#1
Which organization is responsible for overseeing the European Union's economic policies?
European Central Bank (ECB)
ExplanationCentral bank managing monetary policy for the Eurozone.
#2
What does NAFTA stand for?
North American Free Trade Agreement
ExplanationTrade agreement aiming for free trade among North American countries.
#3
What is the primary goal of economic integration?
To promote economic cooperation and growth among member countries
ExplanationEnhancing economic collaboration for mutual prosperity.
#4
Which of the following is an example of a common market?
MERCOSUR (Southern Common Market)
ExplanationTrade bloc aiming for common tariffs and policies.
#5
What is the term used to describe a situation where a country's currency is pegged to another currency?
Fixed exchange rate
ExplanationCurrency value tied to another nation's currency.
#6
Which of the following trade blocs is primarily focused on political and economic cooperation in the Asia-Pacific region?
APEC
ExplanationOrganization fostering Asia-Pacific economic cooperation.
#7
Which of the following is NOT a stage of economic integration?
Fiscal Disunion
ExplanationLack of coordination in fiscal policies among member nations.
#8
What is the main difference between economic integration and national unification?
Economic integration aims to integrate economies for mutual benefit, while national unification aims to unite countries into a single nation-state.
ExplanationEconomic integration fosters economic cooperation; national unification focuses on political unity.
#9
What is the term for the elimination of all barriers to trade between member countries?
Free Trade Area
ExplanationZone allowing free movement of goods and services.
#10
Which economic integration level involves the coordination of economic policies among member countries?
Monetary Union
ExplanationIntegration level with unified monetary policies.
#11
What is the name of the treaty that established the European Union?
Maastricht Treaty
ExplanationTreaty laying the groundwork for European integration.
#12
Which of the following countries is part of the Schengen Area but not a member of the European Union?
Norway
ExplanationNon-EU nation participating in Schengen's border-free travel.
#13
Which country is not a member of the European Union as of 2022?
Norway
ExplanationEuropean nation outside the EU for maintaining independence.
#14
Which of the following is NOT a criteria for joining the Eurozone?
Maintaining a large budget deficit
ExplanationCriteria exclude high deficits for joining Euro currency.
#15
What is the term for a situation where two or more countries adopt a common currency?
Monetary union
ExplanationUnion involving shared currency among nations.
#16
Which economic integration level involves the harmonization of fiscal policies among member countries?
Monetary Union
ExplanationIntegration level with coordinated fiscal policies.
#17
Which economic integration level involves a common external trade policy among member countries?
Customs Union
ExplanationIntegration level with unified trade policy towards non-members.