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MGMT 328 - Chapter 8
Terms in this set (50)
Globally, the _____ was created in 1948 as a multilateral agreement governing the international trade of goods.
General Agreement on Tariffs and Trade
Unlike the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO):
has an agreement governing the international trade of services.
In 1957, six member countries of European Coal and Steel Community (ECSC) signed the _____, which launched the European Economic Community (EEC).
Treaty of Rome
Which of the following statements is true of the Doha Development Agenda?
It aimed at slashing tariffs in industries that developing countries might benefit.
_____ is a free trade area (FTA) among Canada, Mexico, and the United States.
North American Free Trade Agreement (NAFTA)
Which of the following is an advantage of adopting the euro as a common currency for the European Union (EU)?
It reduces currency conversion costs.
_____, launched in 1983, turned the historic rivalry between Australia and New Zealand into a partnership.
The Closer Economic Relations (CER)
Which of the following statements is true of the European Union (EU) today?
It is an economic union.
A _____ is a group of countries that remove trade barriers among themselves.
free trade area (FTA)
Which of the following is a customs union in South America?
From a resource-based view, which of the following steps should managers take to establish a successful enterprise?
Managers should focus more at a regional level.
Which of the following was the major contribution of the General Agreement on Tariffs and Trade (GATT) to global trade?
The average tariff on trade in developed economies dropped.
The World Trade organization (WTO) settles trades disputes by:
authorizing winning countries to use tariff retaliation.
A _____, one step beyond a free trade area (FTA), imposes common external policies on nonparticipating countries in addition to all the arrangements of an FTA.
_____ is a crucial principle in the multilateral trading system.
In 2008, Andean Community and Mercosur countries agreed to form the _____.
Union of South American Nations (USAN)
In the context of regional economic integration, the United States is an example of a _____.
_____ is an example of a free trade area (FTA).
The Eurasian Union
German media was against the European Union (EU) becoming a political union as it wanted to:
avoid the burden of paying for other countries' problems
Which of the following is a political advantage of global economic integration?
It builds confidence in a multilateral trading system.
Which of the following statements is true of an economic union?
It has all the features of a common market.
The Doha Round was suspended because:
Japan, the United States, and the EU refused to reduce farm subsidies.
The Doha Round was significant because it:
aimed at promoting economic development in developing countries.
Which of the following steps will help managers capitalize on opportunities at regional and global levels?
Managers should consider trade politics at the regional level
Which of the following changes was brought about by the General Agreement on Tariffs and Trade (GATT) on global trade as a result of the 1970s and 80s recession?
Nontariff barriers were introduced.
A customs union in South America that was launched in 1969.
Asia-Pacific Economic Cooperation (APEC)
The official title for regional economic integration involving 21 member economies around the Pacific.
Association of Southeast Asian Nations (ASEAN)
The organization underpinning regional economic integration in Southeast Asia.
Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA or CER)
A free trade agreement between Australia and New Zealand.
A round of WTO negotiations to reduce agricultural subsidies, slash tariffs, and strengthen intellectual property protection that started in Doha, Qatar, in 2001. Officially known as the "Doha Development Agenda," it was suspended in 2006 due to disagreements.
European Union (EU)
The official title of European economic integration since 1993.
General Agreement on Tariffs and Trade (GATT)
A multilateral agreement governing the international trade of goods (merchandise).
A customs union in South America that was launched in 1991.
General Agreement on Trade in Services (GATS)
A WTO agreement governing the international trade of services.
A passport-free travel zone within the EU.
Trade-Related Aspects of Intellectual Property Rights (TRIPS)
A WTO agreement governing intellectual property rights.
Trans-Pacific Partnership (TPP)
A multilateral free trade agreement being negotiated by 12 Asia Pacific countries.
Union of South American Nations
A regional integration mechanism integrating two existing customs unions (Andean Community and Mercosur) in South America.
United States-Dominican Republic-Central America Free Trade Agreement (CAFTA)
A free trade agreement between the United States and five Central American countries and the Dominican Republic.
World Trade Organization (WTO)
The official title of the multilateral trading system and the organization underpinning this system since 1995.
Combining everything a customs union has, a common market additionally permits the free movement of goods and people.
One step beyond a free trade area, a customs union imposes common external policies on non-participating countries.
Having all the features of a common market, members also coordinate and harmonize economic policies (in areas such as monetary, fiscal, and taxation) to blend their economies into a single economic entity.
The currency currently used in 18 EU countries.
The 18 EU countries that currently use the euro as the official currency.
free trade area (FTA)
A group of countries that remove trade barriers among themselves.
A group of countries that use a common currency.
multilateral trading system
The global system that governs international trade among countries—otherwise known as the GATT/WTO system.
A principle that a country cannot make distinctions in trade among its trading partners.
The integration of political and economic affairs of a region.
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