The liberalization of trade and investment policies in developing countries are changing the way countries will trade and prosper in the 21^st century.

According to the UN classification, industrially developing countries just entering world trade with relatively low per capita incomes are referred to as more-developed countries.

In static economies, consumption patterns change rapidly.

The newly industrialized countries have per capita incomes lower than LDCs.

Mercosur is a free trade group formed by the United States of America.

The trend toward privatization is currently a major economic phenomenon in industrialized as well as in developing countries.

The quality of an infrastructure directly affects a country's economic growth potential.

Uruguay is a member of NAFTA.

Mercosur is the largest common-market agreement in the Americas.

The most basic level of economic integration and cooperation is the geographical local federation (GLF).

A free trade area (FTA) provides its members with a mass market without barriers to impede the flow of goods and services.

The European Union is most accurately described as a free trade area.

The European Union was created when the 12 nations of the European Community ratified the Maastricht Treaty.

Historically, standards have been used to effectively increase market access.