International Economics 16th Edition By Robert Carbaugh

ISBN-10: 1305629213. ISBN-13:978-1305629219

Chapter 08

1. The main objective of the European Union is to enable:
a. Countries to implement tariffs on imports for scientific purposes
b. Formation of an agricultural commodity cartel across the group
c. Adoption of export tariffs for profit motives
d. Free movement of assets and goods among member states
ANSWER: d
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

2. When it comes to economic integration, the stage where integration is most complete is:
a. Monetary union
b. Customs union
c. Monetary union
d. Common market
ANSWER: c
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

3. The stage where economic integration is least complete is represented by:
a. Free trade area
b. Monetary union
c. Common market
d. Customs union
ANSWER: a
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

4. According to the customs union concept, a customs union will reduce actual welfare of members when:
a. The trade diversion effect surpasses the trade creation effect
b. The trade production effect surpasses the trade consumption effect
c. The trade consumption effect surpasses the trade production effect
d. The trade creation effect surpasses the trade diversion effect
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Understand
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

5. A monetary integration scheme that aims to eliminate trade restrictions among member nations but impose common tariffs against nonmembers is:
a. Monetary union
b. Common market
c. Free trade area
d. Customs union
ANSWER: d
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

6. By 1992, the European Union had evolved into a fully-fledged:
a. Monetary union
b. Monetary union
c. Common market
d. Fiscal union
ANSWER: c
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: Categories of Regional Trading Arrangements
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

7. The European Union has utilized which mechanism to equalize farm-product import prices with internally set EU prices, regardless of global price shifts?
a. Variable levies
b. Import quotas
c. Import subsidies
d. Domestic content rules
ANSWER: a
POINTS: 1
DIFFICULTY: Simple
QUESTION TYPE: Various Various
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BUSPROG: Promotion – BUSPROG: Analytic
United States – BUSPROG: Reflective Thinking
STATE STANDARDS: United States – PA – DISC: International trade and finance
TOPICS: The European Union
KEYWORDS: BLOOM’S: Remember
DATE CREATED: 6/22/2016 3:21 PM
DATE MODIFIED: 6/22/2016 3:21 PM

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