#british american coproduction
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Lifeforce (1985)
"Well, I'm fascinated by death itself: what happens as we die; when we die; what happens after we die."
"You mean life after death?"
"Yes."
"Is there?"
"What?"
"Life after death."
"Do you really want to know?"
#lifeforce#1985#tobe hooper#horror tw#horror film#british american coproduction#steve railsback#mathilda may#peter firth#frank finlay#nicholas ball#aubrey morris#michael gothard#patrick stewart#nancy paul#jerome willis#chris jagger#henry mancini#john hallam#golan & globus#if you've ever watched a b movie and thought 'i wonder what this would have been like had they made it with real money' then lifeforce is#the perfect example of that phenomenon. take a schlocky horror sci fi book adapt it into a nonsense script secure some b movie level#actors and then inexplicably throw a lot of money at it. i mean a lot of money. this sounds like criticism but i love this stupid stupid#film. how the hell it got made is anybodys guess. i cannot emphasise enough that this film cost 25 million to make. and im not shitting on#it there either i mean it looks it. the effects the sets everything looks truly impressive. but who spends that sort of money on a script#that was originally called the space vampires? golan and globus that's who. bless their foolish hearts. anyway i love this film. a who's wh#of brit character actors turn up to look bewildered. poor mathilda may spends a lot of her screentime entirely naked and presumably very#cold. mancini contributes a genuinely brilliant score that sticks in the head long after the film has finished. patrick stewart and steve#railsback kiss. poor michael gothard gets very sweaty. frank finlay is honestly a delight. this may have almost killed hoopers career#but it'll always have a place in my heart. oh and the prime minister is a vampire and the heroes just sort of shrug at that. relatable
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Oh, I was rewatching The Night of the Generals, and apparently it’s a French-British-American co-production, so if you are okay with coproductions I’m throwing that one out there. …And even if you’re not, I hope you’ll see it sometime, because it’s got two Blofelds and most of their scenes are with each other and that is just that is SO important—
I am split whether I will do co productions.Should I or shouldnt I
@the-blue-fairie @metropolitan-mutant-of-ark @ariel-seagull-wings
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Great Heroes of the 20th Century Cinematic Universe According to AFI
David Nicksay is an established film producer who has guided many acclaimed movies to fruition. With a firm grounding in Hollywood history, David Nicksay maintains board advisory responsibilities with organizations such as the American Film Institute (AFI).
One notable AFI list from the early 2000s looks at the “10 Greatest Heroes” of the 20th century. The cinematic list begins with Peter O’Toole's seminal 1962 role in Lawrence Of Arabia. Based on a TE Lawrence book, the British-American coproduction casts a sweeping look at the last days of the Ottoman Empire during World War I. It highlights Lawrence’s efforts with the Arab National Council to defeat the dictatorship and create a new cultural self-identity.
Next on the list is an entirely different type of hero, the mild-mannered James Stewart character in the 1946 holiday classic “It’s a Wonderful Life.” Accused of stealing and feeling like a failure, Stewart receives a second chance. He glimpses what would have taken place if he had not been around to influence events. It turns out that his unremarked acts of kindness had a profound impact on those around him.
Other heroes singled out include Sigourney Weaver’s Ellen Ripley in “Alien” (1979), Sylvester Stallone as Rocky Balboa in “Rocky” (1976), and Humphrey Bogart’s Rick Blaine in “Casablanca” (1942). The number one spot goes to Gregory Peck’s portrayal of the morally driven lawyer Atticus Fitch in “To Kill A Mockingbird” (1962).
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There's a very good why the 1996 movie feels American -- while technically a coproduction between the BBC and Universal, the BBC had minimal involvement. Their only main request that the Doctor be British, (which the producer and directors wanted any way, but in order to convince Universal and Fox they had to cast an American as the Master).
Thanks for the info! I knew the movie was a coproduction, but I did not know (even though I suspected it) that the BBC wasn't really involved that much, nor did I know why exactly they decided to have an American Master!
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10 Forgotten Furry Cartoons
This ares cartoon series I believe they need to be remembered since some had reboots and movies made in the new era still the old material from which they came from has to be pointed out, but this 10 ones i found more forgotten than the rest been the #1 the most forgotten one of all, to what seems to be of my brief investigation, and if you remember some of this do not hesitate in giving it a like and subscribe to this blog! obviously I am only putting here cartoons with furry thematics where the main characters are animals, or anthropomorphic animals.
American English dub links below CLICK ON THE NAMES TO GET INTROS and OPENINGS of this Forgotten Cartoons!
But first some Honorable mentions!. (since they had got their reboots or are well remember by their fans)
1989 Babar >>> 2010 babar and the adventures of badou
1985 Pound Puppies >>> 2010 Pound Puppies
1967 Moomin >>> 1990 Moomins
1986 Mapple Town Stories >>> 1997 Palm Town
1987 The Adventures of Teddy Ruxpin
NOW ON WITH THE TOP 10!!
10) Racoons
This is a Canadian animated series which was originally broadcast from 1985 to 1992, with three preceding television specials from its inception in 1980, and one direct to video special in 1984. The franchise was created by Kevin Gillis with the co-operation of the Canadian Broadcasting Corporation
09) Dogtanian & the 3 Moskerhounds,
Spanish: D'Artacan y los Tres Mosqueperros;
Japanese: ワンワン三銃士 [Wan Wan Sanjuushi; lit., The Woof Woof Three Musketeers])
is a Spanish–Japanese animated adaptation of the classic Alexandre Dumas story of d'Artagnan and The Three Musketeers. Most of the characters are anthropomorphized dogs, hence the title of the cartoon; although there are a few exceptions, with some foxes, wolfs, coyotes, cats, mice, bears.
08) Count Duckula
British animated comedy-drama dark fantasy television series created by British studio Cosgrove Hall Films it premiered for four series from 6 September 1988 to 16 February 1993, and was produced by Thames Television. In all, 65 episodes were made, each about 22 minutes long. All have been released on DVD in the U.K., while only the first series has been released in North America.
07) Montana Jones & Sherlock Hound (this are two separate series)
sharing this position we got two Anime Series.
Montana Jones (モンタナ・ジョーンズ Montana Jōnzu?) is an Italian-Japanese comedy adventure anime television series which was broadcast in Japan on NHK from April 2, 1994 through April 8, 1995. Studio Junio (Japan) and REVER (Italy) created the 52 episode series as a joint production. Montana Jones has a similar atmosphere to Sherlock Hound, a joint of Rever and TMS Entertainment ten years earlier in 1984. The anthropomorphic characters in Montana Jones were big cats instead of the dogs used in Sherlock Hound. It was subsequently broadcast in over 30 other countries.
Sherlock Hound (名探偵ホームズ Meitantei Hōmuzu?, lit. "Detective Holmes") is an Italian-Japanese animated television series based on Sir Arthur Conan Doyle's Sherlock Holmes series where almost all the characters are depicted as anthropomorphicdogs.[1] The show featured regular appearances of Jules Verne-steampunk style technology, adding a 19th-century science-fiction atmosphere to the series. It consists of 26 episodes aired between 1984 and 1985.
06) Samurai Pizza cats
An American animated television adaptation of the anime series Kyatto Ninden Teyandee (Cat Ninja Legend Teyandee), produced by Tatsunoko Productions and Sotsu Agency. it originally aired in Japan on TV Tokyo from 1 February 1990 to 12 February 1991 for a total of 54 episodes, in 1991, and produced an English adaption for a total of 52 episodes. The English version of the series first aired on YTV in Canada (1993) and on first-run syndication in the United States (1996). The English version became a cult hit among Anime fans due to its rapid-fire pop culture references and more farcical nature.
05) The Adventures of T-Rex
Is an animated series that aired in syndication from 1992 to 1993 in North America. The show features five musical Tyrannosaurus brothers who played to sold-out crowds as a vaudeville group for the Dragon company owned by the beautiful and wealthy Myrna while also secretly fighting crime as "T-REX," masterminded by Professor Edison. The show, an American/Japanese coproduction between C&D (Créativité et Développement), Gunther-Wahl Productions and well-known anime producer Kitty Film, lasted only one season.
04) Capitan Bucky O'Hare
Is a fictional character and the hero of an eponymous comic book series as well as spin-off media including an animated TV series and various toys and video games. He was created by comic book writer Larry Hama and Michael Golden between 1978 and 1979. The storyline of Bucky O'Hare follows a parallel universe (the aniverse), where a war is ongoing between the slightly inept United Animals Federation (run by mammals) and the sinister Toad Empire. The Toad Empire is led by a vast computer system known as KOMPLEX, which has brainwashed the toad population.
03) Rupert
Is an animated television series based on the Mary Tourtel character Rupert Bear, which aired from 1991 to 1997 with 65 half-hour episodes produced. The series was produced by Nelvana, Ellipse Programmé and TVS for the first season, with Scottish Television (now STV Central) taking over control when TVS closed. It was broadcast in syndication on YTV in Canada. In the United States, the show first aired on Nickelodeon before moving to CBS during Saturday mornings, repeats of the series came to Disney Channel on the Playhouse Disney block, Toon Disney, and on Qubo's digital service in January 2007. The show was broadcast in the UK on CITV and has recently been re-airing on the satellite and cable channels Tiny Pop and KidsCo. In Australia, the show was broadcast on the ABC public broadcasting network and on TV2 in New Zealand as part of the Jason Gunn Show.
02) The Get Along Gang
Characters created in 1983 by American Greetings' toy design and licensing division, "Those Characters from Cleveland" (now American Greetings Properties), for a series of greeting cards. The Get Along Gang are a group of twelve (and later, fourteen) pre-adolescent anthropomorphic animal characters in the fictional town of Green Meadow, who form a club that meets in an abandoned caboose and who have various adventures whose upbeat stories intended to show the importance of teamwork and friendship. The success of the greeting card line led to a Saturday morning television series, which aired on CBS for 13 episodes in the 1984-1985 season. It was cancelled in 1985 due to poor ratings, with reruns showing from January until June 1986.
01) Animals of Farthing Wood
Been a series of books about a group of woodland animals. It originated with the 1979 book, The Animals of Farthing Wood, by Colin Dann, and was followed by six sequels and a prequel by Dann. An animated Animals of Farthing Wood television series based on the books aired in the 1990s, created by the European Broadcasting Union.
The books tell the story of a group of woodland animals whose home has been paved over by developers. They learn of a nature reserve, White Deer Park, where they will be safe, and undertake to make the journey together. They form an Oath, promising to protect one another and overcome their natural instincts until they reach their destination.
And if you forgotten cartoon is not here pls do not hate leave a coment or contact me at FA keep it up and keep it kool!
#animals of farthing wood#get along gang#rupert#captain bucky o'hare#samurai pizza cats#cartoon#retro#retro tv#animation#the adventures of T-rex#montana jones#sherlock hound#raccoons#count duckula#dogtanian#muskerhounds#Furries#furry#Furry Fandom#furry cartoon#top 10#top 10 lists#tops#fursona#anthropomorphic#antropomorfico#furro#furros
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ECO 305 Week 6 Quiz – Strayer
Click on the Link Below to Purchase A+ Graded Course Material
http://budapp.net/ECO-305-Week-6-Quiz-Strayer-363.htm
Quiz 5 Chapter 8
CHAPTER 8
REGIONAL TRADING ARRANGEMENTS
MULTIPLE CHOICE
1. The European Union is primarily intended to permit:
a. Countries to adopt scientific tariffs on imports
b. An agricultural commodity cartel within the group
c. The adoption of export tariffs for revenue purposes
d. Free movement of resources and products among member nations
2. Which of the following represents the stage where economic integration is most complete?
a. Economic union
b. Customs union
c. Monetary union
d. Common market
3. Which of the following represents the stage where economic integration is least complete?
a. Free trade area
b. Monetary union
c. Common market
d. Customs union
4. Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the:
a. Trade diversion effect exceeds the trade creation effect
b. Trade production effect exceeds the trade consumption effect
c. Trade consumption effect exceeds the trade production effect
d. Trade creation effect exceeds the trade diversion effect
5. Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers?
a. Economic union
b. Common market
c. Free trade area
d. Customs union
6. By 1992 the European Union had become a full-fledged:
a. Economic union
b. Monetary union
c. Common market
d. Fiscal union
7. Which device has the European Union used to equalize farm-product import prices with politically determined European Union prices, regardless of shifts in world prices?
a. Variable levies
b. Import quotas
c. Import subsidies
d. Domestic content regulations
8. Which trade instrument has the European Union used to insulate its producers and consumers of agricultural goods from the impact of changing demand and supply conditions in the rest of the world?
a. Domestic content regulations
b. Variable import levies
c. Voluntary export quotas
d. Orderly marketing agreements
9. Assume that the formation of a customs union turns out to include the lowest-cost world producer of the product in question. Which effect could not occur for the participating countries?
a. Trade creation-production effect
b. Trade creation-consumption effect
c. Trade diversion
d. Scale economies and competition
10. Which organization of nations permits free trade among its members in industrial goods, while each member maintains freedom in its trade policies toward non-member countries?
a. European Union
b. Benelux
c. Council for Mutual Economic Assistance
d. North American Free Trade Association
11. Which of the following organizations is considered a regional trading arrangement?
a. Organization of Petroleum Exporting Countries
b. North Atlantic Treaty Organization
c. Benelux
d. International Tin Agreement
12. When products from high-cost suppliers within a customs union replace imports from a low-cost nation that is not a member of the customs union, there exist(s):
a. Dynamic welfare losses
b. Dynamic welfare gains
c. Trade creation
d. Trade diversion
13. Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves, establish a common tariff on imports from nonmembers, and permit free movement of capital and labor within the organization?
