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B Com Exam  >  B Com Tests  >  International Business  >  OneTime: Test: Regional Economic Cooperation - B Com MCQ

OneTime: Test: Regional Economic Cooperation - B Com MCQ


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10 Questions MCQ Test International Business - OneTime: Test: Regional Economic Cooperation

OneTime: Test: Regional Economic Cooperation for B Com 2024 is part of International Business preparation. The OneTime: Test: Regional Economic Cooperation questions and answers have been prepared according to the B Com exam syllabus.The OneTime: Test: Regional Economic Cooperation MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for OneTime: Test: Regional Economic Cooperation below.
Solutions of OneTime: Test: Regional Economic Cooperation questions in English are available as part of our International Business for B Com & OneTime: Test: Regional Economic Cooperation solutions in Hindi for International Business course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt OneTime: Test: Regional Economic Cooperation | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study International Business for B Com Exam | Download free PDF with solutions
OneTime: Test: Regional Economic Cooperation - Question 1
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What is the weakest form of economic grouping?

Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 1
A preferential trade area is the weakest form of economic grouping. In this type of grouping, member countries reduce customs tariffs in some product categories and apply preferential treatment to goods from member countries compared to the rest of the world. Higher tariffs remain in place for other product categories.
OneTime: Test: Regional Economic Cooperation - Question 2
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Which form of economic grouping establishes a central monetary authority and issues a common currency?

Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 2
A monetary union establishes a central monetary authority that determines monetary policy for all participating countries. It also issues a common currency to be circulated among the member countries. An example of a monetary union is the European Union, which introduced the single European currency (the Euro) in 1999.
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OneTime: Test: Regional Economic Cooperation - Question 3
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Which form of economic grouping aims to remove trade barriers and establishes closer coordination and cooperation among member countries?

Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 3
Regional economic groupings aim to create a larger economic unit by removing trade barriers and establishing closer coordination and cooperation among member countries. Free trade areas, one form of economic grouping, focus on expanding trade activities among member countries by eliminating customs tariffs on products they produce themselves.
OneTime: Test: Regional Economic Cooperation - Question 4
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Which form of economic grouping allows for the free flow of goods, services, and factors of production across countries?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 4
A common market allows for the free flow of not only goods but also services and factors of production such as capital, labor, and entrepreneurship across countries. It also establishes a common external tariff policy against third parties. Citizens of a common market can work and invest in any member country without any restrictions.
OneTime: Test: Regional Economic Cooperation - Question 5
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Which form of economic grouping allows member countries to maintain their own trade policies with non-member nations?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 5
Free trade areas allow member countries to maintain their own trade policies with non-member nations. Participants aim to expand trade activities among themselves by eliminating customs tariffs on the products they produce themselves while maintaining their own external tariff on imports from third parties.
OneTime: Test: Regional Economic Cooperation - Question 6
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Which form of economic grouping involves the abolition or reduction of tariffs between member countries and the establishment of a common external tariff policy against third parties?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 6
A customs union is a form of economic grouping that involves the abolition or reduction of tariffs between member countries and the establishment of a common external tariff policy against third parties. In a customs union, member countries secure the free or privileged flow of tradable goods among themselves and form a discriminatory trade bloc against non-member countries.
OneTime: Test: Regional Economic Cooperation - Question 7
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Which type of economic integration involves the removal of barriers to trade and the adoption of common economic policies?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 7
An economic union involves the removal of barriers to trade and the adoption of common economic policies. In an economic union, member countries maintain free trade in goods and services, set common external tariffs among members, allow the free mobility of capital and labor, and agree to harmonize their national economic policies to act as a single economic unit.
OneTime: Test: Regional Economic Cooperation - Question 8
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What is the primary goal of regional economic groupings?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 8
The primary goal of regional economic groupings is to establish closer coordination and cooperation among member countries. These groupings aim to create a larger economic unit by removing trade barriers, promoting trade activities, and facilitating the free flow of goods, services, and factors of production among member countries.
OneTime: Test: Regional Economic Cooperation - Question 9
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What is the term used to describe the shift in trade direction in favor of member countries and against third parties in a regional economic grouping?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 9
The term used to describe the shift in trade direction in favor of member countries and against third parties in a regional economic grouping is trade diversion. Trade diversion occurs when member countries prioritize trade with each other due to the removal of trade barriers, resulting in a shift away from trade with non-member countries.
OneTime: Test: Regional Economic Cooperation - Question 10
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What are the potential benefits of regional economic groupings?
Detailed Solution for OneTime: Test: Regional Economic Cooperation - Question 10
The potential benefits of regional economic groupings include improved balance of payments and decreased debt burden. These groupings aim to expand trade activities, attract foreign capital, and improve the overall economic performance of member countries. Increased exports, trade exchanges, and foreign investment can lead to a more favorable balance of payments and a decrease in the debt burden on member countries.
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