Chapter 9 - Explain. 9. Why do nations enter in to Regional...

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Chapter Nine: Regional Economic Integration – Self-graded Questions 1. Define a FTA, Free Trade Agreement. What does it do? Give an example. 2. Define a Customs Union. What does it do that a FTA does not? Give an example. 3. Define a Common Market. What does it do that a customs union does not? Give an example. 4. Define an Economic Union. What does it do that a common market does not? Give an example. 5. Define a Political Union. What does it do that an economic union does not? Give an example. 6. Can firms from non-member nations participate in regional economic integration pacts? If so, generally how can they do it? 7. How can Regional Economic Integration pacts attract FDI? 8. Do you think Regional Economic Integration pacts are global or local forces?
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Unformatted text preview: Explain. 9. Why do nations enter in to Regional Economic Integration pacts? 10. Define and describe both trade creation and trade diversion in some detail, such that you understand the differences. Things to consider: If a regional economic integration pact is successful, which will occur the most? With question seven on FDI and question eight on global/local, are you getting a feel for the term globalization on a regional basis? Do you see that the concept Fortress Europe is a concept emanating from an external viewpoint? Do you see how this culls FDI from firms based in other nations?...
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