a. Free trade area
b. Economic union
c. Common market
d. Monetary union
14. A static welfare effect resulting from the formation of the European Union would be:
a. Economies of scale
b. Trade diversion
c. Investment incentives
d. Increased competition
15. A dynamic welfare gain resulting from the formation of the European Union would be:
a. Trade diversion
b. Trade creation
c. Diseconomies of scale
d. Economies of scale
16. Which organization was founded in 1957 whose objective was to create an economic union among its members?
a. General Agreements on Tariffs and Trade
b. Organization of Economic Cooperation and Development
c. European Union
d. Latin American Free Trade Association
17. The common agriculture policy of the European Union has supported European farmers via:
a. Export tariffs and domestic content regulations
b. Variable levies and voluntary export agreements
c. Content regulations and export subsidies
d. Export subsidies and variable levies
18. Which nation is not a member of the North American Free Trade Association?
a. Canada
b. Greenland
c. Mexico
d. United States
19. Suppose a communist country agrees to pay for delivery of machinery with goods produced by the machinery. This arrangement refers to:
a. Countertrade
b. International commodity agreements
c. Coproduction agreements
d. Trade diversion
20. NAFTA is a:
a. Monetary union
b. Free trade area
c. Common market
d. Customs union
21. Under the European Union's common agricultural policy, a variable import levy equals the:
a. Amount by which the EU's support price exceeds the world price
b. Amount by which the world price exceeds the EU's support price
c. Support price of the EU
d. World price
22. Members of the European Union find that "trade creation" is fostered when their economies are:
a. Highly competitive
b. Highly noncompetitive
c. Small in economic importance
d. Geographically distant
23. The European Union has achieved all of the following except:
a. Adopted a common fiscal policy for member nations
b. Established a common system of agricultural price supports
c. Disbanded all tariffs among its member countries
d. Levied common tariffs on products imported from nonmembers
24. When the United States, Canada, and Mexico form a free trade area, and Mexico begins importing a product from Canada rather than from the lowest cost world producer.
a. Trade diversion occurs
b. Trade creation occurs
c. World welfare rises
d. World welfare falls to zero
25. When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries, ____ occurs.
a. Trade devaluation
b. Trade revaluation
c. Trade destruction
d. Trade diversion
26. Which country is not a member of the European Union?
a. Spain
b. Germany
c. France
d. Iceland
27. The implementation of the European Union has:
a. Made it harder for Americans to compete against the Germans in the British market
b. Made it easier for Americans to compete against the Germans in the British market
c. Made it harder for Americans to compete against the Japanese in the British market
d. Made it easier for Americans to compete against the Japanese in the British market
28. The common agricultural policy of the European Union has:
a. Increased American farm exports to the EU
b. Decreased American farm exports to the EU
c. Lowered the price of American farm exports to the EU
d. Not affected the price of American farm exports to the EU
29. The implementation of a common market involves all of the following except:
a. Elimination of trade restrictions among member countries
b. A common tax system and monetary union
c. Prohibition of restrictions on factor movements
d. A common tariff levied in imports from nonmembers
30. Under the common agricultural policy, exports of any surplus quantities of EU produce are encouraged through the usage of:
a. Variable levies
b. Export subsidies
c. Import quotas
d. Countertrade
Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
31. Consider Figure 8.1. With free trade, Greece imports:
a. 3 calculators from France
b. 5 calculators from France
c. 3 calculators from Germany
d. 5 calculators from Germany
32. Consider to Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
Greece will import:
a. 1 calculator from Germany
b. 1 calculator from France
c. 3 calculators from Germany
d. 3 calculators from France
33. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
As a result of the $20 tariff, Greece's consumer surplus falls by:
a. $90
b. $100
c. $110
d. $120
34. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
The deadweight welfare loss to Greece, resulting from the $20 tariff, equals:
a. $20
b. $40
c. $60
d. $80
35. Referring to Figure 8.1, suppose Greece forms a customs union with France. Greece will import:
a. 3 calculators at a per-unit price of $30
b. 3 calculators at a per-unit price of $40
c. 6 calculators at a per-unit price of $30
d. 6 calculators at a per-unit price of $40
36. Consider Figure 8.1. The value of the trade diversion effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
37. Consider Figure 8.1. The value of the trade creation effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
38. Consider Figure 8.1. Comparing the trade creation and trade diversion effects, the impact of the Greece/France customs union on the welfare of Greece is:
a. A $5 increase in economic welfare
b. A $10 increase in economic welfare
c. A $5 decrease in economic welfare
d. No change in economic welfare
39. Consider Figure 8.1. Suppose Greece had formed a customs union with Germany, rather than France. The value of the trade diversion effect would be:
a. Zero
b. $5
c. $10
d. $15
40. According to Figure 8.1, the formation of a Greece/Germany customs union would result in:
a. $20 of trade diversion
b. $40 of trade diversion
c. $20 of trade creation
d. $40 of trade creation
41. In 1989 Canada and the United States agreed to implement a (an) ____ over a ten year period.
a. Customs union
b. Common market
c. Free trade area
d. Economic union
42. In the United States, the proposed North American Free Trade Agreement was generally supported by:
a. Labor unions
b. Electronics firms
c. Environmentalists
d. Citrus producers
43. At the Maastricht Summit of 1991, European Union negotiators called for the pursuit of a:
a. Free trade area
b. Customs union
c. Common market
d. Monetary union
44. By removing discriminatory government procurement laws within the European Union, member nations hoped to benefit from all of the following except:
a. EU governments could purchase from the cheapest foreign suppliers
b. Increased competition occurs as domestic firms compete with foreign firms previously shut out of the domestic market
c. Industries are restructured which permits surviving firms to achieve economies of scale
d. Agricultural prices fall as more farmers are allowed to produce their commodities
45. Suppose that government procurement liberalization results in the U.K. government importing automobiles from Germany, the low-cost EU manufacturer. Cost savings could result from all of the following except:
a. Competition effect
b. Scale-economy effect
c. Protective effect
d. Trade effect
46. Suppose that steel from Japan faces a 20 percent tariff in France and a 25 percent tariff in Italy, while France and Italy maintain free trade between each other. France and Italy are therefore part of a (an):
a. Free trade area
b. Customs union
c. Common market
d. Economic union
47. Suppose that Mexico and Canada form a free-trade area and Canada begins importing steel from Mexico rather than from Germany. There occurs:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
48. Suppose that Mexico and Canada form a free-trade area. Mexicans then decrease auto manufacturing and increase imports of autos from Canada, while the Canadians decrease computer production and import more computers from Mexico. This is an example of:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
49. If the United States and Canada abolish all tariffs on each other's goods and implement a common tariff on goods imported from other countries, there occurs a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
50. Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
51. The North American Free Trade Agreement was expected to benefit ____ the most.
a. Canada
b. Mexico
c. Greenland
d. United States
52. The North American Free-Trade Agreement was most strongly opposed by U.S.:
a. Electronics manufacturers
b. Labor unions
c. Commercial banks
d. Engineering companies
53. In the United States, which group was most likely to be hurt by the North American Free Trade Agreement?
a. Unskilled labor
b. Skilled labor
c. Owners of capital equipment
d. Owners of financial capital
54. By joining NAFTA, the United States, Canada, and Mexico would find their short-run welfare decreasing due to the:
a. Economies of scale effect
b. Business investment effect
c. Trade creation effect
d. Trade diversion effect
55. When Mexico became a part of NAFTA, along with Canada and the United States, it:
a. Eliminated tariffs against Canada and the United States but maintained them against nonmembers
b. Eliminated tariffs against Canada, the United States, and all nonmember countries
c. Increased tariffs against Canada the United States, and all nonmember countries
d. Increased tariffs against Canada and the United States, but did not change them against nonmember countries
56. In a centrally-planned economy:
a. Commercial decisions are made by independent buyers and sellers acting in their own interest
b. Market-determined prices are used for allocating scarce resources
c. Prices play a rationing role so that the availability of goods is made consistent with buyer preferences and income
d. Government controls prices and output of goods bought and sold, with minimal recognition given to considerations of efficiency
57. The failure of the centrally-planned economies was exemplified by all of the following except:
a. Interest rates that were below free-market levels
b. Consumer and producer goods of inferior quality
c. Declining rates of economic growth
d. Shortages of essential goods and services
58. The transition of the former communist countries to market economies requires:
a. Implementation of governmental price controls
b. Privatization of public property
c. Transforming competitive industries into monopolies
d. The sale of private industries to the government
59. The transition of the former communist countries to market economies would likely result in:
a. The implementation of price ceilings
b. The implementation of price floors
c. Price inflation
d. Price deflation
60. In the former Soviet Union, major manufacturing firms were typically:
a. Owned and operated by employee labor unions
b. Owned and operated by the government
c. Privately owned, but operated by the government
d. Publically owned, but operated by the private sector
61. The transition of the former communist countries to market economies requires all of the following except:
a. Removing domestic price controls
b. Opening economies to international competition
c. Establishing private property rights
d. Terminating the convertibility of their currencies
62. The former communist countries included all of the following except:
a. East Germany
b. Soviet Union
c. Austria
d. Poland
63. The regional trade block of the former communist countries, which lasted from 1949-1991, was known as the:
a. Eastern European Economic Area
b. Nordic Preferential Trade Agreement
c. Council for Mutual Economic Assistance
d. European Industrial Cooperation Union
64. The economic reforms of the early 1990s that occurred in the former Soviet Union and Eastern Europe resulted in:
a. The formation of the Council for Mutual Economic Assistance
b. Multinational firms refusing to operate in these nations
c. A movement from centrally-planned economies toward market economies
d. A movement from market economies toward centrally-planned economies
65. The transition from government-controlled prices to market-determined prices in the former communist countries would be expected to result in:
a. Price stability
b. Price deflation
c. Price inflation
d. None of the above
66. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with the United States. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
67. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with Mexico. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
68. As of 2002, members of the European Monetary Union agreed to replace their currencies with the:
a. mark
b. dollar
c. franc
d. euro
69. The formation of the European Monetary Union is expected to entail benefits for member countries which include all of the following except:
a. Greater certainty for investors within the EMU
b. Lower costs of transactions within the EMU
c. Independent monetary policies run by the central bank of each member country
d. Enhanced competition among companies in member countries
70. According to the theory of optimum currency areas, a currency area has the least chance for success when:
a. Countries of the currency area have differing business cycles
b. Workers have a high degree of mobility across borders of the currency area
c. Prices and wages can be adjusted in response to economic disturbances
d. A single monetary policy affects all member countries in the same manner
71. A main disadvantage of the European Monetary Union is that:
a. Each member country loses the use of monetary policy as to tool to combat recession
b. There is a high degree of labor mobility among the member countries
c. Prices are highly flexible in response to changing economic conditions
d. Wages are highly flexible in response to changing economic conditions
72. World welfare under a customs union
a. Increases due to a trade creation effect
b. Decreases due to a trade diversion effect
c. Depends on the relative strength of the trade creation effect and the trade diversion effect
d. All of the above
73. A common market
a. Allows the imposition of common external trade barriers against non-members
b. Represents less economic integration than a free trade area
c. Does not permit free movement of goods among member nations
d. Does not allow free movement of factors of production among nations
74. The gains from having an optimum currency include
a. Price differentiation
b. Lower competition
c. Lower transaction costs
d. Both b and c
75. For decades, the Eastern European countries have suffered from
a. Widespread price controls
b. Excessive competition
c. Lack of enforceable property rights
d. Both a and c
TRUE/FALSE
The figure below depicts the steel market for Portugal, a small nation that is unable to affect the world price. Assume that Germany and France can supply steel to Portugal at a price of $200 and $300 respectively.
Figure 8.2. Portugal's Steel Market
1. Consider Figure 8.2. With free trade, Portugal will import 25 tons of steel from Germany at a price of $200 per ton.
2. Consider Figure 8.2. With free trade, Portugal produces 15 tons of steel, consumes 30 tons of steel, and imports 15 tons of steel.
3. Consider Figure 8.2. If Portugal levies a 100 percent nondiscriminatory tariff on its steel imports, it will purchase 5 tons of steel from France at a price of $500 per ton.
4. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-creation effect equals $500.
5. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-diversion effect equals $400.
6. Consider Figure 8.2. As a result of a customs union formed with France, Portugal's overall welfare rises by $900.
7. Consider Figure 8.2. If Portugal had formed a customs union with Germany, Portugal's welfare would have decreased by $500.
8. The European Union protects its agricultural producers from import competition by the use of tariff rates that vary directly with world prices.
9. Under the variable levy system of the European Union, EU farmers are protected against import competition by tariffs that vary inversely with the world price.
10. Trade creation tends to more than offset trade diversion for a home country forming a customs union with partner countries when: (1) the tariff rate in the home country is high prior to the formation of the customs union; (2) there are a large number of countries forming the customs union.
11. If Chile and Mexico form a free-trade agreement, the welfare of the two countries will necessarily increase.
12. If Chile and Mexico abolish all tariffs on each other's products while maintaining their own tariffs against other countries, these two countries have formed a customs union.
13. With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.
14. Economic integration is the process of eliminating restrictions on international trade, payments, and factor mobility.
15. When a group of countries establish a free-trade area, they achieve the highest stage of economic integration.
16. A free-trade area is an association of trading countries whose members agree to remove all trade restrictions among themselves, while each member country imposes identical trade restrictions against nonmember countries.
17. If the United Kingdom and Italy eliminate all tariffs on each other's goods and all restrictions to factor movements between them, and implement a uniform system of import restrictions against the rest of the world, these countries have formed a common market.
18. The highest stage of economic integration is a monetary union.
19. Trade creation would occur if Canada and the United States form a free-trade area, and Canadians then import less steel from the United States while importing more steel from Japan.
20. Suppose that Mexico and Canada form a free-trade area. The Mexicans then decrease refrigerator manufacturing and increase imports of refrigerators from Canada, while the Canadians decrease auto manufacturing and import more autos from Mexico. This is an example of trade creation.
21. Trade creation and trade diversion refer to the short run (static) effects of economic integration while economies of scale, stimulus to investment, and effects on competition refer to the long run (dynamic) effects.
22. For countries forming a customs union, the trade-creation effect represents a welfare loss and the trade-diversion effect represents a welfare gain.
23. In the short run, Mexico would realize overall welfare gains from becoming a member of the North American Free Trade Agreement if the resulting diseconomies of scale effect more than offset the competition effect.
