organization providing for the loosest possible relationship that can be classified as economic integration is called a (n) _____.
A)joint organization
B)commonwealth of nations
C)integrated nation
E)proprietary colony
Which of the following statements is true?
A)Among the EU institutions, the European parliament initiates policy and supervises its observance by member states.
B)The European Union, European Economic Area, and the European Free Trade Area (EFTA) are the most established cooperative groups in Europe.
C)Of all the multinational market groups, the European Economic Area is the most secure and most important economically.
D)The European Commission, the Council of Ministers, the European Parliament, and the Court of Justice are all part of EFTA.
E)The European Union forms a unitary pattern.
The institutions of the _____ comprise executive, parliamentary, and judicial branches.
A)European Court of Justice
B)European Economic Area
C)European Union
D)European Commission
The decision-making body of the European Union is the _____.
A)Court of Justice
B)Council of Ministers
C)European Commission
D)European Parliament
E)Economic and Monetary Union
In Eastern Europe, countries are trying to move from:
A)socialism to communism.
B)capitalism to communism.
C)capitalism to federalism.
D)socialism to capitalism.
E)capitalism to socialism.
Which of the following is true with respect to market integration?
A)As businesses become stronger and more experienced in dealing with large market groups that form as a result of market integration, world competition will become simpler and less complex.
B)Many national markets, too small to bother with individually, take on new dimensions and significance when combined with markets from cooperating countries.
C)Economic integration gives rise to smaller markets.
D)The creation of multinational groups increases tariff barriers and restrictions.
E)Problems of language, customs and instability do not persist in multi country markets.

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