International Business Opportunities and Challenges Study Set 1

Business

Quiz 5 :

Global and Regional Economic Cooperation and Integration

Quiz 5 :

Global and Regional Economic Cooperation and Integration

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The Andean Community is a free trade agreement signed in 1969 between Bolivia, Chile, Colombia, Ecuador, and Peru.
Free
True False
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True

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A country may resort to reducing the tax rates on its citizens in order to stimulate its economy.
Free
True False
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True

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The goal of NAFTA has been to encourage trade between the South American countries.
Free
True False
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False

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Tariffs refer to taxes, which are placed on imports or exports.
True False
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WTO functions as a trade facilitator for the member countries but it has no power to hear disputes or suggest a solution.
True False
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There are more EU member countries than there are countries using the euro.
True False
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A country borrows money during a recession in order to keep its basic public services operating until the economy improves.
True False
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Only privileged members can file a complaint with the WTO against another member they believe is dumping, unfairly subsidizing or violating any other trade agreement.
True False
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The national deficit is the amount of borrowing that a country does from either the private sector or other countries.
True False
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A country is not allowed to borrow money for investing in domestic projects such as investing in the public sector or building infrastructure.
True False
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MERCOSUR is committed to the consolidation of democracy and the maintenance of peace throughout the Asian continent.
True False
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One of GATT's key provisions stated that if the most-favored-nation clause status was granted by a country to another country, then it was automatically extended to all other member countries.
True False
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Government procurement and bidding, industrial standards, and subsidies are examples of tariff trade barriers.
True False
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GATT's initial focus was on non-tariff barriers of trade.
True False
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The European Union (EU)consists of the same countries as the continent of Europe.
True False
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The General Agreement on Trade in Services (GATS)requires member nations to treat foreign service companies as they would domestic ones.
True False
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Current account deficit refers to imports being greater than exports.
True False
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The US Meat Export Federation (USMEF)entered into an agreement to expand access for US beef to Japan after US President Donald Trump took office.
True False
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Intellectual property rights (IPR)law does not deal with the financial aspect of a creation of an individual.
True False
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Global businesses often have teams of in-house professionals monitoring the WTO as well as the regional trade alliances.
True False
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