Chapter 10 Knowledge Quiz BUS 3370

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Central State University *

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3370

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Economics

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Feb 20, 2024

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Quiz Question 1 (1 point) Saved Listen A common market ________. Question 1 options: is complete political and economic integration of two or more countries requires members to eliminate internal trade barriers, adopt a common external policy toward nonmembers, eliminate barriers to the movement of the factors of production, and coordinate economic policies eliminates trade barriers among member countries requires members to eliminate internal trade barriers, adopt a common external policy toward nonmembers, and eliminate barriers to the movement of the factors of production Question 2 (1 point) Saved Listen A free trade area ________. Question 2 options: is complete political and economic integration of two or more countries eliminates trade barriers among member countries allows workers to move freely among trade nations avoids problems stemming from trade deflections Question 3 (1 point) Saved Listen As a participant at the Doha Round, you would experience the most negotiation difficulties in the area of ________. Question 3 options: agricultural goods tariff reductions foreign exchange

service trade Question 4 (1 point) Saved Listen Country X treats foreign firms the same way it treats domestic firms. Country X most likely engages in ________. Question 4 options: trade balancing national treatment mercantilism foreign treatment Question 5 (1 point) Saved Listen Economic integration is typically beneficial to all sectors within an economy. Question 5 options: True False Question 6 (1 point) Saved Listen Prior to GATT, high tariffs were the most serious impediment to world trade. Question 6 options: True False Question 7 (1 point) Saved

Listen One important component of the Maastricht Treaty was the establishment of economic and monetary union among European Union members. Question 7 options: True False Question 8 (1 point) Saved Listen Now that it has gained entry to the World Trade Organization, China represents a threat to Mexico as a low-cost manufacturing location. Question 8 options: True False Question 9 (1 point) Saved Listen Mexico does not have a trade agreement with ________. Question 9 options: Japan Chile Israel India Question 10 (1 point) Saved Listen Iceland, Norway, and Switzerland do not belong to any regional trading blocs.

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Question 10 options: True False Question 11 (1 point) Saved Listen The EU's Common Agricultural Policy is a source of controversy because it favors Britain's farmers over French interests. Question 11 options: True False Question 12 (1 point) Saved Listen The Maastricht Treaty is also known as the Treaty on European Union. Question 12 options: True False Question 13 (1 point) Saved Listen The ________ is responsible for proposing legislation, implementing the provisions of the Treaty of Rome, protecting EU interests in political debates, and administering the EU's permanent bureaucracy. Question 13 options: European Parliament European Court of Justice

European Council European Commission Question 14 (1 point) Saved Listen What is the best means of promoting economic development in Mexico? Question 14 options: trade mercantilism protectionism export substitutions Question 15 (1 point) Saved Listen What countries are granted the most-favored-nation status under the GATT? Question 15 options: less-developed nations GATT member countries any country that requests it only members of the WTO Question 16 (1 point) Saved Listen What agreement triggered the establishment of the European Economic Community Question 16 options: GATT Treaty of Rome

WTO Uruguay Round Question 17 (1 point) Saved Listen The individuals appointed to the European Commission serve the European Union, not their individual country. Question 17 options: True False Question 18 (1 point) Saved Listen The cumulative effect of GATT in developed countries was a ________. Question 18 options: substantial reduction in tariffs small increase in tariffs substantial increase in tariffs reduction in world trade Question 19 (1 point) Saved Listen Country X and Country Z have established a complete political and economic integration. The countries are most likely engaged in a(n) ________. Question 19 options: customs union common market economic union

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political union Question 20 (1 point) Saved Listen Which round created the WTO? Question 20 options: the Uruguay Round the Doha Round the Geneva Round the Tokyo Round Submit Quiz 20 of 20 questions saved Listen

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