Regional Trade Pacts Give The Mexican Auto Industry An Edge

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Question 1

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Regional economic integration involves agreements among countries in a geographic region to reduce,and ultimately remove,tariff and nontariff barriers to the free flow of goods,services,and factors of production between each other.

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Question 2

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In a customs union,trade barriers are eliminated among member countries,and each country maintains its own external trade polices with nonmember countries.

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Question 3

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A common market has no barriers to trade between member countries,includes a common external trade policy,and allows factors of production to move freely between members.

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Question 4

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A common market entails even closer economic integration and cooperation than an economic union.

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Question 5

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The European Union is an example of a perfect economic union.

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Question 6

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Coordination and policy harmonization problems are largely a function of the number of countries that seek agreement.

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Question 7

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Linking neighboring countries economically and making them interdependent creates incentives to increase political cooperation as well.

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Question 8

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Because of the fact that everyone benefits from economic integration,it is easy to achieve and sustain.

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Question 9

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A major impediment to economic integration is the loss of sovereignty it entails.

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Question 10

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In theory,WTO rules should ensure that a free trade agreement results in trade diversion.

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Question 11

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A regional free trade agreement will benefit the world only when the amount of trade it creates exceeds the amount of trade it diverts.

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Question 12

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There are two main trading blocs in Europe,the European Union and the European Free Trade Association.

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Question 13

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The Treaty of Rome,signed in 1957,established the European Free Trade Association.

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Question 14

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A central reason for the establishment of the EU was the devastation of Western Europe during two world wars and the desire for a lasting peace.

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Question 15

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The Council of the European Union is responsible for proposing EU legislation,implementing it,and monitoring compliance with EU laws by member states.

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Question 16

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The ultimate controlling unit within the EU is the European Council.

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Question 17

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The European Parliament is primarily a consultative rather than legislative body.

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Question 18

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The judges of the European Court of Justice are required to act as representatives of national interests,rather than as independent officials.

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Question 19

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The establishment of the euro required participating countries to give up their monetary policy.

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Question 20

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The Single European Act committed EU countries to adopting a common currency by January 1,1999.

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