Chapter 9- Regional Economic Integration

Question 1

countries getting together and saying all barriers to trade of goods and services between us are removed (theoretically all tariffs, quotas, and subsidies)

Answer 1

free trade area

Question 2

everything a free trade area is plus a common external trade policy; lots of small countries do this in order to protect themselves

Answer 2

customs union

Question 3

free trade area; no barriers to trade between members; common trade policy; labor and capital are free to move with no restrictions on immigration

Answer 3

common market

Question 4

everything in a common market and then a common currency

Answer 4

economic union; like the EU

Question 5

similar to how the US and the states are set up if the states were individual countries; but we are a country and not this

Answer 5

political union

Question 6

the area where countries use the common currency of the euro

Answer 6

Eurozone

Question 7

some examples of regional economic integration

Answer 7

NAFTA (North American Free Trade Agreement); the Andean Community; MERCOSUR (MERcado COmun del SUR); CARICOM; ASEAN; APEC; CAFTA