130. How is a common market different from an economic union?
131. What are the two impediments to regional economic integration?
132. Define trade creation and trade diversion with respect to regional economic integration.
133. What are the two political factors that led to the creation of the European Union?
134. Briefly describe the European Council.
135. What are the objectives of the Single European Act?
136. Briefly describe the benefits of the euro.
137. Describe the drawbacks of the euro.
138. Describe the contents of the North American Free Trade Agreement (NAFTA).
139. Describe the arguments for the North American Free Trade Agreement (NAFTA).
140. Describe the Central American Common Market and the Central America Free Trade
Agreement.
141. Briefly describe the Association of Southeast Asian Nations.
142. Briefly describe how the creation of a single market through regional economic
integration offers significant opportunities. Provide an example.