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14 Cards in this Set
- Front
- Back
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Regional cooperation |
To jointly develop basic industries |
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Customs Union |
RCD+FTA reduce/eliminate custom duties and tarrifs among members |
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Common Market |
RCD+FTA +custom union+ free movement of labour and capital |
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Political Union |
All below+ complete political and economic integration |
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TARIFF |
A tax or duty to be paid on a particular class of imports or exports.The introduction of Value Added Tax in July 1999 enabled the government to remove tariffs and import duties.
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Those groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers are called:
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C)multinational market regions |
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The demise of the __________________ was the result of economically stronger members not allowing for the needs of the weaker ones. |
Latin American Free Trade Association (LAFTA) LAFTA failed as a common market attempt because leaders were not sympathetic to the needs of followers. |
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The ______________ is the most basic economic integration and cooperation arrangement.
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E)regional cooperation for developmentAccording to the text, the RCD is a simple method for trans-border cooperation. The other areas are more sophisticated and binding.
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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. |
According to the text, the FTA requires more cooperation and integration than the RCD. The other areas are more sophisticated and binding.
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Once a group of countries have mastered the free trade area concept, the next step is to enter into a(n):
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B)customs union The correct answer is B. According to the text, the CU requires more cooperation and integration than the FTA. The members add a common external tariff on products imported from other countries outside the union. |
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Which of the following treaties formalised the European Community trade group?
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the Maastricht Treaty The Maastricht Treaty is recognised as giving existence to the European Community as a formal agreement.
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Of all the multinational market groups, none has been more secure in its cooperation and important with respect to economic benefits than the:
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B)European Community The European Union is by far the most important of the multinational market groups. |
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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.
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Commonwealth of Independent States (CIS) Correct! CIS was one of two groups that emerged (the other was the Central European Free Trade Area).
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The comprehensive trade agreement that addresses, and in most cases improves, all aspects of doing business within North America is appropriately named:
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NAFTA seeks to eliminate trade barriers between Canada, the United States, and Mexico.B)NAFTA
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