Global Economic Integration

Multiple Answers Possible: Select all the options below that are characteristics of the Economic Union stage of economic integration:

• No internal trade barriers

• Common External Tariff/CET

• Free movement of labour and capital

• Common currency and economic policies

• Political, social and cultural integration

Multiple Answers Possible: Select all the options below that are characteristics of the Free Trade Area stage of economic integration:

• No internal trade barriers, but independent trading policies with non-members

• Common External Tariff/CET

• Free movement of labour and capital

• Common currency and economic policies

• Political, social and cultural integration

Multiple Answers Possible: Select all the options below that are characteristics of the Common Market stage of economic integration:

• No internal trade barriers

• Common External Tariff/CET

• Free movement of labour and capital

• Common currency and economic policies

• Political, social and cultural integration

Multiple Answers Possible: Select all the options below that are characteristics of the Custom Union stage of economic integration:

• No internal trade barriers

• Common External Tariff/CET

• Free movement of labour and capital

• Common currency and economic policies

• Political, social and cultural integration

NAFTA is an example of a/an:

• Free Trade Area

• Custom Union

• Common Market

• Economic Union

The coming together of national economies to operate as one economy

• Economic Integration

• Globalization

• Teamwork

• CARICOM

The global integration of international trade, investment, information technology (IT), and cultures.

• Economic Integration

• Globalization

• Trading bloc

• CARICOM

Groups of nations that come together to trade under a trading agreement

• Economic Integration

• Globalization

• Trading bloc

• Economic Union

A preferential trade area is a trade bloc where ______.

• countries agree to reduce or eliminate tariff barriers on all goods imported from other member nations

• countries agree to reduce or eliminate tariff barriers on selected

  goods imported from other member nations

• countries agree to have a common unified tariff against non.

  members

• all barriers are eliminated to allow free movement of goods services, capital and labour

A customs union is a trade bloc where _________.

• countries agree to reduce or eliminate tariff barriers on all goods imported from other member nations

• countries agree to reduce or eliminate tariff barriers on selected goods imported from other member nations

• countries agree to have a common unified tariff against non members

• all barriers are eliminated to allow free movement of goods, services, capital and labour