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21) A(n) ________ community is a group of nations organized to work toward common goals in the regulation of international trade. A) joint venture B) strategic marketing C) economic D) joint-stock E) multilateral 22) Economic communities are also known as ________. A) global firms B) free trade zones C) management communities D) production communities E) open channels 23) Which of the following is an example of an economic community? A) NATO B) BRIC C) NAFTA D) GATT E) WTO 24) Formed in 1957, the ________ set out to create a single European market by reducing barriers to the free flow of products, services, finances, and labor among member countries and developing policies on trade with nonmember nations. A) Uruguay Round B) European Union C) European Organization D) European Central Bank E) CAFTA 25) Which of the following is a threat posed by the EU? A) Europe could heap favors on firms from EU countries but hinder outsiders by imposing obstacles. B) European companies have become less competitive. C) European companies have begun to monopolize international markets. D) The EU has toughened the international protection of copyrights, patents, and trademarks. E) The EU has reduced Europe’s remaining merchandise tariffs by 30 percent. 26) The EU helped unify Europe by adopting the ________ as a common currency. A) Eurodollar B) euro C) franc D) Deutsche Mark E) peseta 27) In 1994, ________ established a free trade zone among the United States, Canada, and Mexico. A) GATT B) WTO C) NAFTA D) EU E) CAFTA 28) Trusted Wholesalers is a company that purchases products produced in Mexico and sells them to companies based in the United States and Canada. Management at Trusted Wholesalers would most likely be interested in becoming experts in the policies developed by the ________. A) EU B) NAFTA C) CAFTA-DR D) APTA E) BRIC 29) In 2005, the ________ established a free trade zone between the United States and Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. A) CAFTA-DR B) FTAA C) CAN D) NAFTA E) EU 30) Trusted Wholesalers is a company that currently purchases products made in Mexico and sells them to companies based in the United States and Canada. Trusted Wholesalers is considering whether to also purchase products produced in Costa Rica and the Dominican Republic. To make their decision, members of management at Trusted Wholesalers will most likely evaluate the agreements made by ________. A) the EU B) NAFTA C) CAFTA-DR D) MCAN E) UNASUR