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Multiple Choice Quiz
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1
Those groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers are called:
A)cartels.
B)strategic alliances.
C)multinational market regions.
D)confederations.
E)none of the above.
2
Successful economic union requires favorable marks in all of the following areas EXCEPT:
A)economics.
B)politics.
C)culture.
D)religious.
E)geography.
3
The demise of the __________________ was the result of economically stronger members not allowing for the needs of the weaker ones.
A)World Bank
B)International Monetary Fund
C)Latin American Free Trade Association (LAFTA)
D)Council for Mutual Economic Assistance (COMECON).
E)none of the above fits
4
The ______________ is the most basic economic integration and cooperation arrangement.
A)free trade area
B)customs union
C)common market
D)political union
E)regional cooperation for development
5
A(n) ___________ provides its members with a mass market without barriers to impede the flow of goods and services. This is a lower level stage of economic partnership.
A)free trade area
B)customs union
C)common market
D)political union
E)regional cooperation for development
6
Once a group of countries have mastered the free trade area concept, the next step is to enter into a(n):
A)democratic union
B)customs union
C)common market
D)political union
E)regional cooperation for development
7
Which of the following treaties formalized the European Community trade group?
A)the Treaty of Verdun
B)the Paris Accords
C)the Maastricht Treaty
D)the Brussels Agreement
E)none of the above
8
Of all the multinational market groups, none has been more secure in its cooperation and important with respect to economic benefits than the:
A)NAFTA agreement.
B)European Community.
C)OPEC (Organization of Petroleum Exporting Countries)
D)MERCOSUR.
E)none of the above.
9
Currently, the European Union has 15 member countries. Which of the following WOULD NOT be one of those countries?
A)Russia
B)Luxembourg
C)Sweden
D)Greece
E)Portugal
10
Which of the following treaties was the first to designate that a European Union was a worthy goal and its conception would be similar to a "United States of Europe"?
A)Single European Act
B)the Paris Accords
C)the Maastricht Treaty
D)the Brussels Agreement
E)Treaty of Rome
11
Which of the following was selected as the name of the new European currency that would serve as the currency of the European Community?
A)pound
B)franc
C)lire
D)euro
E)sans note
12
The concept of _____________ states that as part of the trade policy of a unified Europe, if a country does not open its markets to a EU firm, it cannot expect to have access to the EU market.
A)reciprocity
B)retaliation
C)rebuff
D)redoubt
E)revenge
13
When the old Soviet Union dissolved, the _________ was one of the trade groups that sought to fill the void for U.S.S.R. member states.
A)Council for Mutual Economic Assistance (COMECON)
B)OPEC (Organization of Petroleum Exporting Countries)
C)MERCOSUR
D)Commonwealth of Independent States (CIS)
E)none of the above
14
The comprehensive trade agreement that addresses, and in most cases improves, all aspects of doing business within North America is appropriately named:
A)MERCOSUR.
B)NAFTA.
C)LAFTA.
D)SETA.
E)USCANMEX.
15
_____________ is the second-largest common-market agreement in Latin America.
A)MERCOSUR
B)NAFTA
C)LAFTA
D)SETA
E)USCANMEX





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