24. Trade creation occurs when imports from a low-cost supplier outside of a customs union are replaced by purchases from a higher-cost supplier within the union.
25. If a customs union includes the low-cost supplier of the world, there would be no adverse trade-diversion effect that would counteract the positive trade-creation effect.
26. The potential for trade diversion is smaller when a custom union's external tariff is lower rather than higher.
27. If a customs union included all of the countries in the world, there could exist only trade creation, not trade diversion.
28. The larger the size and the greater the number of countries in a customs union, the greater will be the trade-diversion effect.
29. Over the long run, the formation of a customs union may yield welfare gains due to economies of scale, greater competition, and stimulus to investment.
30. By the mid-1990s, the European Union had essentially achieved the common market stage of economic integration.
31. At the Maastricht Summit of 1991, members of the European Union expressed the goal of achieving the common market stage of economic integration.
32. To protect its farmers from foreign competition, the European Union has utilized variable import levies and export subsidies.
33. To protect its farmers from imports of agricultural goods, the European Union has implemented tariff rates that vary directly with world prices.
34. As of 1992, the European Union had achieved the monetary union stage of economic integration.
35. The Maastricht Treaty of 1991 established a blueprint for economic union and monetary union for European Union members.
36. It is generally agreed that completing the common market stage of integration for the European Union contributed to overall welfare losses due to trade diversion exceeding trade creation.
37. Government procurement liberalization permits a country to realize cost savings resulting from the trade effect, competition effect, and economies-of-scale effect.
38. During the 1980s and 1990s, the United States negotiated free-trade agreements with Israel, Mexico, and Canada.
39. Forming a free-trade agreement with the United States provided Canadian producers a danger and an opportunity. The danger was that U.S. producers might be more price competitive than Canadian producers; the opportunity was that longer production runs for Canadian producers, made possible by a free-trade agreement, would result in cost reductions due to economies of scale.
40. Some trade creation was expected to occur as a result of the U.S.-Canada free-trade agreement, since Canadian exports to the United States and U.S. exports to Canada were expected to expand at the expense of imports from Germany and Japan that faced trade restrictions.
41. Negotiating the North American Free Trade Agreement was relatively easy since it involved meshing two large industrial countries with a developing country.
42. Critics of the North American Free Trade Agreement maintained that it would result in manufacturing firms fleeing Mexico's stringent pollution-control policies and relocating in the United States and Canada.
43. U.S. labor unions argued against the North American Free Trade Agreement on the grounds that it would result in U.S. companies relocating in Mexico in order to take advantage of lower wage rates.
44. The North American Free Trade Agreement was expected to provide proportionately smaller benefits to Mexico than to the United States or Canada.
45. In the former Soviet Union, production of capital goods was determined by the free market while consumer-goods production was determined by central planning.
46. The former Soviet Union was characterized by central economic planning and public ownership of manufacturing enterprises.
47. Pricing of consumer goods in the former Soviet Union was typically regulated by price ceilings which led to shortages.
48. The transition of the former Soviet Union from a planned economy to a market economy would require the elimination of price controls, the privatization of public property, and the promotion of business competition.
49. From the 1940s to the 1980s, the former communist countries remained isolated from the world economy, primarily due to different tariff systems among the former communist countries.
50. A political dilemma facing the former communist countries in the 1990s was that the transition from a centrally-planned economy to a market economy would result in short-run costs but long-run benefits.
SHORT ANSWER
1. What is meant by economic integration?
2. What factors influence the extent of trade creation and trade diversion?
ESSAY
1. Explain the theory of optimum currency areas.
2. Concerning transition economies, what do the advocates of shock therapy propose?
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ECO 305 Week 6 Quiz – Strayer
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Quiz 5 Chapter 8
CHAPTER 8
REGIONAL TRADING ARRANGEMENTS
MULTIPLE CHOICE
1. The European Union is primarily intended to permit:
a. Countries to adopt scientific tariffs on imports
b. An agricultural commodity cartel within the group
c. The adoption of export tariffs for revenue purposes
d. Free movement of resources and products among member nations
2. Which of the following represents the stage where economic integration is most complete?
a. Economic union
b. Customs union
c. Monetary union
d. Common market
3. Which of the following represents the stage where economic integration is least complete?
a. Free trade area
b. Monetary union
c. Common market
d. Customs union
4. Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the:
a. Trade diversion effect exceeds the trade creation effect
b. Trade production effect exceeds the trade consumption effect
c. Trade consumption effect exceeds the trade production effect
d. Trade creation effect exceeds the trade diversion effect
5. Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers?
a. Economic union
b. Common market
c. Free trade area
d. Customs union
6. By 1992 the European Union had become a full-fledged:
a. Economic union
b. Monetary union
c. Common market
d. Fiscal union
7. Which device has the European Union used to equalize farm-product import prices with politically determined European Union prices, regardless of shifts in world prices?
a. Variable levies
b. Import quotas
c. Import subsidies
d. Domestic content regulations
8. Which trade instrument has the European Union used to insulate its producers and consumers of agricultural goods from the impact of changing demand and supply conditions in the rest of the world?
a. Domestic content regulations
b. Variable import levies
c. Voluntary export quotas
d. Orderly marketing agreements
9. Assume that the formation of a customs union turns out to include the lowest-cost world producer of the product in question. Which effect could not occur for the participating countries?
a. Trade creation-production effect
b. Trade creation-consumption effect
c. Trade diversion
d. Scale economies and competition
10. Which organization of nations permits free trade among its members in industrial goods, while each member maintains freedom in its trade policies toward non-member countries?
a. European Union
b. Benelux
c. Council for Mutual Economic Assistance
d. North American Free Trade Association
11. Which of the following organizations is considered a regional trading arrangement?
a. Organization of Petroleum Exporting Countries
b. North Atlantic Treaty Organization
c. Benelux
d. International Tin Agreement
12. When products from high-cost suppliers within a customs union replace imports from a low-cost nation that is not a member of the customs union, there exist(s):
a. Dynamic welfare losses
b. Dynamic welfare gains
c. Trade creation
d. Trade diversion
13. Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves, establish a common tariff on imports from nonmembers, and permit free movement of capital and labor within the organization?
a. Free trade area
b. Economic union
c. Common market
d. Monetary union
14. A static welfare effect resulting from the formation of the European Union would be:
a. Economies of scale
b. Trade diversion
c. Investment incentives
d. Increased competition
15. A dynamic welfare gain resulting from the formation of the European Union would be:
a. Trade diversion
b. Trade creation
c. Diseconomies of scale
d. Economies of scale
16. Which organization was founded in 1957 whose objective was to create an economic union among its members?
a. General Agreements on Tariffs and Trade
b. Organization of Economic Cooperation and Development
c. European Union
d. Latin American Free Trade Association
17. The common agriculture policy of the European Union has supported European farmers via:
a. Export tariffs and domestic content regulations
b. Variable levies and voluntary export agreements
c. Content regulations and export subsidies
d. Export subsidies and variable levies
18. Which nation is not a member of the North American Free Trade Association?
a. Canada
b. Greenland
c. Mexico
d. United States
19. Suppose a communist country agrees to pay for delivery of machinery with goods produced by the machinery. This arrangement refers to:
a. Countertrade
b. International commodity agreements
c. Coproduction agreements
d. Trade diversion
20. NAFTA is a:
a. Monetary union
b. Free trade area
c. Common market
d. Customs union
21. Under the European Union's common agricultural policy, a variable import levy equals the:
a. Amount by which the EU's support price exceeds the world price
b. Amount by which the world price exceeds the EU's support price
c. Support price of the EU
d. World price
22. Members of the European Union find that "trade creation" is fostered when their economies are:
a. Highly competitive
b. Highly noncompetitive
c. Small in economic importance
d. Geographically distant
23. The European Union has achieved all of the following except:
a. Adopted a common fiscal policy for member nations
b. Established a common system of agricultural price supports
c. Disbanded all tariffs among its member countries
d. Levied common tariffs on products imported from nonmembers
24. When the United States, Canada, and Mexico form a free trade area, and Mexico begins importing a product from Canada rather than from the lowest cost world producer.
a. Trade diversion occurs
b. Trade creation occurs
c. World welfare rises
d. World welfare falls to zero
25. When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries, ____ occurs.
a. Trade devaluation
b. Trade revaluation
c. Trade destruction
d. Trade diversion
26. Which country is not a member of the European Union?
a. Spain
b. Germany
c. France
d. Iceland
27. The implementation of the European Union has:
a. Made it harder for Americans to compete against the Germans in the British market
b. Made it easier for Americans to compete against the Germans in the British market
c. Made it harder for Americans to compete against the Japanese in the British market
d. Made it easier for Americans to compete against the Japanese in the British market
28. The common agricultural policy of the European Union has:
a. Increased American farm exports to the EU
b. Decreased American farm exports to the EU
c. Lowered the price of American farm exports to the EU
d. Not affected the price of American farm exports to the EU
29. The implementation of a common market involves all of the following except:
a. Elimination of trade restrictions among member countries
b. A common tax system and monetary union
c. Prohibition of restrictions on factor movements
d. A common tariff levied in imports from nonmembers
30. Under the common agricultural policy, exports of any surplus quantities of EU produce are encouraged through the usage of:
a. Variable levies
b. Export subsidies
c. Import quotas
d. Countertrade
Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
31. Consider Figure 8.1. With free trade, Greece imports:
a. 3 calculators from France
b. 5 calculators from France
c. 3 calculators from Germany
d. 5 calculators from Germany
32. Consider to Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
Greece will import:
a. 1 calculator from Germany
b. 1 calculator from France
c. 3 calculators from Germany
d. 3 calculators from France
33. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
As a result of the $20 tariff, Greece's consumer surplus falls by:
a. $90
b. $100
c. $110
d. $120
34. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
The deadweight welfare loss to Greece, resulting from the $20 tariff, equals:
a. $20
b. $40
c. $60
d. $80
35. Referring to Figure 8.1, suppose Greece forms a customs union with France. Greece will import:
a. 3 calculators at a per-unit price of $30
b. 3 calculators at a per-unit price of $40
c. 6 calculators at a per-unit price of $30
d. 6 calculators at a per-unit price of $40
36. Consider Figure 8.1. The value of the trade diversion effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
37. Consider Figure 8.1. The value of the trade creation effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
38. Consider Figure 8.1. Comparing the trade creation and trade diversion effects, the impact of the Greece/France customs union on the welfare of Greece is:
a. A $5 increase in economic welfare
b. A $10 increase in economic welfare
c. A $5 decrease in economic welfare
d. No change in economic welfare
39. Consider Figure 8.1. Suppose Greece had formed a customs union with Germany, rather than France. The value of the trade diversion effect would be:
a. Zero
b. $5
c. $10
d. $15
40. According to Figure 8.1, the formation of a Greece/Germany customs union would result in:
a. $20 of trade diversion
b. $40 of trade diversion
c. $20 of trade creation
d. $40 of trade creation
41. In 1989 Canada and the United States agreed to implement a (an) ____ over a ten year period.
a. Customs union
b. Common market
c. Free trade area
d. Economic union
42. In the United States, the proposed North American Free Trade Agreement was generally supported by:
a. Labor unions
b. Electronics firms
c. Environmentalists
d. Citrus producers
43. At the Maastricht Summit of 1991, European Union negotiators called for the pursuit of a:
a. Free trade area
b. Customs union
c. Common market
d. Monetary union
44. By removing discriminatory government procurement laws within the European Union, member nations hoped to benefit from all of the following except:
a. EU governments could purchase from the cheapest foreign suppliers
b. Increased competition occurs as domestic firms compete with foreign firms previously shut out of the domestic market
c. Industries are restructured which permits surviving firms to achieve economies of scale
d. Agricultural prices fall as more farmers are allowed to produce their commodities
45. Suppose that government procurement liberalization results in the U.K. government importing automobiles from Germany, the low-cost EU manufacturer. Cost savings could result from all of the following except:
a. Competition effect
b. Scale-economy effect
c. Protective effect
d. Trade effect
46. Suppose that steel from Japan faces a 20 percent tariff in France and a 25 percent tariff in Italy, while France and Italy maintain free trade between each other. France and Italy are therefore part of a (an):
a. Free trade area
b. Customs union
c. Common market
d. Economic union
47. Suppose that Mexico and Canada form a free-trade area and Canada begins importing steel from Mexico rather than from Germany. There occurs:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
48. Suppose that Mexico and Canada form a free-trade area. Mexicans then decrease auto manufacturing and increase imports of autos from Canada, while the Canadians decrease computer production and import more computers from Mexico. This is an example of:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
49. If the United States and Canada abolish all tariffs on each other's goods and implement a common tariff on goods imported from other countries, there occurs a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
50. Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
51. The North American Free Trade Agreement was expected to benefit ____ the most.
a. Canada
b. Mexico
c. Greenland
d. United States
52. The North American Free-Trade Agreement was most strongly opposed by U.S.:
a. Electronics manufacturers
b. Labor unions
c. Commercial banks
d. Engineering companies
53. In the United States, which group was most likely to be hurt by the North American Free Trade Agreement?
a. Unskilled labor
b. Skilled labor
c. Owners of capital equipment
d. Owners of financial capital
54. By joining NAFTA, the United States, Canada, and Mexico would find their short-run welfare decreasing due to the:
a. Economies of scale effect
b. Business investment effect
c. Trade creation effect
d. Trade diversion effect
55. When Mexico became a part of NAFTA, along with Canada and the United States, it:
a. Eliminated tariffs against Canada and the United States but maintained them against nonmembers
b. Eliminated tariffs against Canada, the United States, and all nonmember countries
c. Increased tariffs against Canada the United States, and all nonmember countries
d. Increased tariffs against Canada and the United States, but did not change them against nonmember countries
56. In a centrally-planned economy:
a. Commercial decisions are made by independent buyers and sellers acting in their own interest
b. Market-determined prices are used for allocating scarce resources
c. Prices play a rationing role so that the availability of goods is made consistent with buyer preferences and income
d. Government controls prices and output of goods bought and sold, with minimal recognition given to considerations of efficiency
57. The failure of the centrally-planned economies was exemplified by all of the following except:
a. Interest rates that were below free-market levels
b. Consumer and producer goods of inferior quality
c. Declining rates of economic growth
d. Shortages of essential goods and services
58. The transition of the former communist countries to market economies requires:
a. Implementation of governmental price controls
b. Privatization of public property
c. Transforming competitive industries into monopolies
d. The sale of private industries to the government
59. The transition of the former communist countries to market economies would likely result in:
a. The implementation of price ceilings
b. The implementation of price floors
c. Price inflation
d. Price deflation
60. In the former Soviet Union, major manufacturing firms were typically:
a. Owned and operated by employee labor unions
b. Owned and operated by the government
c. Privately owned, but operated by the government
d. Publically owned, but operated by the private sector
61. The transition of the former communist countries to market economies requires all of the following except:
a. Removing domestic price controls
b. Opening economies to international competition
c. Establishing private property rights
d. Terminating the convertibility of their currencies
62. The former communist countries included all of the following except:
a. East Germany
b. Soviet Union
c. Austria
d. Poland
63. The regional trade block of the former communist countries, which lasted from 1949-1991, was known as the:
a. Eastern European Economic Area
b. Nordic Preferential Trade Agreement
c. Council for Mutual Economic Assistance
d. European Industrial Cooperation Union
64. The economic reforms of the early 1990s that occurred in the former Soviet Union and Eastern Europe resulted in:
a. The formation of the Council for Mutual Economic Assistance
b. Multinational firms refusing to operate in these nations
c. A movement from centrally-planned economies toward market economies
d. A movement from market economies toward centrally-planned economies
65. The transition from government-controlled prices to market-determined prices in the former communist countries would be expected to result in:
a. Price stability
b. Price deflation
c. Price inflation
d. None of the above
66. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with the United States. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
67. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with Mexico. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
68. As of 2002, members of the European Monetary Union agreed to replace their currencies with the:
a. mark
b. dollar
c. franc
d. euro
69. The formation of the European Monetary Union is expected to entail benefits for member countries which include all of the following except:
a. Greater certainty for investors within the EMU
b. Lower costs of transactions within the EMU
c. Independent monetary policies run by the central bank of each member country
d. Enhanced competition among companies in member countries
70. According to the theory of optimum currency areas, a currency area has the least chance for success when:
a. Countries of the currency area have differing business cycles
b. Workers have a high degree of mobility across borders of the currency area
c. Prices and wages can be adjusted in response to economic disturbances
d. A single monetary policy affects all member countries in the same manner
71. A main disadvantage of the European Monetary Union is that:
a. Each member country loses the use of monetary policy as to tool to combat recession
b. There is a high degree of labor mobility among the member countries
c. Prices are highly flexible in response to changing economic conditions
d. Wages are highly flexible in response to changing economic conditions
72. World welfare under a customs union
a. Increases due to a trade creation effect
b. Decreases due to a trade diversion effect
c. Depends on the relative strength of the trade creation effect and the trade diversion effect
d. All of the above
73. A common market
a. Allows the imposition of common external trade barriers against non-members
b. Represents less economic integration than a free trade area
c. Does not permit free movement of goods among member nations
d. Does not allow free movement of factors of production among nations
74. The gains from having an optimum currency include
a. Price differentiation
b. Lower competition
c. Lower transaction costs
d. Both b and c
75. For decades, the Eastern European countries have suffered from
a. Widespread price controls
b. Excessive competition
c. Lack of enforceable property rights
d. Both a and c
TRUE/FALSE
The figure below depicts the steel market for Portugal, a small nation that is unable to affect the world price. Assume that Germany and France can supply steel to Portugal at a price of $200 and $300 respectively.
Figure 8.2. Portugal's Steel Market
1. Consider Figure 8.2. With free trade, Portugal will import 25 tons of steel from Germany at a price of $200 per ton.
2. Consider Figure 8.2. With free trade, Portugal produces 15 tons of steel, consumes 30 tons of steel, and imports 15 tons of steel.
3. Consider Figure 8.2. If Portugal levies a 100 percent nondiscriminatory tariff on its steel imports, it will purchase 5 tons of steel from France at a price of $500 per ton.
4. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-creation effect equals $500.
5. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-diversion effect equals $400.
6. Consider Figure 8.2. As a result of a customs union formed with France, Portugal's overall welfare rises by $900.
7. Consider Figure 8.2. If Portugal had formed a customs union with Germany, Portugal's welfare would have decreased by $500.
8. The European Union protects its agricultural producers from import competition by the use of tariff rates that vary directly with world prices.
9. Under the variable levy system of the European Union, EU farmers are protected against import competition by tariffs that vary inversely with the world price.
10. Trade creation tends to more than offset trade diversion for a home country forming a customs union with partner countries when: (1) the tariff rate in the home country is high prior to the formation of the customs union; (2) there are a large number of countries forming the customs union.
11. If Chile and Mexico form a free-trade agreement, the welfare of the two countries will necessarily increase.
12. If Chile and Mexico abolish all tariffs on each other's products while maintaining their own tariffs against other countries, these two countries have formed a customs union.
13. With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.
14. Economic integration is the process of eliminating restrictions on international trade, payments, and factor mobility.
15. When a group of countries establish a free-trade area, they achieve the highest stage of economic integration.
16. A free-trade area is an association of trading countries whose members agree to remove all trade restrictions among themselves, while each member country imposes identical trade restrictions against nonmember countries.
17. If the United Kingdom and Italy eliminate all tariffs on each other's goods and all restrictions to factor movements between them, and implement a uniform system of import restrictions against the rest of the world, these countries have formed a common market.
18. The highest stage of economic integration is a monetary union.
19. Trade creation would occur if Canada and the United States form a free-trade area, and Canadians then import less steel from the United States while importing more steel from Japan.
20. Suppose that Mexico and Canada form a free-trade area. The Mexicans then decrease refrigerator manufacturing and increase imports of refrigerators from Canada, while the Canadians decrease auto manufacturing and import more autos from Mexico. This is an example of trade creation.
21. Trade creation and trade diversion refer to the short run (static) effects of economic integration while economies of scale, stimulus to investment, and effects on competition refer to the long run (dynamic) effects.
22. For countries forming a customs union, the trade-creation effect represents a welfare loss and the trade-diversion effect represents a welfare gain.
23. In the short run, Mexico would realize overall welfare gains from becoming a member of the North American Free Trade Agreement if the resulting diseconomies of scale effect more than offset the competition effect.
24. Trade creation occurs when imports from a low-cost supplier outside of a customs union are replaced by purchases from a higher-cost supplier within the union.
25. If a customs union includes the low-cost supplier of the world, there would be no adverse trade-diversion effect that would counteract the positive trade-creation effect.
26. The potential for trade diversion is smaller when a custom union's external tariff is lower rather than higher.
27. If a customs union included all of the countries in the world, there could exist only trade creation, not trade diversion.
28. The larger the size and the greater the number of countries in a customs union, the greater will be the trade-diversion effect.
29. Over the long run, the formation of a customs union may yield welfare gains due to economies of scale, greater competition, and stimulus to investment.
30. By the mid-1990s, the European Union had essentially achieved the common market stage of economic integration.
31. At the Maastricht Summit of 1991, members of the European Union expressed the goal of achieving the common market stage of economic integration.
32. To protect its farmers from foreign competition, the European Union has utilized variable import levies and export subsidies.
33. To protect its farmers from imports of agricultural goods, the European Union has implemented tariff rates that vary directly with world prices.
34. As of 1992, the European Union had achieved the monetary union stage of economic integration.
35. The Maastricht Treaty of 1991 established a blueprint for economic union and monetary union for European Union members.
36. It is generally agreed that completing the common market stage of integration for the European Union contributed to overall welfare losses due to trade diversion exceeding trade creation.
37. Government procurement liberalization permits a country to realize cost savings resulting from the trade effect, competition effect, and economies-of-scale effect.
38. During the 1980s and 1990s, the United States negotiated free-trade agreements with Israel, Mexico, and Canada.
39. Forming a free-trade agreement with the United States provided Canadian producers a danger and an opportunity. The danger was that U.S. producers might be more price competitive than Canadian producers; the opportunity was that longer production runs for Canadian producers, made possible by a free-trade agreement, would result in cost reductions due to economies of scale.
40. Some trade creation was expected to occur as a result of the U.S.-Canada free-trade agreement, since Canadian exports to the United States and U.S. exports to Canada were expected to expand at the expense of imports from Germany and Japan that faced trade restrictions.
41. Negotiating the North American Free Trade Agreement was relatively easy since it involved meshing two large industrial countries with a developing country.
42. Critics of the North American Free Trade Agreement maintained that it would result in manufacturing firms fleeing Mexico's stringent pollution-control policies and relocating in the United States and Canada.
43. U.S. labor unions argued against the North American Free Trade Agreement on the grounds that it would result in U.S. companies relocating in Mexico in order to take advantage of lower wage rates.
44. The North American Free Trade Agreement was expected to provide proportionately smaller benefits to Mexico than to the United States or Canada.
45. In the former Soviet Union, production of capital goods was determined by the free market while consumer-goods production was determined by central planning.
46. The former Soviet Union was characterized by central economic planning and public ownership of manufacturing enterprises.
47. Pricing of consumer goods in the former Soviet Union was typically regulated by price ceilings which led to shortages.
48. The transition of the former Soviet Union from a planned economy to a market economy would require the elimination of price controls, the privatization of public property, and the promotion of business competition.
49. From the 1940s to the 1980s, the former communist countries remained isolated from the world economy, primarily due to different tariff systems among the former communist countries.
50. A political dilemma facing the former communist countries in the 1990s was that the transition from a centrally-planned economy to a market economy would result in short-run costs but long-run benefits.
SHORT ANSWER
1. What is meant by economic integration?
2. What factors influence the extent of trade creation and trade diversion?
ESSAY
1. Explain the theory of optimum currency areas.
2. Concerning transition economies, what do the advocates of shock therapy propose?
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BALLETBOYZ present FOURTEEN DAYS
The International Emmy Award-winning, all-male dance company BalletBoyz are set to return to London’s Sadler’s Wells this autumn for the world premiere of their new show Fourteen Days before embarking on tour across the UK. The new work from the recent Rose d’Or winners has been created by four internationally celebrated choreographers, alongside four eminent and completely different composers, the new work comprises of four short pieces, and will run alongside their previously acclaimed Fallen. A coproduction with Sadler’s Wells where BalletBoyz are an Associate Artist, and in association with artsdepot, Fourteen Days runs from 10th – 14th October at Sadler’s Wells with an Opening Night on Tuesday 10th October.
Choreographers Javier De Frutos (London Road), Craig Revel Horwood (West Side Story, Sunset Boulevard), Iván Pérez (Young Men) and Christopher Wheeldon (An American in Paris) have teamed up with composers Scott Walker, Charlotte Harding, Joby Talbot and Keaton Henson, with each pair given just fourteen days to work with the ensemble to create the new pieces. Playing with the concept of balance and imbalance, the result is an exciting and varied programme of dance and music in BalletBoyz’s inimitable style, performed live musicians. Fallen forms the second half of the evening, choreographed by regular BalletBoyz collaborator and Sadler’s Wells Associate Artist Russell Maliphant (Broken Fall), and set to a powerful score by French film composer Armand Amar. Fallen won the award for Best Modern Choreography at the 2013 National Dance Awards.
Javier De Frutos was born in Caracas and trained at London School of Contemporary Dance and the Merce Cunningham Studio in New York. As director, choreographer and designer, his international creations and collaborations have encompassed a variety of different disciplines and scales. He is one of only three artists in the history of the Olivier Awards to have received nominations in all dance categories. In 2000 Javier became one of the first recipients of an Arts Council Fellowship, through which he studied the works of Tennessee Williams. He recently won the Chita Rivera Award for his choreography of the film London Road. Javier has previously worked with BalletBoyz when he choreographed ‘Fiction’ for Life.
BALLETBOYZ present FOURTEEN DAYS
Craig Revel Horwood is Australian-British dancer, choreographer and theatre director. Having performed across Europe as a singer, dancer and actor, he is most famous for his judging role on Strictly Come Dancing. Craig has also choreographed and directed many shows in the West End including West Side Story and Sunset Boulevard, and has worked with BalletBoyz Artistic Directors Michael Nunn and William Trevitt in the past.
Iván Pérez is a Spanish choreographer based in the Netherlands. Iván has formerly danced with Netherlands Dance Theater (NDT) and IT Dansa, and received his degree in Performing Arts from the University Rey Juan Carlos. He won the award for ‘Best Interpretation’ during the ‘International Choreography Competition’ New York-Burgos and was nominated for the ‘Swan Best Dancer’ for his role in Indigo Rose by Jiří Kylián (2006). Previously he has worked with BalletBoyz choreographing Young Men.
Christopher Wheeldon is a British choreographer who trained at The Royal Ballet School and danced with the Company between 1991 and 1993. In 2007 Christopher founded Morphoses/The Wheeldon Company and became the first British choreographer to create a new work for the Bolshoi Ballet. His awards include the Tony Award for Best Choreography for An American in Paris, and he was made an OBE in 2016. Christopher has worked with BalletBoyz on numerous occasions in the past, including Mesmerics.
Russell Maliphant is a British choreographer who trained at the Royal Ballet School and graduated into Sadler’s Wells Royal Ballet before leaving to pursue a career in independent dance. In April 2000, he received an Arts Council Fellowship. In 2003, Russell created Broken Fall with Sylvie Guillem and George Piper Dances (now BalletBoyz). Broken Fall premiered at the Royal Opera House in December 2003 and was awarded an Olivier Award. Rise and Fall – an evening of work at Sadler’s Wells including Broken Fall – was awarded a Critics’ Circle National Dance Award for Best Choreography (Modern) in 2006.
