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Exam 3: Regional Market Characteristics and Preferential Trade Agreements

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Question 21

Multiple Choice

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The highest level in the pyramid of hierarchy of Preferential Trade Agreements consists of:

A) free trade area.
B) customs union.
C) common market.
D) European Union.
E) economic union.

F) B) and E)
G) D) and E)

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Question 22

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A preferential trade agreement is a mechanism that confirms special treatment on select trading partners, thereby at times discriminating against other trading partners.

A) True
B) False

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Question 23

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McDonalds, Philips Electronics, 3 M International and many other similar well known global corporations are operating in Central and Eastern Europe.Some countries in the region are still recovering from decades of command economies.What makes the region so attractive for global business corporations?

Why are Greece, Ireland, Italy, Portugal, and Spain sometimes referred to as the eurozone's "peripheral countries"? Discuss each country's impact on the euro's survival.

Argentina provides a good example of how a country can emerge from an economic crisis as a stronger global competitor.An example of emergency measures implemented by Argentina include:

Arrange the following in order from lowest to highest level of economic integration.

The six countries in the Gulf Cooperation Council (GCC)hold about 45% of the world's known oil reserves, but production is only about 18% of world oil output.

The formation and enlargement of the European Union have wide everlasting impact on marketing strategies and marketing mix.Discuss this giving examples from member nations.

Movements such as "the Arab Spring" have forced some of the regional leaders to make economic and political concessions.

The form of economic cooperation that calls for 1) eliminating internal barriers to trade and 2) establishing common external barriers is known as a(n) ________.

Implementation of the Central American Free Trade Agreement with the United States created a free trade area known as DR-CAFTA that includes all SICA members except:

In 2007, the United States and South Korea completed preliminary negotiations to establish the world's largest bilateral trade agreement which impacted all of the following except:

The EU is Mercosur's number one trading partner although Germany and France are opposed to such an agreement.

Markets in Central and Eastern Europe are not eager to embrace well-known global brands such as McDonald's, 3M International, and Philips Electronics.

About 50% of global trade takes place among nations linked by free trade areas.

CARICOM's main objective has been to achieve a deepening of economic integration by means of a Caribbean common market.

In addition to eliminating internal barriers to trade, members of a customs union agree to the establishment of common external tariffs.

With the global economic crisis as a backdrop, the first-ever Happiness Congress was held in:

The World Trade Organization, which came into existence on January 1, 1995, is the successor of another organization with the abbreviation:

Why do some critics refer to GATT as the "General Agreement to Talk and Talk" and how does its successor, WTO, provide a better forum for trade agreements?