Regional Economic Integration Quiz

What is the main goal of regional economic integration?

• To increase taxes on imports

• To make trade more difficult

• To make trade easier and freer among member countries

• To eliminate political cooperation

Which of the following is the first (lowest) level of economic integration?

• Political Union

• Common Market

• Free Trade Area

• Economic Union

In a Free Trade Area, countries...

• Have a single currency

• Share common trade rules with non-members

• Eliminate import tariffs among themselves

• Fully integrate their political systems

What is one major benefit of regional economic integration?

• Higher import taxes

• Weaker cooperation among countries

• Stronger combined economies

• Decreased trade between countries

Which of these is an example of a Free Trade Area?

• European Union (EU)

• United Nations (UN)

• ASEAN Free Trade Area (AFTA)

• World Bank

In which level of economic integration do member countries usually share common external trade policies?

• Free Trade Area

• Customs Union

• Common Market

• Political Union

Regional economic integration aims to increase trade barriers between countries.

• True

• False

In a Free Trade Area, each country can still set its own trade rules with non-member countries.

• True

• False

What is one of a key characteristic of a Common Market?

• Countries use the same currency
  

• There are no tariffs on internal trade

• Countries share a political system
  

• Countries have identical tax systems

Which of the following is an example of a Common Market?

• ASEAN

• European Union

• Mercosur

• NAFTA