Scott Walker is an American-born British singer-songwriter, composer and record producer. He is noted for his distinctive baritone voice and for the unorthodox career path that has taken him from 1960s pop icon to 21st-century avant-garde musician. Walker’s success has largely been in the United Kingdom, where his first three solo albums reached the top ten. Walker has lived in the UK since 1965; he became a British citizen in 1970.
Charlotte Harding graduated from the Royal College of Music, London with a first class honours degree. On graduating Charlotte won the prestigious Queen Elizabeth, The Queen Mother Rosebowl, presented by HRH Prince Charles. Charlotte is passionate about the role music can play in both health and education. She is currently an accompanist with BalletBoyz, working for the Parkinson’s CAN Dance classes. Charlotte has also been involved in leading and assisting educational workshops for BBC Symphony Orchestra and Teenage Cancer Trust.
Joby Talbot was born in Wimbledon, and studied composition at Royal Holloway and Bedford New College. Talbot’s diverse output has included a 60-minute a cappella choral journey along the Camino de Santiago for Nigel Short’s Tenebrae (Path of Miracles, 2005) and a co-production between The Royal Ballet and National Ballet of Canada, Christopher Wheeldon’s Alice’s Adventures in Wonderland (2011). Talbot also has considerable experience writing for the screen, including The League of Gentlemen and the feature film The Hitchhiker’s Guide to the Galaxy (2005). His latest film score is for Sing, the latest animation from Illumination Entertainment (Despicable Me, Minions) and writer-director Garth Jennings, released December 2016.
Keaton Henson is an English folk rock musician, visual artist and poet from London. Henson has released six studio albums. His music video for “Charon” was shortlisted for a UK MVA award in Best Budget Indie/Rock Category. “Small Hands” won Best Music Video at the Rushes Soho Shorts Film Festival in 2012. In November 2012, Henson designed a t-shirt for the Yellow Bird Project to raise money for the Teenage Cancer Trust. Henson also composed the score for the multiple Award-nominated film Young Men by BalletBoyz and BBC 2.
Armand Amar is a French composer living in Paris. In 1976 he met South African choreographer Peter Goss, who introduced him to dance. In subsequent years he worked with a number of choreographers in contemporary dance. His works are focused particularly on Eastern music and he is the author of several ballets and soundtracks films.
The current BalletBoyz Company includes: Jordan Robson, Harry Price, Marc Galvez, Simone Donati, Matthew Rees, Edward Pearce, Matthew Sandiford, Flavien Esmieu, Bradley Waller and newcomers Edd Arnold and Sean Flanagan The production will tour to: Cambridge, Chester, London, Edinburgh, Dundee, Exeter, Lichfield, Guildford, Bath, Brighton and Richmond.
LISTINGS BalletBoyz present FOURTEEN DAYS ‘The Title is in the Text’ Choreography: Javier de Frutos Music: Responsorie, composed & orchestrated by Scott Walker. Recorded by Peter Walsh. Produced & Mixed by Scott Walker & Peter Walsh. Conducted by Mark Warman. Keyboards, Music Coordination & Additional Orchestration: Mark Warman. Whispered excerpts from Speech! Speech! by Geoffrey Hill: Lisa Dwan. Spoken words written by Scott Walker: Lisa Dwan. Rapper: Killa Impact. Choir: Metro Voices. Choirmaster: Jenny O’Grady. Soloist: Sarah Eyden. Singers: Joanna Forbes L’Estrange, Ann de Renais, Emma Brain Gabbott, Sarah Eyden, Michael Dore, Sebastian Charlesworth, Jonathan Brown, Nicholas Garrett, James Mawson. Lighting Design: Paul Anderson
‘Human Animal’ Choreography: Iván Pérez Music: Joby Talbot Lighting Design: Paul Anderson
‘Us’ Choreography: Christopher Wheeldon Music: Keaton Henson Lighting Design: Paul Anderson
‘The Indicator Line’ Choreography: Craig Revel Horwood Music: Charlotte Harding Lighting Design: Paul Anderson
‘Fallen’ Choreography: Russell Maliphant Music: Armand Amar Lighting Design: Michael Hulls
TOUR DATES
LONDON, Sadler’s Wells 10th – 14th October, 7.30pm 14th October, 2.30pm Box Office 020 7863 8000 www.sadlerswells.com
CAMBRIDGE, Arts Theatre 22nd – 23rd October, 7.45pm Box Office 01223 503333 http://ift.tt/2rAjm0J
CHESTER, Story House 30th October , 7.30pm Box Office: 01244 409 113 www.storyhouse.com
LONDON, Artsdepot 2nd November, 7.30pm Box Office: 020 8369 5454 www.artsdepot.co.uk
EDINBURGH, Festival Theatre 7th November, 7.30pm Box Office: 0131 529 6000 www.edtheatres.com
DUNDEE, Dundee Rep 9th November, 8pm Box Office: 01382 2223530 www.dundeerep.co.uk
EXETER, Northcott Theatre 13th – 14th November, 7.30pm Box Office: 01392 726363 http://ift.tt/165GdBb
LICHFIELD, Garrick Theatre 18th November, 7.30pm Box Office: 01543 412121 http://ift.tt/12Hzboq
GUILDFORD, G Live 21st November, 7.30pm Box Office: 01483 369350 www.glive.co.uk
BATH, Theatre Royal 26th November, 7.30pm Box Office: 01225 448844 http://ift.tt/NsSQwJ
BRIGHTON, Brighton Dome 28th – 29th November, 7.30pm Box Office: 01273 709709 www.brightondome.org
RICHMOND, Richmond Theatre 1-2nd December, 7.30pm Box Office: 0844 871 7651 http://ift.tt/2xQhfNv
http://ift.tt/2xhLNoz LondonTheatre1.com
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ECO 305 Week 6 Quiz – Strayer
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Quiz 5 Chapter 8
CHAPTER 8
REGIONAL TRADING ARRANGEMENTS
MULTIPLE CHOICE
1. The European Union is primarily intended to permit:
a. Countries to adopt scientific tariffs on imports
b. An agricultural commodity cartel within the group
c. The adoption of export tariffs for revenue purposes
d. Free movement of resources and products among member nations
2. Which of the following represents the stage where economic integration is most complete?
a. Economic union
b. Customs union
c. Monetary union
d. Common market
3. Which of the following represents the stage where economic integration is least complete?
a. Free trade area
b. Monetary union
c. Common market
d. Customs union
4. Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the:
a. Trade diversion effect exceeds the trade creation effect
b. Trade production effect exceeds the trade consumption effect
c. Trade consumption effect exceeds the trade production effect
d. Trade creation effect exceeds the trade diversion effect
5. Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers?
a. Economic union
b. Common market
c. Free trade area
d. Customs union
6. By 1992 the European Union had become a full-fledged:
a. Economic union
b. Monetary union
c. Common market
d. Fiscal union
7. Which device has the European Union used to equalize farm-product import prices with politically determined European Union prices, regardless of shifts in world prices?
a. Variable levies
b. Import quotas
c. Import subsidies
d. Domestic content regulations
8. Which trade instrument has the European Union used to insulate its producers and consumers of agricultural goods from the impact of changing demand and supply conditions in the rest of the world?
a. Domestic content regulations
b. Variable import levies
c. Voluntary export quotas
d. Orderly marketing agreements
9. Assume that the formation of a customs union turns out to include the lowest-cost world producer of the product in question. Which effect could not occur for the participating countries?
a. Trade creation-production effect
b. Trade creation-consumption effect
c. Trade diversion
d. Scale economies and competition
10. Which organization of nations permits free trade among its members in industrial goods, while each member maintains freedom in its trade policies toward non-member countries?
a. European Union
b. Benelux
c. Council for Mutual Economic Assistance
d. North American Free Trade Association
11. Which of the following organizations is considered a regional trading arrangement?
a. Organization of Petroleum Exporting Countries
b. North Atlantic Treaty Organization
c. Benelux
d. International Tin Agreement
12. When products from high-cost suppliers within a customs union replace imports from a low-cost nation that is not a member of the customs union, there exist(s):
a. Dynamic welfare losses
b. Dynamic welfare gains
c. Trade creation
d. Trade diversion
13. Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves, establish a common tariff on imports from nonmembers, and permit free movement of capital and labor within the organization?
a. Free trade area
b. Economic union
c. Common market
d. Monetary union
14. A static welfare effect resulting from the formation of the European Union would be:
a. Economies of scale
b. Trade diversion
c. Investment incentives
d. Increased competition
15. A dynamic welfare gain resulting from the formation of the European Union would be:
a. Trade diversion
b. Trade creation
c. Diseconomies of scale
d. Economies of scale
16. Which organization was founded in 1957 whose objective was to create an economic union among its members?
a. General Agreements on Tariffs and Trade
b. Organization of Economic Cooperation and Development
c. European Union
d. Latin American Free Trade Association
17. The common agriculture policy of the European Union has supported European farmers via:
a. Export tariffs and domestic content regulations
b. Variable levies and voluntary export agreements
c. Content regulations and export subsidies
d. Export subsidies and variable levies
18. Which nation is not a member of the North American Free Trade Association?
a. Canada
b. Greenland
c. Mexico
d. United States
19. Suppose a communist country agrees to pay for delivery of machinery with goods produced by the machinery. This arrangement refers to:
a. Countertrade
b. International commodity agreements
c. Coproduction agreements
d. Trade diversion
20. NAFTA is a:
a. Monetary union
b. Free trade area
c. Common market
d. Customs union
21. Under the European Union's common agricultural policy, a variable import levy equals the:
a. Amount by which the EU's support price exceeds the world price
b. Amount by which the world price exceeds the EU's support price
c. Support price of the EU
d. World price
22. Members of the European Union find that "trade creation" is fostered when their economies are:
a. Highly competitive
b. Highly noncompetitive
c. Small in economic importance
d. Geographically distant
23. The European Union has achieved all of the following except:
a. Adopted a common fiscal policy for member nations
b. Established a common system of agricultural price supports
c. Disbanded all tariffs among its member countries
d. Levied common tariffs on products imported from nonmembers
24. When the United States, Canada, and Mexico form a free trade area, and Mexico begins importing a product from Canada rather than from the lowest cost world producer.
a. Trade diversion occurs
b. Trade creation occurs
c. World welfare rises
d. World welfare falls to zero
25. When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries, ____ occurs.
a. Trade devaluation
b. Trade revaluation
c. Trade destruction
d. Trade diversion
26. Which country is not a member of the European Union?
a. Spain
b. Germany
c. France
d. Iceland
27. The implementation of the European Union has:
a. Made it harder for Americans to compete against the Germans in the British market
b. Made it easier for Americans to compete against the Germans in the British market
c. Made it harder for Americans to compete against the Japanese in the British market
d. Made it easier for Americans to compete against the Japanese in the British market
28. The common agricultural policy of the European Union has:
a. Increased American farm exports to the EU
b. Decreased American farm exports to the EU
c. Lowered the price of American farm exports to the EU
d. Not affected the price of American farm exports to the EU
29. The implementation of a common market involves all of the following except:
a. Elimination of trade restrictions among member countries
b. A common tax system and monetary union
c. Prohibition of restrictions on factor movements
d. A common tariff levied in imports from nonmembers
30. Under the common agricultural policy, exports of any surplus quantities of EU produce are encouraged through the usage of:
a. Variable levies
b. Export subsidies
c. Import quotas
d. Countertrade
Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
31. Consider Figure 8.1. With free trade, Greece imports:
a. 3 calculators from France
b. 5 calculators from France
c. 3 calculators from Germany
d. 5 calculators from Germany
32. Consider to Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
Greece will import:
a. 1 calculator from Germany
b. 1 calculator from France
c. 3 calculators from Germany
d. 3 calculators from France
33. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
As a result of the $20 tariff, Greece's consumer surplus falls by:
a. $90
b. $100
c. $110
d. $120
34. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
The deadweight welfare loss to Greece, resulting from the $20 tariff, equals:
a. $20
b. $40
c. $60
d. $80
35. Referring to Figure 8.1, suppose Greece forms a customs union with France. Greece will import:
a. 3 calculators at a per-unit price of $30
b. 3 calculators at a per-unit price of $40
c. 6 calculators at a per-unit price of $30
d. 6 calculators at a per-unit price of $40
36. Consider Figure 8.1. The value of the trade diversion effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
37. Consider Figure 8.1. The value of the trade creation effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
38. Consider Figure 8.1. Comparing the trade creation and trade diversion effects, the impact of the Greece/France customs union on the welfare of Greece is:
a. A $5 increase in economic welfare
b. A $10 increase in economic welfare
c. A $5 decrease in economic welfare
d. No change in economic welfare
39. Consider Figure 8.1. Suppose Greece had formed a customs union with Germany, rather than France. The value of the trade diversion effect would be:
a. Zero
b. $5
c. $10
d. $15
40. According to Figure 8.1, the formation of a Greece/Germany customs union would result in:
a. $20 of trade diversion
b. $40 of trade diversion
c. $20 of trade creation
d. $40 of trade creation
41. In 1989 Canada and the United States agreed to implement a (an) ____ over a ten year period.
a. Customs union
b. Common market
c. Free trade area
d. Economic union
42. In the United States, the proposed North American Free Trade Agreement was generally supported by:
a. Labor unions
b. Electronics firms
c. Environmentalists
d. Citrus producers
43. At the Maastricht Summit of 1991, European Union negotiators called for the pursuit of a:
a. Free trade area
b. Customs union
c. Common market
d. Monetary union
44. By removing discriminatory government procurement laws within the European Union, member nations hoped to benefit from all of the following except:
a. EU governments could purchase from the cheapest foreign suppliers
b. Increased competition occurs as domestic firms compete with foreign firms previously shut out of the domestic market
c. Industries are restructured which permits surviving firms to achieve economies of scale
d. Agricultural prices fall as more farmers are allowed to produce their commodities
45. Suppose that government procurement liberalization results in the U.K. government importing automobiles from Germany, the low-cost EU manufacturer. Cost savings could result from all of the following except:
a. Competition effect
b. Scale-economy effect
c. Protective effect
d. Trade effect
46. Suppose that steel from Japan faces a 20 percent tariff in France and a 25 percent tariff in Italy, while France and Italy maintain free trade between each other. France and Italy are therefore part of a (an):
a. Free trade area
b. Customs union
c. Common market
d. Economic union
47. Suppose that Mexico and Canada form a free-trade area and Canada begins importing steel from Mexico rather than from Germany. There occurs:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
48. Suppose that Mexico and Canada form a free-trade area. Mexicans then decrease auto manufacturing and increase imports of autos from Canada, while the Canadians decrease computer production and import more computers from Mexico. This is an example of:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
49. If the United States and Canada abolish all tariffs on each other's goods and implement a common tariff on goods imported from other countries, there occurs a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
50. Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
51. The North American Free Trade Agreement was expected to benefit ____ the most.
a. Canada
b. Mexico
c. Greenland
d. United States
52. The North American Free-Trade Agreement was most strongly opposed by U.S.:
a. Electronics manufacturers
b. Labor unions
c. Commercial banks
d. Engineering companies
53. In the United States, which group was most likely to be hurt by the North American Free Trade Agreement?
a. Unskilled labor
b. Skilled labor
c. Owners of capital equipment
d. Owners of financial capital
54. By joining NAFTA, the United States, Canada, and Mexico would find their short-run welfare decreasing due to the:
a. Economies of scale effect
b. Business investment effect
c. Trade creation effect
d. Trade diversion effect
55. When Mexico became a part of NAFTA, along with Canada and the United States, it:
a. Eliminated tariffs against Canada and the United States but maintained them against nonmembers
b. Eliminated tariffs against Canada, the United States, and all nonmember countries
c. Increased tariffs against Canada the United States, and all nonmember countries
d. Increased tariffs against Canada and the United States, but did not change them against nonmember countries
56. In a centrally-planned economy:
a. Commercial decisions are made by independent buyers and sellers acting in their own interest
b. Market-determined prices are used for allocating scarce resources
c. Prices play a rationing role so that the availability of goods is made consistent with buyer preferences and income
d. Government controls prices and output of goods bought and sold, with minimal recognition given to considerations of efficiency
57. The failure of the centrally-planned economies was exemplified by all of the following except:
a. Interest rates that were below free-market levels
b. Consumer and producer goods of inferior quality
c. Declining rates of economic growth
d. Shortages of essential goods and services
58. The transition of the former communist countries to market economies requires:
a. Implementation of governmental price controls
b. Privatization of public property
c. Transforming competitive industries into monopolies
d. The sale of private industries to the government
59. The transition of the former communist countries to market economies would likely result in:
a. The implementation of price ceilings
b. The implementation of price floors
c. Price inflation
d. Price deflation
60. In the former Soviet Union, major manufacturing firms were typically:
a. Owned and operated by employee labor unions
b. Owned and operated by the government
c. Privately owned, but operated by the government
d. Publically owned, but operated by the private sector
61. The transition of the former communist countries to market economies requires all of the following except:
a. Removing domestic price controls
b. Opening economies to international competition
c. Establishing private property rights
d. Terminating the convertibility of their currencies
62. The former communist countries included all of the following except:
a. East Germany
b. Soviet Union
c. Austria
d. Poland
63. The regional trade block of the former communist countries, which lasted from 1949-1991, was known as the:
a. Eastern European Economic Area
b. Nordic Preferential Trade Agreement
c. Council for Mutual Economic Assistance
d. European Industrial Cooperation Union
64. The economic reforms of the early 1990s that occurred in the former Soviet Union and Eastern Europe resulted in:
a. The formation of the Council for Mutual Economic Assistance
b. Multinational firms refusing to operate in these nations
c. A movement from centrally-planned economies toward market economies
d. A movement from market economies toward centrally-planned economies
65. The transition from government-controlled prices to market-determined prices in the former communist countries would be expected to result in:
a. Price stability
b. Price deflation
c. Price inflation
d. None of the above
66. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with the United States. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
67. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with Mexico. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
68. As of 2002, members of the European Monetary Union agreed to replace their currencies with the:
a. mark
b. dollar
c. franc
d. euro
69. The formation of the European Monetary Union is expected to entail benefits for member countries which include all of the following except:
a. Greater certainty for investors within the EMU
b. Lower costs of transactions within the EMU
c. Independent monetary policies run by the central bank of each member country
d. Enhanced competition among companies in member countries
70. According to the theory of optimum currency areas, a currency area has the least chance for success when:
a. Countries of the currency area have differing business cycles
b. Workers have a high degree of mobility across borders of the currency area
c. Prices and wages can be adjusted in response to economic disturbances
d. A single monetary policy affects all member countries in the same manner
71. A main disadvantage of the European Monetary Union is that:
a. Each member country loses the use of monetary policy as to tool to combat recession
b. There is a high degree of labor mobility among the member countries
c. Prices are highly flexible in response to changing economic conditions
d. Wages are highly flexible in response to changing economic conditions
72. World welfare under a customs union
a. Increases due to a trade creation effect
b. Decreases due to a trade diversion effect
c. Depends on the relative strength of the trade creation effect and the trade diversion effect
d. All of the above
73. A common market
a. Allows the imposition of common external trade barriers against non-members
b. Represents less economic integration than a free trade area
c. Does not permit free movement of goods among member nations
d. Does not allow free movement of factors of production among nations
74. The gains from having an optimum currency include
a. Price differentiation
b. Lower competition
c. Lower transaction costs
d. Both b and c
75. For decades, the Eastern European countries have suffered from
a. Widespread price controls
b. Excessive competition
c. Lack of enforceable property rights
d. Both a and c
TRUE/FALSE
The figure below depicts the steel market for Portugal, a small nation that is unable to affect the world price. Assume that Germany and France can supply steel to Portugal at a price of $200 and $300 respectively.
Figure 8.2. Portugal's Steel Market
1. Consider Figure 8.2. With free trade, Portugal will import 25 tons of steel from Germany at a price of $200 per ton.
2. Consider Figure 8.2. With free trade, Portugal produces 15 tons of steel, consumes 30 tons of steel, and imports 15 tons of steel.
3. Consider Figure 8.2. If Portugal levies a 100 percent nondiscriminatory tariff on its steel imports, it will purchase 5 tons of steel from France at a price of $500 per ton.
4. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-creation effect equals $500.
5. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-diversion effect equals $400.
6. Consider Figure 8.2. As a result of a customs union formed with France, Portugal's overall welfare rises by $900.
7. Consider Figure 8.2. If Portugal had formed a customs union with Germany, Portugal's welfare would have decreased by $500.
8. The European Union protects its agricultural producers from import competition by the use of tariff rates that vary directly with world prices.
9. Under the variable levy system of the European Union, EU farmers are protected against import competition by tariffs that vary inversely with the world price.
10. Trade creation tends to more than offset trade diversion for a home country forming a customs union with partner countries when: (1) the tariff rate in the home country is high prior to the formation of the customs union; (2) there are a large number of countries forming the customs union.
11. If Chile and Mexico form a free-trade agreement, the welfare of the two countries will necessarily increase.
12. If Chile and Mexico abolish all tariffs on each other's products while maintaining their own tariffs against other countries, these two countries have formed a customs union.
13. With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.
14. Economic integration is the process of eliminating restrictions on international trade, payments, and factor mobility.
15. When a group of countries establish a free-trade area, they achieve the highest stage of economic integration.
16. A free-trade area is an association of trading countries whose members agree to remove all trade restrictions among themselves, while each member country imposes identical trade restrictions against nonmember countries.
17. If the United Kingdom and Italy eliminate all tariffs on each other's goods and all restrictions to factor movements between them, and implement a uniform system of import restrictions against the rest of the world, these countries have formed a common market.
18. The highest stage of economic integration is a monetary union.
19. Trade creation would occur if Canada and the United States form a free-trade area, and Canadians then import less steel from the United States while importing more steel from Japan.
20. Suppose that Mexico and Canada form a free-trade area. The Mexicans then decrease refrigerator manufacturing and increase imports of refrigerators from Canada, while the Canadians decrease auto manufacturing and import more autos from Mexico. This is an example of trade creation.
21. Trade creation and trade diversion refer to the short run (static) effects of economic integration while economies of scale, stimulus to investment, and effects on competition refer to the long run (dynamic) effects.
22. For countries forming a customs union, the trade-creation effect represents a welfare loss and the trade-diversion effect represents a welfare gain.
23. In the short run, Mexico would realize overall welfare gains from becoming a member of the North American Free Trade Agreement if the resulting diseconomies of scale effect more than offset the competition effect.
24. Trade creation occurs when imports from a low-cost supplier outside of a customs union are replaced by purchases from a higher-cost supplier within the union.
25. If a customs union includes the low-cost supplier of the world, there would be no adverse trade-diversion effect that would counteract the positive trade-creation effect.
26. The potential for trade diversion is smaller when a custom union's external tariff is lower rather than higher.
27. If a customs union included all of the countries in the world, there could exist only trade creation, not trade diversion.
28. The larger the size and the greater the number of countries in a customs union, the greater will be the trade-diversion effect.
29. Over the long run, the formation of a customs union may yield welfare gains due to economies of scale, greater competition, and stimulus to investment.
30. By the mid-1990s, the European Union had essentially achieved the common market stage of economic integration.
31. At the Maastricht Summit of 1991, members of the European Union expressed the goal of achieving the common market stage of economic integration.
32. To protect its farmers from foreign competition, the European Union has utilized variable import levies and export subsidies.
33. To protect its farmers from imports of agricultural goods, the European Union has implemented tariff rates that vary directly with world prices.
34. As of 1992, the European Union had achieved the monetary union stage of economic integration.
35. The Maastricht Treaty of 1991 established a blueprint for economic union and monetary union for European Union members.
36. It is generally agreed that completing the common market stage of integration for the European Union contributed to overall welfare losses due to trade diversion exceeding trade creation.
37. Government procurement liberalization permits a country to realize cost savings resulting from the trade effect, competition effect, and economies-of-scale effect.
38. During the 1980s and 1990s, the United States negotiated free-trade agreements with Israel, Mexico, and Canada.
39. Forming a free-trade agreement with the United States provided Canadian producers a danger and an opportunity. The danger was that U.S. producers might be more price competitive than Canadian producers; the opportunity was that longer production runs for Canadian producers, made possible by a free-trade agreement, would result in cost reductions due to economies of scale.
40. Some trade creation was expected to occur as a result of the U.S.-Canada free-trade agreement, since Canadian exports to the United States and U.S. exports to Canada were expected to expand at the expense of imports from Germany and Japan that faced trade restrictions.
41. Negotiating the North American Free Trade Agreement was relatively easy since it involved meshing two large industrial countries with a developing country.
42. Critics of the North American Free Trade Agreement maintained that it would result in manufacturing firms fleeing Mexico's stringent pollution-control policies and relocating in the United States and Canada.
43. U.S. labor unions argued against the North American Free Trade Agreement on the grounds that it would result in U.S. companies relocating in Mexico in order to take advantage of lower wage rates.
44. The North American Free Trade Agreement was expected to provide proportionately smaller benefits to Mexico than to the United States or Canada.
45. In the former Soviet Union, production of capital goods was determined by the free market while consumer-goods production was determined by central planning.
46. The former Soviet Union was characterized by central economic planning and public ownership of manufacturing enterprises.
47. Pricing of consumer goods in the former Soviet Union was typically regulated by price ceilings which led to shortages.
48. The transition of the former Soviet Union from a planned economy to a market economy would require the elimination of price controls, the privatization of public property, and the promotion of business competition.
49. From the 1940s to the 1980s, the former communist countries remained isolated from the world economy, primarily due to different tariff systems among the former communist countries.
50. A political dilemma facing the former communist countries in the 1990s was that the transition from a centrally-planned economy to a market economy would result in short-run costs but long-run benefits.
SHORT ANSWER
1. What is meant by economic integration?
2. What factors influence the extent of trade creation and trade diversion?
ESSAY
1. Explain the theory of optimum currency areas.
2. Concerning transition economies, what do the advocates of shock therapy propose?
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ECO 305 Week 6 Quiz – Strayer
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Quiz 5 Chapter 8
CHAPTER 8
REGIONAL TRADING ARRANGEMENTS
MULTIPLE CHOICE
1. The European Union is primarily intended to permit:
a. Countries to adopt scientific tariffs on imports
b. An agricultural commodity cartel within the group
c. The adoption of export tariffs for revenue purposes
d. Free movement of resources and products among member nations
2. Which of the following represents the stage where economic integration is most complete?
a. Economic union
b. Customs union
c. Monetary union
d. Common market
3. Which of the following represents the stage where economic integration is least complete?
a. Free trade area
b. Monetary union
c. Common market
d. Customs union
4. Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the:
a. Trade diversion effect exceeds the trade creation effect
b. Trade production effect exceeds the trade consumption effect
c. Trade consumption effect exceeds the trade production effect
d. Trade creation effect exceeds the trade diversion effect
5. Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers?
a. Economic union
b. Common market
c. Free trade area
d. Customs union
6. By 1992 the European Union had become a full-fledged:
a. Economic union
b. Monetary union
c. Common market
d. Fiscal union
7. Which device has the European Union used to equalize farm-product import prices with politically determined European Union prices, regardless of shifts in world prices?
a. Variable levies
b. Import quotas
c. Import subsidies
d. Domestic content regulations
8. Which trade instrument has the European Union used to insulate its producers and consumers of agricultural goods from the impact of changing demand and supply conditions in the rest of the world?
a. Domestic content regulations
b. Variable import levies
c. Voluntary export quotas
d. Orderly marketing agreements
9. Assume that the formation of a customs union turns out to include the lowest-cost world producer of the product in question. Which effect could not occur for the participating countries?
a. Trade creation-production effect
b. Trade creation-consumption effect
c. Trade diversion
d. Scale economies and competition
10. Which organization of nations permits free trade among its members in industrial goods, while each member maintains freedom in its trade policies toward non-member countries?
