Economic Integration and International Organizations

What is the primary objective of economic integration?

• To increase barriers to trade

• To create political unions

• To reduce trade barriers among member countries

• To promote nationalization of industries

Which of the following is the first stage of economic integration?

• Free Trade Area

• Customs Union

• Common Market

• Economic Union

What is the primary challenge faced by developing countries in economic integration?

• Overproduction of goods

• Lack of infrastructure

• Dominance of global corporations

• Difficulty in balancing protectionism and liberalization

Which of the following is NOT a potential effect of economic integration?

• Increased market competition

• Enhanced political cooperation

• Decreased access to global markets

• Economies of scale

Which of the following organizations is a free trade agreement between European and non-EU countries?

• NAFTA

• ASEAN

• EFTA

• BRICS

SAARC is an organization primarily associated with which region?

• Southeast Asia

• South Asia

• Europe

• Africa

What does BRICS stand for?

• Britain, Russia, India, China, South Korea

• Brazil, Russia, India, China, South Africa

• Belgium, Romania, India, China, Sudan

• Bangladesh, Russia, Italy, Chile, Spain

Which round of negotiations led to the establishment of the World Trade Organization (WTO)?

• Tokyo Round

• Kennedy Round

• Uruguay Round

• Doha Round

Which of the following is NOT a function of the WTO?

• Administering trade agreements

• Providing loans to developing countries

• Settling trade disputes

• Reviewing national trade policies

Which international organization aims at promoting trade and development, particularly in developing countries?

• WTO

• IMF

• UNCTAD

• ASEAN