BUSI 303 LU CH 6 TEST QUESTIONS
AND 100% CORRECT ANSWERS 2025-
2026 SET.
preferential trade areas - Answer Africa, Pacific, Caribbean Pact; Lomé Convention
ACP - Answer A Preferential Trade Area that includes Africa, the Pacific, and the Caribbean
Mercosur - Answer custom union
Established in 1991
Created to promote economic growth and integration through reduction of tariffs and free flow
of goods
trading bloc - Answer committed to officiate and develop trade activities for signatory nations
NAFTA - Answer was signed by the presidents of Mexico, united states, and Canada in 1992
free trade area - Answer U.S - Chilie agreement of 2003
ASEAN - Answer a regional agreement that includes countries of Brunei Darussalalam
cambodia laos philippines and thailand
four tigers - Answer South Korea, Hong Kong, Singapore, Taiwan
CACM - Answer Unified external tariffs, removed duties on products, increased trade between
Central American countries
The Schengen Agreement - Answer Abolished passport and border controls within the
European Union
Regional Economic Integration - Answer Country reduce / remove tariff / non-tariff barriers to
trade between members; decide own barriers for non-members
, ECJ - Answer Decides on claims brought by the European Commission regarding
noncompliance with EU laws
Custom Union - Answer Mercosur
Common Market - Answer Includes all elements of a Customs Union and freedom of
movement of the 4 factors fo production
Customs Delay - Answer Bureaucratic formalities; slow down imported product from entering
the domestic market
European Central Bank - Answer Is responsible for monetary policy of the Euro
Council of Europe - Answer Passes EU law on the recommendations of the European
Commission and the European Parliament
Political Union - Answer Most advanced form of regional economic integration
EX: united states
OPEC - Answer Helps member countries coordinate oil production to help stabilize the oil
market
regional integration - Answer process whereby countries remove barriers to trade between
themselves
Regional Trading Blocs - Answer A group of countries in a geographical region engaged in
economic integration
economic union - Answer agreement where nations remove all barriers to trade and the
movement of labor and capital
Southern Common Market (MERCOSUR) - Answer EST 1991
A political and economic agreement among the countries of Bolivia, Argentina, Brazil,
Venezuela, Uruguay, and Paraguay
AND 100% CORRECT ANSWERS 2025-
2026 SET.
preferential trade areas - Answer Africa, Pacific, Caribbean Pact; Lomé Convention
ACP - Answer A Preferential Trade Area that includes Africa, the Pacific, and the Caribbean
Mercosur - Answer custom union
Established in 1991
Created to promote economic growth and integration through reduction of tariffs and free flow
of goods
trading bloc - Answer committed to officiate and develop trade activities for signatory nations
NAFTA - Answer was signed by the presidents of Mexico, united states, and Canada in 1992
free trade area - Answer U.S - Chilie agreement of 2003
ASEAN - Answer a regional agreement that includes countries of Brunei Darussalalam
cambodia laos philippines and thailand
four tigers - Answer South Korea, Hong Kong, Singapore, Taiwan
CACM - Answer Unified external tariffs, removed duties on products, increased trade between
Central American countries
The Schengen Agreement - Answer Abolished passport and border controls within the
European Union
Regional Economic Integration - Answer Country reduce / remove tariff / non-tariff barriers to
trade between members; decide own barriers for non-members
, ECJ - Answer Decides on claims brought by the European Commission regarding
noncompliance with EU laws
Custom Union - Answer Mercosur
Common Market - Answer Includes all elements of a Customs Union and freedom of
movement of the 4 factors fo production
Customs Delay - Answer Bureaucratic formalities; slow down imported product from entering
the domestic market
European Central Bank - Answer Is responsible for monetary policy of the Euro
Council of Europe - Answer Passes EU law on the recommendations of the European
Commission and the European Parliament
Political Union - Answer Most advanced form of regional economic integration
EX: united states
OPEC - Answer Helps member countries coordinate oil production to help stabilize the oil
market
regional integration - Answer process whereby countries remove barriers to trade between
themselves
Regional Trading Blocs - Answer A group of countries in a geographical region engaged in
economic integration
economic union - Answer agreement where nations remove all barriers to trade and the
movement of labor and capital
Southern Common Market (MERCOSUR) - Answer EST 1991
A political and economic agreement among the countries of Bolivia, Argentina, Brazil,
Venezuela, Uruguay, and Paraguay