a. European Union
b. Benelux
c. Council for Mutual Economic Assistance
d. North American Free Trade Association
11. Which of the following organizations is considered a regional trading arrangement?
a. Organization of Petroleum Exporting Countries
b. North Atlantic Treaty Organization
c. Benelux
d. International Tin Agreement
12. When products from high-cost suppliers within a customs union replace imports from a low-cost nation that is not a member of the customs union, there exist(s):
a. Dynamic welfare losses
b. Dynamic welfare gains
c. Trade creation
d. Trade diversion
13. Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves, establish a common tariff on imports from nonmembers, and permit free movement of capital and labor within the organization?
a. Free trade area
b. Economic union
c. Common market
d. Monetary union
14. A static welfare effect resulting from the formation of the European Union would be:
a. Economies of scale
b. Trade diversion
c. Investment incentives
d. Increased competition
15. A dynamic welfare gain resulting from the formation of the European Union would be:
a. Trade diversion
b. Trade creation
c. Diseconomies of scale
d. Economies of scale
16. Which organization was founded in 1957 whose objective was to create an economic union among its members?
a. General Agreements on Tariffs and Trade
b. Organization of Economic Cooperation and Development
c. European Union
d. Latin American Free Trade Association
17. The common agriculture policy of the European Union has supported European farmers via:
a. Export tariffs and domestic content regulations
b. Variable levies and voluntary export agreements
c. Content regulations and export subsidies
d. Export subsidies and variable levies
18. Which nation is not a member of the North American Free Trade Association?
a. Canada
b. Greenland
c. Mexico
d. United States
19. Suppose a communist country agrees to pay for delivery of machinery with goods produced by the machinery. This arrangement refers to:
a. Countertrade
b. International commodity agreements
c. Coproduction agreements
d. Trade diversion
20. NAFTA is a:
a. Monetary union
b. Free trade area
c. Common market
d. Customs union
21. Under the European Union's common agricultural policy, a variable import levy equals the:
a. Amount by which the EU's support price exceeds the world price
b. Amount by which the world price exceeds the EU's support price
c. Support price of the EU
d. World price
22. Members of the European Union find that "trade creation" is fostered when their economies are:
a. Highly competitive
b. Highly noncompetitive
c. Small in economic importance
d. Geographically distant
23. The European Union has achieved all of the following except:
a. Adopted a common fiscal policy for member nations
b. Established a common system of agricultural price supports
c. Disbanded all tariffs among its member countries
d. Levied common tariffs on products imported from nonmembers
24. When the United States, Canada, and Mexico form a free trade area, and Mexico begins importing a product from Canada rather than from the lowest cost world producer.
a. Trade diversion occurs
b. Trade creation occurs
c. World welfare rises
d. World welfare falls to zero
25. When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries, ____ occurs.
a. Trade devaluation
b. Trade revaluation
c. Trade destruction
d. Trade diversion
26. Which country is not a member of the European Union?
a. Spain
b. Germany
c. France
d. Iceland
27. The implementation of the European Union has:
a. Made it harder for Americans to compete against the Germans in the British market
b. Made it easier for Americans to compete against the Germans in the British market
c. Made it harder for Americans to compete against the Japanese in the British market
d. Made it easier for Americans to compete against the Japanese in the British market
28. The common agricultural policy of the European Union has:
a. Increased American farm exports to the EU
b. Decreased American farm exports to the EU
c. Lowered the price of American farm exports to the EU
d. Not affected the price of American farm exports to the EU
29. The implementation of a common market involves all of the following except:
a. Elimination of trade restrictions among member countries
b. A common tax system and monetary union
c. Prohibition of restrictions on factor movements
d. A common tariff levied in imports from nonmembers
30. Under the common agricultural policy, exports of any surplus quantities of EU produce are encouraged through the usage of:
a. Variable levies
b. Export subsidies
c. Import quotas
d. Countertrade
Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
31. Consider Figure 8.1. With free trade, Greece imports:
a. 3 calculators from France
b. 5 calculators from France
c. 3 calculators from Germany
d. 5 calculators from Germany
32. Consider to Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
Greece will import:
a. 1 calculator from Germany
b. 1 calculator from France
c. 3 calculators from Germany
d. 3 calculators from France
33. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
As a result of the $20 tariff, Greece's consumer surplus falls by:
a. $90
b. $100
c. $110
d. $120
34. Consider Figure 8.1. Assume Greece levies a per-unit tariff of $20 on imports from both Germany and France.
The deadweight welfare loss to Greece, resulting from the $20 tariff, equals:
a. $20
b. $40
c. $60
d. $80
35. Referring to Figure 8.1, suppose Greece forms a customs union with France. Greece will import:
a. 3 calculators at a per-unit price of $30
b. 3 calculators at a per-unit price of $40
c. 6 calculators at a per-unit price of $30
d. 6 calculators at a per-unit price of $40
36. Consider Figure 8.1. The value of the trade diversion effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
37. Consider Figure 8.1. The value of the trade creation effect, resulting from the Greece/France customs union, equals:
a. $5
b. $10
c. $15
d. $20
38. Consider Figure 8.1. Comparing the trade creation and trade diversion effects, the impact of the Greece/France customs union on the welfare of Greece is:
a. A $5 increase in economic welfare
b. A $10 increase in economic welfare
c. A $5 decrease in economic welfare
d. No change in economic welfare
39. Consider Figure 8.1. Suppose Greece had formed a customs union with Germany, rather than France. The value of the trade diversion effect would be:
a. Zero
b. $5
c. $10
d. $15
40. According to Figure 8.1, the formation of a Greece/Germany customs union would result in:
a. $20 of trade diversion
b. $40 of trade diversion
c. $20 of trade creation
d. $40 of trade creation
41. In 1989 Canada and the United States agreed to implement a (an) ____ over a ten year period.
a. Customs union
b. Common market
c. Free trade area
d. Economic union
42. In the United States, the proposed North American Free Trade Agreement was generally supported by:
a. Labor unions
b. Electronics firms
c. Environmentalists
d. Citrus producers
43. At the Maastricht Summit of 1991, European Union negotiators called for the pursuit of a:
a. Free trade area
b. Customs union
c. Common market
d. Monetary union
44. By removing discriminatory government procurement laws within the European Union, member nations hoped to benefit from all of the following except:
a. EU governments could purchase from the cheapest foreign suppliers
b. Increased competition occurs as domestic firms compete with foreign firms previously shut out of the domestic market
c. Industries are restructured which permits surviving firms to achieve economies of scale
d. Agricultural prices fall as more farmers are allowed to produce their commodities
45. Suppose that government procurement liberalization results in the U.K. government importing automobiles from Germany, the low-cost EU manufacturer. Cost savings could result from all of the following except:
a. Competition effect
b. Scale-economy effect
c. Protective effect
d. Trade effect
46. Suppose that steel from Japan faces a 20 percent tariff in France and a 25 percent tariff in Italy, while France and Italy maintain free trade between each other. France and Italy are therefore part of a (an):
a. Free trade area
b. Customs union
c. Common market
d. Economic union
47. Suppose that Mexico and Canada form a free-trade area and Canada begins importing steel from Mexico rather than from Germany. There occurs:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
48. Suppose that Mexico and Canada form a free-trade area. Mexicans then decrease auto manufacturing and increase imports of autos from Canada, while the Canadians decrease computer production and import more computers from Mexico. This is an example of:
a. Trade diversion
b. Trade creation
c. Trade destruction
d. Trade exhaustion
49. If the United States and Canada abolish all tariffs on each other's goods and implement a common tariff on goods imported from other countries, there occurs a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
50. Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an):
a. Free-trade area
b. Customs union
c. Common market
d. Economic union
51. The North American Free Trade Agreement was expected to benefit ____ the most.
a. Canada
b. Mexico
c. Greenland
d. United States
52. The North American Free-Trade Agreement was most strongly opposed by U.S.:
a. Electronics manufacturers
b. Labor unions
c. Commercial banks
d. Engineering companies
53. In the United States, which group was most likely to be hurt by the North American Free Trade Agreement?
a. Unskilled labor
b. Skilled labor
c. Owners of capital equipment
d. Owners of financial capital
54. By joining NAFTA, the United States, Canada, and Mexico would find their short-run welfare decreasing due to the:
a. Economies of scale effect
b. Business investment effect
c. Trade creation effect
d. Trade diversion effect
55. When Mexico became a part of NAFTA, along with Canada and the United States, it:
a. Eliminated tariffs against Canada and the United States but maintained them against nonmembers
b. Eliminated tariffs against Canada, the United States, and all nonmember countries
c. Increased tariffs against Canada the United States, and all nonmember countries
d. Increased tariffs against Canada and the United States, but did not change them against nonmember countries
56. In a centrally-planned economy:
a. Commercial decisions are made by independent buyers and sellers acting in their own interest
b. Market-determined prices are used for allocating scarce resources
c. Prices play a rationing role so that the availability of goods is made consistent with buyer preferences and income
d. Government controls prices and output of goods bought and sold, with minimal recognition given to considerations of efficiency
57. The failure of the centrally-planned economies was exemplified by all of the following except:
a. Interest rates that were below free-market levels
b. Consumer and producer goods of inferior quality
c. Declining rates of economic growth
d. Shortages of essential goods and services
58. The transition of the former communist countries to market economies requires:
a. Implementation of governmental price controls
b. Privatization of public property
c. Transforming competitive industries into monopolies
d. The sale of private industries to the government
59. The transition of the former communist countries to market economies would likely result in:
a. The implementation of price ceilings
b. The implementation of price floors
c. Price inflation
d. Price deflation
60. In the former Soviet Union, major manufacturing firms were typically:
a. Owned and operated by employee labor unions
b. Owned and operated by the government
c. Privately owned, but operated by the government
d. Publically owned, but operated by the private sector
61. The transition of the former communist countries to market economies requires all of the following except:
a. Removing domestic price controls
b. Opening economies to international competition
c. Establishing private property rights
d. Terminating the convertibility of their currencies
62. The former communist countries included all of the following except:
a. East Germany
b. Soviet Union
c. Austria
d. Poland
63. The regional trade block of the former communist countries, which lasted from 1949-1991, was known as the:
a. Eastern European Economic Area
b. Nordic Preferential Trade Agreement
c. Council for Mutual Economic Assistance
d. European Industrial Cooperation Union
64. The economic reforms of the early 1990s that occurred in the former Soviet Union and Eastern Europe resulted in:
a. The formation of the Council for Mutual Economic Assistance
b. Multinational firms refusing to operate in these nations
c. A movement from centrally-planned economies toward market economies
d. A movement from market economies toward centrally-planned economies
65. The transition from government-controlled prices to market-determined prices in the former communist countries would be expected to result in:
a. Price stability
b. Price deflation
c. Price inflation
d. None of the above
66. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with the United States. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
67. Suppose that Canada has domestic firms that could supply its entire market for radios at a price of $50, while U.S. firms could supply radios at $40 and Mexico at $30. Suppose that Canada initially has a 50 percent tariff on imports of radios and then forms a free trade area with Mexico. As a result, Canada realizes:
a. Trade creation, no trade diversion, and overall welfare gains
b. Trade creation, no trade diversion, and overall welfare losses
c. Trade diversion, no trade creation, and potential overall welfare losses
d. Trade diversion, trade creation, and potential overall welfare gains
68. As of 2002, members of the European Monetary Union agreed to replace their currencies with the:
a. mark
b. dollar
c. franc
d. euro
69. The formation of the European Monetary Union is expected to entail benefits for member countries which include all of the following except:
a. Greater certainty for investors within the EMU
b. Lower costs of transactions within the EMU
c. Independent monetary policies run by the central bank of each member country
d. Enhanced competition among companies in member countries
70. According to the theory of optimum currency areas, a currency area has the least chance for success when:
a. Countries of the currency area have differing business cycles
b. Workers have a high degree of mobility across borders of the currency area
c. Prices and wages can be adjusted in response to economic disturbances
d. A single monetary policy affects all member countries in the same manner
71. A main disadvantage of the European Monetary Union is that:
a. Each member country loses the use of monetary policy as to tool to combat recession
b. There is a high degree of labor mobility among the member countries
c. Prices are highly flexible in response to changing economic conditions
d. Wages are highly flexible in response to changing economic conditions
72. World welfare under a customs union
a. Increases due to a trade creation effect
b. Decreases due to a trade diversion effect
c. Depends on the relative strength of the trade creation effect and the trade diversion effect
d. All of the above
73. A common market
a. Allows the imposition of common external trade barriers against non-members
b. Represents less economic integration than a free trade area
c. Does not permit free movement of goods among member nations
d. Does not allow free movement of factors of production among nations
74. The gains from having an optimum currency include
a. Price differentiation
b. Lower competition
c. Lower transaction costs
d. Both b and c
75. For decades, the Eastern European countries have suffered from
a. Widespread price controls
b. Excessive competition
c. Lack of enforceable property rights
d. Both a and c
TRUE/FALSE
The figure below depicts the steel market for Portugal, a small nation that is unable to affect the world price. Assume that Germany and France can supply steel to Portugal at a price of $200 and $300 respectively.
Figure 8.2. Portugal's Steel Market
1. Consider Figure 8.2. With free trade, Portugal will import 25 tons of steel from Germany at a price of $200 per ton.
2. Consider Figure 8.2. With free trade, Portugal produces 15 tons of steel, consumes 30 tons of steel, and imports 15 tons of steel.
3. Consider Figure 8.2. If Portugal levies a 100 percent nondiscriminatory tariff on its steel imports, it will purchase 5 tons of steel from France at a price of $500 per ton.
4. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-creation effect equals $500.
5. Consider Figure 8.2. If Portugal forms a customs union with France, the resulting trade-diversion effect equals $400.
6. Consider Figure 8.2. As a result of a customs union formed with France, Portugal's overall welfare rises by $900.
7. Consider Figure 8.2. If Portugal had formed a customs union with Germany, Portugal's welfare would have decreased by $500.
8. The European Union protects its agricultural producers from import competition by the use of tariff rates that vary directly with world prices.
9. Under the variable levy system of the European Union, EU farmers are protected against import competition by tariffs that vary inversely with the world price.
