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119.
The _____________, a group of developed countries, is known for its individual country
surveys and other research studies.
120.
The ____________ is the only global organization designed to establish and implement
rules of trade between nations.
121.
The principles of the WTO include trade without discrimination, known as the
____________ principle.
122.
The WTO's second principle is _____________ trade through negotiation.
123.
An agreement on a tariff amount that gives businesspeople a clear idea of what the tariff
will be over time is known as a
124.
In 2005, Brazil sued the U.S. over __________ subsidies, and the WTO ruled in Brazil's
favor.
Topic: Examples of Institutions Important to International Business
125.
TRIPS is a WTO acronym for
126.
____________ trade agreements have been increasing, as a result of the WTO's slow
progress on trade liberalization and the inequities of globalization.
127.
In a ______________, trade among members is tariff free.
128.
In a _______________, there is no restriction on goods, services, people, and capital among
members, whose trade is duty free.
129.
The _________ is the common market among Russia, Belarus, and Kazakhstan.
130.
An advanced level of economic integration is found in the
131.
The agreement establishing a free trade area among Canada, the U.S., and Mexico is
known by the acronym
132.
The export of U.S. corn to Mexico was the ________ area to have tariffs dropped.
133.
Many ___________ nations have their major trade relationships with former colonial
powers.
134.
Mercosur and Mercosul are acronyms for the _________________, whose full membership
includes Argentina, Brazil, Paraguay, Uruguay, and Venezuela.
135.
________ was originally a political and defense alliance of countries concerned about the
threat of communism.
136.
The EU began as a collaboration focused on only two industrial goods, ____________.
137.
In governance of the EU, the _____________ represents the people of Europe.
138.
In the EU, the ________________ represents the states and is the primary policy-setting
body.
139.
The body of the EU that handles daily operations is the __________.
140.
In contrasting China and the U.S., who must cooperate in the modern world, one is
autocracy, the other a ________.
141.
Institutions are socially constructed and they _______ behavior.
142.
There are two types of institutions, according the new institutional theory, ________ and
__________.
143.
___________ institutions operate through laws and regulations to influence behavior.
144.
In the free trade area, restrictions still remain on the movement of ________, capital, and
people.
145.
Police departments, armies, and most universities are examples of _____________
institutions.
146.
__________ institutions use norms, values, customs, and ideologies to mold behavior.
147.
Guanxi
is an example of an informal ________ institution.
148.
GAAP is an example of an informal ___________ institution that supports shared
standards.
16-65
149.
Within the category of informal institutions, the United Nations is an example of the
_________ institution in that it operates to set standards and create voluntary processes,
and compliance is through social or peer pressure.
Essay Questions
150.
Discuss the observation made recently by an undergraduate philosophy major that "the
major international institutions are concerned with keeping the rich countries rich, at the
expense of the poorer ones."
151.
Given what you have read about institutional theory, comment on the quote from William
Inge, former Dean of St. Paul's, London: "Every institution not only carries with it the seeds
of its own dissolution, but prepares the way for its most hated rival."
152.
The five principles of the WTO (trade without discrimination, freer trade, predictability, fair
competition, and encouraging development and economic reform) if followed, would
provide developing nations a boost in their development. Agree or disagree.
153.
Economic integration agreements are nice for the insiders, such as the U.S., Mexico, and
Canada with NAFTA, but they stand in the way of WTO progress because they violate
basic guidelines of the WTO. Agree or disagree.
154.
Describe the impact of the EU on the non-EU firm.
