What are the European Union (EU) different institutions?
5 points correct answers 1. European Council
2. European Commission
3. European Parliament
4. Court of Justice
5. General Court
EU- Define European Council correct answers The ultimate controlling authority in the EU
EU- Define Eu...
INBU-3301 Final Exam Review || A+ Graded Already.
What are the European Union (EU) different institutions?
5 points correct answers 1. European Council
2. European Commission
3. European Parliament
4. Court of Justice
5. General Court
EU- Define European Council correct answers The ultimate controlling authority in the EU
EU- Define European Commission correct answers Responsible for proposing EU legislation,
implementing them, and monitering compliance with EU laws by member states
EU- Define European Parliament correct answers Debates legislation proposed by the
commission and forwarded to it by the council
EU- Define Court of Justice correct answers The supreme appeals court for EU law
EU- Define General Court correct answers Individual complaints of alleged human rights
violations
Who and What is the North American Free Trade Agreement (NAFTA) 6 points correct answers
Includes the United States, Canada, Mexico
1. Abolished tariffs on 99% of the goods traded between members
2. Removed barriers on the cross-border flow of services
3. Protects intellectual property rights
4. Removes most restrictions on FDI between members
5.Allows each country to apply its own environmental standards
6. Establishes two commissions to impose fines and remove trade privileges when environmental
or legislation involving health and safety, minimum wages, or child labor are ignored
What are the 3 different Regional Trade Agreements (RTA)? correct answers 1. Andean
Community
2. Association of Southeast Asain Nations (ASEAN)
3. Asia-Pacific Economic Cooperation (APEC)
RTA- What is? 5
Andean Community:
5 points correct answers - Originally called Andean Pact
- Formed in 1969 using EU Model, but failed by mid-1980s
- Was re-launched in 1990, and now operates as a customs union
- Renamed to Andean Community in 1997
- Signed agreement in 2003 with Mercosur to restart negotiations towards the creation of a Free
Trade Area
, RTA- What is?
Association of Southeast Asian Nations (ASEAN):
2 points correct answers - Has 10 countries, incl. Vietnam, Cambodia, Laos
- Wants to foster free trade between member countries and to achieve some cooperation in their
industrial policies
RTA- What is?
Asia-Pacific Economic Cooperation (APEC):
3 points correct answers - Has 21 members incl. United States, China, Japan
- Wants to increase multilateral cooperation
- Member states account for 55% of world's GNP, and 49% of World Trade
What is a Value Chain Analysis? correct answers All different activities within a firm. Them
being primary and secondary activities.
Value Chain Analysis
What is a Primary Activity?
4 points correct answers - Research & Development (R&D)
- Production
- Marketing & Sales
- Customer Service
Value Chain Analysis
What is a Secondary Activity?
3 points correct answers - Information Systems
- Logistics
- Human Resources
What are Tariffs?
3 points correct answers - Taxes collected on imports that raise cost of imported goods relative to
domestic goods
- Increase Gov. revenues
- Is pro domestic producer and anti-consumer
What are Specific Tariffs? correct answers Collects as fixed charge per unit of a good imported
What are Ad Valorem Tariffs? correct answers Collects as proportion of value of imported goods
What are Subsidies?
3 points correct answers - Gov. funding for incentives on domestic producers
- Help/ protect domestic producers by competing again low-cost foreign imports, and gain export
markets
- Consumer absorbs cost of subsidies
What are Local Content Regulations/ Requirements? correct answers - Demand specific
fraction/percentages of goods produced domestically
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