Economic Integration
In your own words, describe what is economic integration.
It is the coming together of national economies to operate as one economy.
What does CSME stand for?
CARICOM Single Market and Economy
True or False
The CSME allows for the free movement of skilled labor with participating member states.
True
Which of the following is not a benefit of the CSEM?
A.) Increased Opportunities for Trade and Investment
B.) Free Movement of Labor
C.) Enhanced Economic Growth
D.) Loss of cultural significance
D.) Loss of cultural significance
Who are the members of the North American Free Trade Agreement (NAFTA)?
USA, Canada and Mexico
What is a disadvantage of economic integration?
Developing countries become dependent on more developed nations, thus becoming depressed regions.
The CSME enables what region's financial, natural, and human resources to come together to develop economic power?
The Caribbean region
Which of the following is NOT a feature of the CSME?
a) Free movement of goods
b) Common external tariff
c) Free movement of capital
d) Harmonized fiscal policies
d)Harmonized fiscal policies
True or False
Did the CSME have economic, monetary and fiscal policies to support its proper functioning?
True
The European Union was born out of the_______ and established in __________.
a. Europe treaty, 1960
b. European Economic Community, 1992
c. European Commission, 1986
d. Europe Community, 2000
b. European Economic Community, 1992
How does economic integration postively affect an economy?
Economic integration usually results in lower trade costs, better and wider selection of available goods and services, and efficiency benefits that increase purchasing pow
The CSME came into being on?
30 January 2006
What is the significance of the CSME’s Common External Tariff (CET)?
a)It encourages import restrictions
b) It promotes trade with non-member states
c) It creates a level playing field for imports
d) It imposes tariffs on intra-regional trade
c) It creates a level playing field for imports
What are the 1 of the main objectives of the CSME?
Promote Economic Integration
Facilitate Free Movement of goods and services
Assisting Member states
Strengthen Regional Cooperation
(any of these answers are valid)
This is a common market in the South American countries of Argentina, Brazil, Uruguay, Paraguay, and Venezuela.
Southern Common Market or Mercado Comun del Sur (MERCOSUR)
True or False
NAFTA (North American Free Trade Agreement) is an example of Economic Integration.
True
True or False
Was Belize among the countries that signed the declaration of the CSME when it came into being?
True
How does the CSME facilitate the movement of capital among member states?
a) By harmonizing interest rates across the region
b) By eliminating restrictions on the transfer of funds
c) By requiring approval for all cross-border investments
b) By eliminating restrictions on the transfer of funds
What did the CSME aim to become beyond a common market?
The CSME aimed to move beyond a common market towards a Single Market and Economy.
ASEAN stand for?
The Association of Southeast Asian Nations
What is the correct order of the stages of economic integration?
free trade area, to customs union, to common or single market, to economic union.
Name the countries that became part of the CSME on 3, July 2006.
Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
Which institution oversees the implementation and operation of the CSME?
a) Caribbean Development Bank (CDB)
b) Caribbean Court of Justice (CCJ)
c) Caribbean Community (CARICOM) Secretariat
d) Organization of Eastern Caribbean States (OECS)
c) Caribbean Community (CARICOM) Secretariat
How does the CSME impact trade within the Caribbean region?
It allows for the removal of trade barriers, promotes the free movement of goods and services, and encourages regional firms to develop and compete more effectively.
Which economic integration aims at the eventful integration of its members and economies, and the creation of a common market?
CARICOM