Global And Regional Economic Cooperation And Integration

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Question 1
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A country borrows money during a recession in order to keep its basic public services operating until the economy improves.

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Question 2
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The national deficit is the amount of borrowing that a country does from either the private sector or other countries.

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Question 3
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Current account deficit refers to imports being greater than exports.

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Question 4
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A country is not allowed to borrow money for investing in domestic projects such as investing in the public sector or building infrastructure.

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Question 5
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A country may resort to reducing the tax rates on its citizens in order to stimulate its economy.

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Question 6
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GATT's initial focus was on non-tariff barriers of trade.

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Question 7
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Government procurement and bidding,industrial standards,and subsidies are examples of tariff trade barriers.

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Question 8
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Tariffs refer to taxes,which are placed on imports or exports.

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Question 9
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One of GATT's key provisions stated that if the most-favored-nation clause status was granted by a country to another country,then it was automatically extended to all other member countries.

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Question 10
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WTO functions as a trade facilitator for the member countries but it has no power to hear disputes or suggest a solution.

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Question 11
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The General Agreement on Trade in Services (GATS) requires member nations to treat foreign service companies as they would domestic ones.

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Question 12
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Intellectual property rights (IPR) law does not deal with the financial aspect of a creation of an individual.

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Question 13
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Dumping occurs when a company exports to a foreign market at a price that is either lower than the domestic prices in that country or less than the cost of production.

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Question 14
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The primary difference of the customs union from the free trade area is that members agree to treat trade with nonmember countries in a similar manner.

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Question 15
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The goal of NAFTA has been to encourage trade between the South American countries.

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Question 16
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MERCOSUR is committed to the consolidation of democracy and the maintenance of peace throughout the Asian continent.

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Question 17
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The Andean Community is a free trade agreement signed in 1969 between Bolivia,Chile,Colombia,Ecuador,and Peru.

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Question 18
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The European Union (EU) consists of the same countries as the continent of Europe.

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Question 19
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There are more EU member countries than there are countries using the euro.

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Question 20
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Global businesses often have teams of in-house professionals monitoring the WTO as well as the regional trade alliances.

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