It is acartel of oil exporting countriesand an intergovernmental organization of 13 countries consisting ofAlgeria. Angola. Congo. Equatorial Guinea. Gabon. Iran. Iraq. Kuwait. Libya. Nigeria. Saudi Arabia. United Arab Emirates. Venezuela founded on September 14, 19060 in Baghdad, Iraq and headquartered in Vienna, Austria.

a.Association of Southeast Asian Nations

b.Organization of Petroleum Exporting Countries

c.Southern Common Market

d.Asia Pacific Economic Cooperation

TheEuropean Free Trade Association (EFTA)is an intergovernmental organization set up for the promotion of free trade and economic integration to the benefit of its four Member States namely

a.Argentina, Brazil, Paraguay, Uruguay and Venezuela

b.Georgia, Azerbaijan and Armenia

c.United States of America, Canada and United Mexican States

d.Iceland, Liechtenstein, Norway and Switzerland

It is a free trade in the African continent with member nation-states stretching fromTunisia to Eswatiniformed in December 1994 replacing the Preferential Trade Area which existed since 1981 constituting member nation-states like Djibouti, Egypt, Kenya, Madagascar, Malawi, Mauritius, Sudan, Zambia, Zimbabwe, Rwanda, Burundi, Comoros, Libya, Seychelles, Tunisia and Somalia.

a.ECOWAS Economic Community of West African States

b.SADC Southern African Development Community

c.COMESA Common Market for Eastern and Western Africa

d.South Asian Association for Regional Economic Cooperation

This intergovernmental organization started in 1989 in response tothe growing interdependence of the Pacific rimwith aims to establish new markets for agricultural products and raw materials beyond Europe through the highest multilateral blocs.

a.Commonwealth of Independent States

b.Association of Southeast Asian Nations

c.Pacific Island Forum

d.Asia Pacific Economic Cooperation

Thefirst communist country in the world that existed from 1922 to 1991as a federal socialist state with a government of highly centralized production of the workers' and peasants' class.

a.United States of America (USA)

b.Commonwealth of Australia

c.Union of Soviet Socialist Republics (USSR)

d.United Mexican States

When tariff is removed, the producer surplus of the local market producers and government tax collections will decline but prices of products will beaffordable and available with net welfare gainfor the country with

a.Consumer surplus will be constant and the same

b.Decrease in consumer surplus

c.Increase in producer surplus

d.Increase in consumer surplus

A trade agreement by which a group of countries charges acommon set of tariffs to the rest of the worldwhile granting free trade among themselves.

a.Customs Union

b.Political Union

c.Visiting Forces Agreement

d.Mutual Military Defense Treaty

It is a cost to society as a whole that is generated by an economically inefficient allocation of resources within the market power ofmonopoly and oligopoly setting higher pricesreducing consumer surplus.

a.Pure market competition

b.Deadweight loss

c.World market prices

d.Market Equilibrium

It is a moral theory in economics that advocatesactions that promote overall happiness orpleasure for the greatest numbersand rejects actions that cause unhappiness.

a.Capitalism

b.Cronies State Capitalism

c.Communism

d.Utilitarianism

Which is the correct ordering of thestages of economic integrationthat nation-states should follow they form their regional organization?

a.Free trade, economic union, common customs, common market and political Union

b.Free trade, Customs Union, Common Market, Economic Union and PoliticalUnion

c.Political Union, Free Trade, Customs Union, Common Market, Economic Union

d.Free trade, Customs Union, Political Union, Common Market and Economic Union

The amount of the corporate netincome left over or undistributedfor the business surplus funds after all expenses and dividends to its stockholders.

a.Inflation and deflation

b.Inventory and account receivables

c.Liabilities and loans

d.Retained Earnings

The amount of benefits expressed in amonetary that buyers and sellers may gainfrom the market demand and supply equilibrium quantity and price.

a.Consumer surplus and producer surplus

b.Loans and dividends

c.McDonalidization and capital mobility

d.Westernization and economic globalization

Non-state transnational actors like transnational, multinational, international and global corporations as agents of making products, services, technology, finances and labor available in the foreign markets through the activities of import, export, direct foreign investments, subsidiaries and international joint ventures. Whichform of globalizationcould this be identified?

a.Political Globalization

b.Cultural Globalization

c.Ecological Globalization

d.Economic Globalization

Customs Unions is theelimination of tariffamong member nation-states of the common market and the enactment of thesingle currencyto facilitatefrictionlesstrade are matters which are the stages of regional economic integration?

a.Protectionist local market

b.Tariffication of trade

c.Coordination of Fiscal and Monetary Policies

d.Import quota trade restrictions