QUESTION Suppose the country of Ceria and Lithinia imposed tariffs on imports from all countries, and then they set up a free trade area, scrapping all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Now, Ceria begins to import sugar from Lithinia. However, Ceria had previously been importing […]
QUESTION Which of the following is true of the Treaty of Lisbon that was signed in 2007? A. It defined the European Commission’s role in competition policy. B. It brought the commission to the court for failure to act according to a European Union treaty. C. It created the position of the president of the […]
QUESTION The country of Argonia and the country of Berylia imposed tariffs on imports from all countries. They set up a free trade area, removing all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Argonia now begins to import sugar from Berylia. Previously, Argonia was indigenously producing sugar […]
QUESTION Which of the following is true of the Court of Justice? A. The judges are required to act as representatives of national interests. B. It comprises several judges from a few selected countries. C. It is the supreme appeals court for European Union law. D. A member country cannot bring another member country to […]
QUESTION A regional free trade agreement will benefit the world only if: A. it raises the standard of living in one of the member countries. B. the amount of trade it creates exceeds the amount it diverts. C. the currencies of the nations involved appreciate. D. the balance-of-trade situation remains stable in the region. E. […]
QUESTION Which of the following proposed that all impediments to the formation of a single market be eliminated by December 31, 1992, resulting in the Single European Act? A. Delors Commission B. Andean Pact C. Treaty of Rome D. North American Free Trade Agreement E. Maastricht Treaty ANSWER A
QUESTION Which of the following is a factor that resulted in the establishment of the European Union (EU)? A. The spectacular success of the North American Free Trade Agreement (NAFTA) B. The trade impasse following the oil crisis in the 1970s that occurred due to collusion among oil producing nations C. The devastation of Western […]
QUESTION The European Community was established with the signing in 1957 of the Treaty of: A. Paris. B. Brussels. C. Switzerland. D. Rome. E. Lisbon. ANSWER D
QUESTION Which of the following are significant trade blocs in Europe? A. The European Union and the European Free Trade Association B. The European Federation and the European Trade Block C. The European Commission and the COMINTERN D. The European Federation and the European Trade Association E. The European Economic Community and the European Federation […]
QUESTION Establishment of which of the following would hold a coordinating bureaucracy accountable to the citizens of member nations? A. A political union B. A customs union C. An exclusive economic zone D. A free trade agreement E. A common market ANSWER A
