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49. Which of the following are the two impediments to regional economic integration?
50. Which of the following is an example of concerns over national sovereignty acting as an impediment to
regional economic integration?
51. Which of the following occurs when high-cost domestic producers are replaced by low-cost producers
within a free trade area?
52. Which of the following occurs when lower-cost external suppliers are replaced by higher-cost suppliers
within a free trade area?
53. A regional free trade agreement will benefit the world only if:
54. The country of Argonia and the country of Berylia imposed tariffs on imports from all countries. They set
up a free trade area, removing all trade barriers between themselves but maintaining tariffs on imports from the
rest of the world. Argonia now begins to import sugar from Berylia. Previously, Argonia was indigenously
producing sugar at a higher cost. Thus, Argonia benefits from this transaction. This is known as:
55. Suppose the country of Ceria and Lithinia imposed tariffs on imports from all countries, and then they set up
a free trade area, scrapping all trade barriers between themselves but maintaining tariffs on imports from the rest
of the world. Now, Ceria begins to import sugar from Lithinia. However, Ceria had previously been importing
sugar from another country, Cadnia, which produced sugar more cheaply than Ceria or Lithinia. This is known
as:
56. Which of the following are significant trade blocs in Europe?
57. Which of the following is a factor that resulted in the establishment of the European Union (EU)?
58. The European Community was established with the signing in 1957 of the Treaty of:
59. The European Community became the European Union in 1993 following the ratification of the:
60. Which of the following is true of the Treaty of Rome?
61. Which of the following is responsible for proposing European Union legislation, implementing it, and
monitoring compliance with European Union laws by member-states?
62. Which of the following institutions has a monopoly in proposing European Union legislation?
63. Which of the following is true about the European Commission?
64. Which of the following is considered to be the ultimate controlling authority within the European Union?
65. The European Council is considered to be the ultimate controlling authority within the European Union
(EU) because:
66. Which of the following has 754 members as of 2014, and is directly elected by the populations of the
member-states?
67. Which of the following meets in Strasbourg, France, is primarily a consultative rather than a legislative
body, and debates legislation proposed by the commission and forwarded to it by the council?
68. Which of the following is true about the European Parliament?
69. Which of the following is true of the Treaty of Lisbon that was signed in 2007?
70. Which of the following is true of the Court of Justice?
71. Which of the following was a change proposed by the Single European Act?
72. Which of the following proposed that all impediments to the formation of a single market be eliminated by
December 31, 1992, resulting in the Single European Act?
73. Which of the following is true of the Single European Act?
74. Which of the following treaties committed European Community members to adopt a common currency by
January 1, 1999?
75. Which of the following comprises the euro zone?
76. Which of the following countries has adopted the euro as its currency?
77. Establishment of the euro required participating national governments to:
78. A benefit of adopting the euro as a common currency is that it:
79. A key advantage of adopting the euro is that it:
80. Over time the euro will impact the pan-European capital market by leading to:
81. Which of the following is a drawback of adopting the euro?
82. The Maastricht Treaty called for:
83. Which of the following is a reason for Great Britain, Denmark, and Sweden to stay out of the euro zone?
84. Similarities in the underlying structure of economic activity make it feasible to adopt a single currency and
use a single exchange rate as an instrument of macroeconomic policy in a(n):
85. Which of the following is true of the euro since its establishment in 1999?
86. Which of the following refers to a permanent bailout fund, worth about €500 billion, set up by the euro zone
nations to restore confidence in the euro?
87. Which of the following is true of the criteria to qualify for membership to the European Union?
88. Which of the following is true of the provisions of the North American Free Trade Agreement?
