Category: Regional Trading Arrangements

A. adopted a common fiscal policy for member nations
B. established a common system of agricultural price supports
C. disbanded all tariffs between its member countries
D. levied common tariffs on products imported from nonmembers

A. 700 units from country C
B. 700 units from country C and 600 units from country B
C. 600 units from country C
D. 600 units from country C and 400 units from country B

A. free trade area
B. customs union
C. common market
D. monetary union

A. monetary union
B. free trade area
C. common market
D. customs union

A. Spain
B. Germany
C. France
D. Iceland

A. wages in the United States will rise relative to Mexican wages
B. American jobs will be lost to workers in Mexico
C. The environment is not adequately protected by NAFTA
D. None of the above

A. Capital
B. land
C. skilled labor
D. unskilled labor

A. customs union
B. economic union
C. common market
D. free trade area

A. a country moves from autarky to free trade
B. a movement to a customs union reduces the costs of trade through standardization economic integration results in a
C. economic integration results in a movement in product origin to a lower cost member country
D. economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs

A. a country moves from autarky to free trade
B. a movement to a customs union reduces the cost of trade through standardization
C. economic integration results in a movement in product origin to a lower-cost member country
D. economic integration results in a shift in product origin from a lower cost nonmember country to a member country having higher costs