Regional Economic Integration Quiz

What is the process called when countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital?

• Isolationism

• Globalization

• Regional Economic Integration

• Protectionism

What is a group of nations in a geographic region undergoing economic integration called?

• International Coalition

• Regional Trading Bloc

• Global Partnership

• Global Alliance

Which level of economic integration is the lowest and allows each country to determine its own barriers against nonmembers?

• Customs Union

• Common Market

• Economic Union

• Free Trade Area

What is the main difference between a free trade area and a customs union?

• Customs union members treat trade with nonmembers similarly

• Customs unions have no trade barriers

• Trade with nonmembers is restricted in a free trade area

• Free trade areas have a common currency

Which level of integration adds the free movement of important factors of production such as people and cross-border investment?

• Political Union

• Economic Union

• Common Market

• Customs Union

What does an economic union require member nations to harmonize?

• Tax, monetary, and fiscal policies

• Trade policies only

• Labor policies only

• Environmental policies

Which regional trading bloc includes countries like Austria, Belgium, France, and Germany?

• MERCOSUR

• NAFTA

• EU (European Union)

• ASEAN

Which regional trading bloc consists of Canada, Mexico, and the United States?

• MERCOSUR

• EU (European Union)

• ASEAN

• NAFTA

Which regional trading bloc includes countries like Argentina, Brazil, and Uruguay?

• NAFTA

• EU (European Union)

• ASEAN

• MERCOSUR

Which regional trading bloc is composed of countries like Australia, Brunei, and Singapore?

• EU (European Union)

• NAFTA

• ASEAN

• MERCOSUR