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True or False
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1
International economic integration is an agreement 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.
A)True
B)False
2
Nowhere has the trend toward regional integration been more successful than in Asia.
A)True
B)False
3
In a free trade area, all barriers to the trade of goods and services among member countries are removed
A)True
B)False
4
A common market allows factors of productions to move freely between member countries, unlike in a customs union.
A)True
B)False
5
A political case for integration indicates countries' ability to maintain national sovereignty.
A)True
B)False
6
Trade diversion occurs when lower-cost external suppliers are replaced by higher-cost suppliers within the free trade area
A)True
B)False
7
Europe has two trade blocs – the European Union and the European Free Trade Association
A)True
B)False
8
One benefit of the euro is that it should produce long-run gains in the economic efficiency of European companies.
A)True
B)False
9
One drawback of the euro, according to critics, is that the EU is not an optimal currency area.
A)True
B)False
10
The net effect of NAFTA on the U.S. jobs has been significantly negative.
A)True
B)False
11
Environmentalists have voiced concerns about NAFTA.
A)True
B)False
12
MERCOSUR would have more countries as trading members than FTAA.
A)True
B)False
13
CARICOM was formed as a customs union among Caribbean countries.
A)True
B)False
14
Collectively the 24 member states of APEC account for half of the world's GNP, 75 percent of world trade, and most of the growth of the world's economy.
A)True
B)False
15
Japan and China were founding members of ASEAN.
A)True
B)False
16
There are now nine trading blocs in Africa.
A)True
B)False





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