#1
Which of the following is an example of preferential trade agreement?
European Union (EU)
North American Free Trade Agreement (NAFTA)
World Trade Organization (WTO)
Mercosur
#2
Which of the following is an example of a common market?
European Union (EU)
North American Free Trade Agreement (NAFTA)
ASEAN Free Trade Area (AFTA)
Central American Integration System (SICA)
#3
Which of the following is NOT a stage of economic integration according to the theory proposed by Jacob Viner?
Preferential Trade Agreement
Customs Union
Monetary Union
Common Market
#4
Which of the following is an example of a supranational organization involved in economic integration?
International Monetary Fund (IMF)
United Nations (UN)
World Bank
European Union (EU)
#5
Which of the following is a feature of a common market?
Unrestricted movement of goods, services, capital, and labor
Common external tariffs on imports from non-member countries
Harmonized tax policies among member states
Limited movement of goods and services
#6
What is the main feature of a customs union?
Free trade area with common external tariffs
Unrestricted movement of goods and services
Unified currency among member states
Harmonized tax policies
#7
Which of the following is an argument against economic integration?
Enhanced economies of scale
Increased competition among firms
Increased risk of economic shocks
Streamlined regulatory frameworks
#8
What is the primary goal of economic integration?
To increase political cooperation among member states
To decrease economic interdependence
To promote economic growth and welfare
To establish a common military alliance
#9
Which of the following is a disadvantage of a monetary union?
Elimination of exchange rate volatility
Loss of independent monetary policy
Increased transaction costs
Enhanced price transparency
#10
What is the term used to describe the process where a country reduces or eliminates trade barriers with other countries?
Protectionism
Deregulation
Trade liberalization
Fiscal policy
#11
What is the concept of 'optimum currency area' (OCA) primarily concerned with?
The ideal level of inflation within an economy
The optimal exchange rate regime
Determining the best geographic area for a currency union
The optimal level of public debt in an economy
#12
What is 'dynamic effects' in the context of economic integration?
Short-term impacts of integration on employment
Long-term effects on productivity and economic growth
Immediate changes in trade balances
Immediate changes in consumer prices
#13
What is 'deep integration' in the context of economic integration?
A comprehensive approach focusing on both trade and non-trade issues
A shallow form of integration limited to tariff reductions
The process of harmonizing taxation policies among member states
A process of gradually reducing trade barriers over time
#14
What is the 'spaghetti bowl effect' in the context of economic integration?
A situation where trade agreements become overly complex and confusing
A phenomenon where trade barriers are completely eliminated
A term referring to the creation of multiple regional trade blocs
The process of harmonizing legal systems among member states
#15
In the context of economic integration, what is 'harmonization'?
The process of standardizing regulations and policies among member states
The process of increasing trade barriers
The process of currency devaluation
The process of reducing income inequality among member states