10. Trade creation tends to more than offset trade diversion for a home country forming a customs union with partner countries when: (1) the tariff rate in the home country is high prior to the formation of the customs union; (2) there are a large number of countries forming the customs union.
11. If Chile and Mexico form a free-trade agreement, the welfare of the two countries will necessarily increase.
12. If Chile and Mexico abolish all tariffs on each other's products while maintaining their own tariffs against other countries, these two countries have formed a customs union.
13. With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.
14. Economic integration is the process of eliminating restrictions on international trade, payments, and factor mobility.
15. When a group of countries establish a free-trade area, they achieve the highest stage of economic integration.
16. A free-trade area is an association of trading countries whose members agree to remove all trade restrictions among themselves, while each member country imposes identical trade restrictions against nonmember countries.
17. If the United Kingdom and Italy eliminate all tariffs on each other's goods and all restrictions to factor movements between them, and implement a uniform system of import restrictions against the rest of the world, these countries have formed a common market.
18. The highest stage of economic integration is a monetary union.
19. Trade creation would occur if Canada and the United States form a free-trade area, and Canadians then import less steel from the United States while importing more steel from Japan.
20. Suppose that Mexico and Canada form a free-trade area. The Mexicans then decrease refrigerator manufacturing and increase imports of refrigerators from Canada, while the Canadians decrease auto manufacturing and import more autos from Mexico. This is an example of trade creation.
21. Trade creation and trade diversion refer to the short run (static) effects of economic integration while economies of scale, stimulus to investment, and effects on competition refer to the long run (dynamic) effects.
22. For countries forming a customs union, the trade-creation effect represents a welfare loss and the trade-diversion effect represents a welfare gain.
23. In the short run, Mexico would realize overall welfare gains from becoming a member of the North American Free Trade Agreement if the resulting diseconomies of scale effect more than offset the competition effect.
24. Trade creation occurs when imports from a low-cost supplier outside of a customs union are replaced by purchases from a higher-cost supplier within the union.
25. If a customs union includes the low-cost supplier of the world, there would be no adverse trade-diversion effect that would counteract the positive trade-creation effect.
26. The potential for trade diversion is smaller when a custom union's external tariff is lower rather than higher.
27. If a customs union included all of the countries in the world, there could exist only trade creation, not trade diversion.
28. The larger the size and the greater the number of countries in a customs union, the greater will be the trade-diversion effect.
29. Over the long run, the formation of a customs union may yield welfare gains due to economies of scale, greater competition, and stimulus to investment.
30. By the mid-1990s, the European Union had essentially achieved the common market stage of economic integration.
31. At the Maastricht Summit of 1991, members of the European Union expressed the goal of achieving the common market stage of economic integration.
32. To protect its farmers from foreign competition, the European Union has utilized variable import levies and export subsidies.
33. To protect its farmers from imports of agricultural goods, the European Union has implemented tariff rates that vary directly with world prices.
34. As of 1992, the European Union had achieved the monetary union stage of economic integration.
35. The Maastricht Treaty of 1991 established a blueprint for economic union and monetary union for European Union members.
36. It is generally agreed that completing the common market stage of integration for the European Union contributed to overall welfare losses due to trade diversion exceeding trade creation.
37. Government procurement liberalization permits a country to realize cost savings resulting from the trade effect, competition effect, and economies-of-scale effect.
38. During the 1980s and 1990s, the United States negotiated free-trade agreements with Israel, Mexico, and Canada.
39. Forming a free-trade agreement with the United States provided Canadian producers a danger and an opportunity. The danger was that U.S. producers might be more price competitive than Canadian producers; the opportunity was that longer production runs for Canadian producers, made possible by a free-trade agreement, would result in cost reductions due to economies of scale.
40. Some trade creation was expected to occur as a result of the U.S.-Canada free-trade agreement, since Canadian exports to the United States and U.S. exports to Canada were expected to expand at the expense of imports from Germany and Japan that faced trade restrictions.
41. Negotiating the North American Free Trade Agreement was relatively easy since it involved meshing two large industrial countries with a developing country.
42. Critics of the North American Free Trade Agreement maintained that it would result in manufacturing firms fleeing Mexico's stringent pollution-control policies and relocating in the United States and Canada.
43. U.S. labor unions argued against the North American Free Trade Agreement on the grounds that it would result in U.S. companies relocating in Mexico in order to take advantage of lower wage rates.
44. The North American Free Trade Agreement was expected to provide proportionately smaller benefits to Mexico than to the United States or Canada.
45. In the former Soviet Union, production of capital goods was determined by the free market while consumer-goods production was determined by central planning.
46. The former Soviet Union was characterized by central economic planning and public ownership of manufacturing enterprises.
47. Pricing of consumer goods in the former Soviet Union was typically regulated by price ceilings which led to shortages.
48. The transition of the former Soviet Union from a planned economy to a market economy would require the elimination of price controls, the privatization of public property, and the promotion of business competition.
49. From the 1940s to the 1980s, the former communist countries remained isolated from the world economy, primarily due to different tariff systems among the former communist countries.
50. A political dilemma facing the former communist countries in the 1990s was that the transition from a centrally-planned economy to a market economy would result in short-run costs but long-run benefits.
SHORT ANSWER
1. What is meant by economic integration?
2. What factors influence the extent of trade creation and trade diversion?
ESSAY
1. Explain the theory of optimum currency areas.
2. Concerning transition economies, what do the advocates of shock therapy propose?
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The Old Dark House (1963)
"You mean you like it here? I mean... You like all this? Well, maybe I didn't put it the right way..."
"Oh, but you have, Mr. Penderel, very frank of you. Quite American."
#the old dark house#1963#british american coproduction#hammer films#william castle#horror film#tom poston#robert morley#janette scott#joyce grenfell#mervyn johns#fenella fielding#peter bull#danny green#on paper this should have been a masterpiece#hammer horror working with william castle?#on a remake of the old dark house#one of the greatest early horror films?#but it doesn't really work. the tone is off. it plays for comedy but mostly it doesn't work#poston works hard as do all the cast#but it has none of the charm of the original sadly#and none of the feel of a classic hammer film#nor the originality of a william castle picture#ho hum. its a shame but this just doesn't work#fenella fielding is wonderful though#not released in the uk until 1966#you have to wonder if hammer were reluctant to release one of their weakest films on their home turf#there were one or two lines that got a laugh but if you try your hand at the (very difficult) genre of comedy horror#it has to be funnier than this
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An Inside View On Straightforward Filmmaker Business Systems
desiree gruber
Film London has announced a raft of new international partnerships for the 2017 edition of its Production Finance Market (PFM), which will run October 9-11. The annual event, now in its 11th year, is the U.K.’s only film finance market and runs concurrently with the BFI London Film Festival. It brings together filmmakers and financiers from around the world with the aim of bringing new features into production and is open to experienced producers with projects budgeted at €1 million ($1.1 million) and above. It also features a Micro Market strand open to projects budgeted below €1 million. This year Film London looks to further broaden the PFM’s global reach through new international partnerships with Argentina’s National Institute of Cinema and Audiovisual Arts ( INCAA ), Italy’s Apulia Film Commission, and the Luxembourg-based European producers training, development and networking organization EAVE . Adrian Wootton, chief executive of Film London and the British Film Commission, said such partnerships were key to the PFM’s ongoing success. “PFM has always been about bringing the global film business to London, and every year we strive to give filmmakers and financiers access to opportunities and connections they wouldn’t get anywhere else,” said Wootton. The INCAA will become Film London’s strategic Latin American partner identifying and recommending promising producers with projects from the region that are seeking international finance. EAVE will fulfill a similar capacity in terms of identifying European producers with suitably developed projects for the PFM. The partnership with the Apulia Film Commission will see the Italian agency identify two local projects to take part in the London market. In exchange Film London will propose British producers to attend Apulia’s Mediterranean Co-production Forum. This year’s event also sees the return of its tripartite partnership between Trieste’s When East Meets West, Rome’s MIA|Cinema Coproduction Market, and the PFM: TRL Espresso, which fast-tracks a feature chosen at Trieste through the two European markets.
For the original version including any supplementary images or video, visit http://variety.com/2017/film/finance/film-londons-production-finance-market-announces-new-partnerships-2017-dates-exclusive-1202434338/
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The Latest Options For Rudimentary Programs
Warner Brothers also has another massive franchise underway with the Fantastic Beasts films drawing on the world of Harry Potter. The Marvel Cinematic Universe has been immensely successful. [Image: Marvel Studios Even smaller budget films are embracing the idea of shared universes. M Night Shaymalan’s recent surprise hit Split has connections to his earlier film Unbreakable . Conjuring director James Wan’s latest horror film efforts are pitched as “part of the Conjuring universe” . There are even rumours that new adaptations of Stephen King’s The Dark Tower and IT might tap into this shared universe zeitgeist. With a legacy spanning decades that is arguably older than Marvel and DC, it remains to be seen if Universal can replicate these franchises’ successes. Indeed, the marketing campaign for Universal’s Dark Universe taps into nostalgia for black and white film monsters and Hammer Horror. Arguably there are two important factors that underpin the success of these franchises: big budget film franchises are both recession as well as critic proof, important considerations in a post-GFC world that has witnessed the rise of online “film critics” on aggregate sites such as IMDB and Rotten Tomatoes . Post recession, the price of entry to the cinema (the price of a smashed avocado breakfast or less) has sustained movies as a form of popular entertainment. It is arguably in this climate that the idea for the Marvel cinematic universe first began, after the release of John Favreau’s Iron Man in 2008. Indeed, the film industry has long been regarded as “recession proof” .
For the original version including any supplementary images or video, visit https://www.lifehacker.com.au/2017/06/will-the-superhero-films-ever-end/
desiree gruber
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To our Friends, Colleagues and Supporters: We at Invictus Films and Lead To Gold Productions are very pleased to announce that we have contractually affirmed our alliance in the form of the "Keystone Three", or KEY3; three Philadelphia area specific films that we will develop, produce and release as part of our collaboration! These will include: RENDEZVOUS (Director: Alexander Emmert, Written by Alexander Emmert and Jim Waltzer, based on the short story by Jim Waltzer): many of the area's talent have known about "Rendezvous" for the past four years, since it was once part of a slate of films that was to be shot in Philadelphia in '12-'13. Unfortunately, that slate fell apart for several reasons, and W/D Emmert traveled elsewhere afterwards to fulfill other personal and professional commitments. Now having returned to the area on a consistent basis, Emmert and Producer CFA Weiss, along with Lead To Gold Productions head Troy Nelson, will rebuild the project with those originally involved (whether in older or newer roles) as well as some new local allies as well! Please stay tuned for more information on this film's preproduction activities in the coming weeks! LIGEIA (Director: Alexander Emmert, written by Alexander Emmert, adapted from Edgar Allan Poe's novella): after beginning a brief online campaign for this film two years ago (which featured many technical problems in the online platform which we were using for funding, IndieGoGo), we are going to reboot Poe's classic tale of love, death, and resurrection in a newer format, though still utilizing our prerogatives for an independent festival run. There will be new information regarding a Pennsylvania/Delaware production of the film forthcoming! AMERICAN KIDZ (Director: Troy Anthony Nelson, written by Alexander Emmert and Troy Nelson, an original screenplay): in the first home-grown feature from Lead To Gold Productions, Troy Nelson's "American Kidz", which had a short sizzler/teaser shot and exhibited locally in the Southeastern Pennsylvania region in 2016, local development and planning has started as Emmert and Nelson complete the feature version's script. Our many local friends and colleagues who have collaborated on the initial short version of the film will soon be contacted with information about further participation and collaboration in the production! Additionally, we are happy to announce that we will - in addition to the above titles - also add a short film production entitled "THE SIN EATERS", which will be directed by CFA Weiss, written by Emmert, and produced by Invictus Films and Lead To Gold Productions, as well as an additional, hitherto unnamed short, which will be directed by Troy Anthony Nelson. We will be pursuing additional cast and crew for these films in upcoming months. Alexander has returned to the Northeast, and will be handling several professional, personal and family matters in the region throughout 2017-2018, and returning with him will be yet more titles, which were to be inclusions on another slate of films; these, though they had been revised to be shot and to take place elsewhere, will be restored to their originally intended settings in the region. Thusly Emmert, Weiss and Nelson will also continue to develop and produce these and other projects as collaborative coproductions that bear the name of our production shingles, Invictus Films and Lead To Gold. Alexander will be working from Malvern, Pennsylvania (near his parents' home in Valley Forge) and also the WME offices in New York, along with Christine and Troy in Chester and Montgomery counties, PA, and in the city of Philadelphia. Many other of our postproduction, distribution, musical, and other business prerogatives will take place in between shooting dates on the West Coast with the Los Angeles team, and in London, with the British and Irish squads! We are very excited for new phase in both companies' histories, and look forward to sharing these events, projects, productions and activities with all of you! We hope that you all enjoyed a wonderful holiday season, and are looking forward to 2017 and beyond with as much enthusiasm and energy as we have! We love you, and cannot do this without you! Most Sincerely, Alexander Emmert Troy Anthony Nelson CFA Weiss
#invictusfilms#leadtogold#indiefilm#support indiefilm#support indie film#Ligeia#rendezvous#americankidz
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Harry Potter And The Philosopher's Stone (Harry Potter And The Sorcerer's Stone, 2001)
"It does not do to dwell on dreams, Harry, and forget to live."
#harry potter#harry potter and the philosopher's stone#harry potter and the sorcerer's stone#fantasy film#british american coproduction#films i done watched#daniel radcliffe#emma watson#rupert grint#richard harris#maggie smith#robbie coltrane#tom felton#richard griffiths#ian hart#john hurt#alan rickman#fiona shaw#julie walters#book adaptation#j k rowling#rewatching this after many many years#me and a friend are gonna rewatch the lot#and we hoped to get through the first two today#but jeez this is actually a really long film#so we only got one done#chris columbus#it's pretty twinkly and fun this#even if memes have rendered much of it ridiculous#i'm torn on the dumbledore argument as i love them both
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