Economic Globalization 3 (Age of Economic Cooperation)

Question 1

Western European countries, mostly former 1st world countries, banded together economically

Answer 1

European Union (EU)

Question 2

one currency of EU

Answer 2

euro

Question 3

no visa (easy and fast travel from one EU country to another)

Answer 3

Porous borders

Question 4

less taxes, less threatening for sellers, results to higher income of the sellers

Answer 4

Relaxing of trade restrictions

Question 5

Operates somewhat like the EU. Relaxation of tariffs (taxes) among member countries. Philippines is a member of this.

Answer 5

Asia Pacific Economic Cooperation (APEC)

Question 6

downside of APEC

Answer 6

Some countries can’t compete economically with others

Question 7

members of Association of South East Asian Nations (ASEAN)

Answer 7

Philippines, Indonesia, Malaysia, Singapore, Myanmar, Cambodia, Laos, Vietnam, Thailand, Brunei

Question 8

country that proposed an EU-like set-up in 2015 (ASEAN)

Answer 8

Thailand

Question 9

You don’t need a visa to enter its member states

Answer 9

ASEAN Integration

Question 10

It was instituted to have seamless transfer of students from one ASEAN state to another

Answer 10

K-12 program