ASEAN Regional Economic Association Quiz
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Questions and Answers

What was the primary goal of the ASEAN Free Trade Area (AFTA) when it was established in 1992?

  • To increase intra-ASEAN trade and investments (correct)
  • To completely eliminate tariffs on all products
  • To focus solely on attracting foreign investment
  • To forfeit control of areas to foreign investors
  • Which of the following sectors have significant emphasis in the intra-ASEAN trade promoted by AFTA?

  • Healthcare and pharmaceuticals
  • Electronics and automotive products (correct)
  • Construction and real estate
  • Aerospace and military equipment
  • What was the tarif situation in the the ASEAN zone in 2021 as a result of AFTA's efforts?

  • Negligible, effectively zero (correct)
  • More than ten percent
  • Around seven percent
  • Significantly increasing compared to 1996
  • Which regional economic agreement extends the economic area of the ASEAN nations beyond their own geographic borders?

    <p>Regional Comprehensive Economic Partnership (RCEP)</p> Signup and view all the answers

    What was the estimated total amount of potential tourism and trade losses in the ASEAN region due to the pandemic?

    <p>Close to $400 billion</p> Signup and view all the answers

    Which of the following is NOT a security concern highlighted in the ASEAN region according to the text?

    <p>Environmental pollution</p> Signup and view all the answers

    What is the main goal of a regional economic association?

    <p>Remove barriers to trade within the region</p> Signup and view all the answers

    Which trade theory supports agreements promoting freer trade within regions?

    <p>Comparative advantage</p> Signup and view all the answers

    When was the North American Free Trade Agreement (NAFTA) implemented?

    <p>1994</p> Signup and view all the answers

    Which major country was NOT a part of the North American Free Trade Agreement (NAFTA)?

    <p>China</p> Signup and view all the answers

    What is the main goal of the Association of Southeast Asian Nations (ASEAN)?

    <p>Promote socio-cultural, economic, and political advancement</p> Signup and view all the answers

    What was the purpose of phasing out tariffs between NAFTA countries over several years?

    <p>To allow time for economic adjustments</p> Signup and view all the answers

    When was the Association of Southeast Asian Nations (ASEAN) officially formed?

    <p>1967</p> Signup and view all the answers

    Which U.S. Administration signed the North American Free Trade Agreement (NAFTA) into law?

    <p>Barack Obama administration</p> Signup and view all the answers

    What was the original purpose of ASEAN when it was formed?

    <p>Contain the spread of communism</p> Signup and view all the answers

    What is the role of ASEAN in relation to Asia-Pacific Economic Cooperation (APEC)?

    <p>It is an official observer of APEC</p> Signup and view all the answers

    Which of the following countries was NOT among the initial five members of ASEAN?

    <p>Vietnam</p> Signup and view all the answers

    What type of cooperation do member states engage in under the Caribbean Single Market and Economy (CSME)?

    <p>Monetary and fiscal policies sharing</p> Signup and view all the answers

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