chap 8 Flashcards
(5 cards)
1
Q
what is the primary objective of regional economic integration?
A
to reduce trade barriers and increase cooperation among countries in a region
2
Q
what is an example of a customs union?
A
The Southern Common Market (MERCOSUR)
3
Q
what is the key characteristics of a free trade area (FTA)
A
member countries have their own independent trade policies with non-members
4
Q
what is NOT a benefit of regional economic integration?
A
loss of national sovereignty
5
Q
what region is an example of an economic union?
A
the European Union (EU) with the euro currency
