Themarket equilibrium as self-regulatingin theeconomy, whichproducers and consumers are setting prices formutual balance benefitsof profit and product quality satisfactionalso referto

a.Price stability

b.Speculation gambling for profit by limiting supply and increasing demand

c.Cartel as price agreement among large corporations for mutually protected profits

d.Collusion where suppliers instead of competition that will increase their mutual cost, they agreed on mutual beneficial price

It is a situation in the economy where the cost of a country'simports exceeds its exports creating a negative balance of tradeand depreciation of local currency.

a.Trade surplus

b.Trade Deficit

c.Budget surplus

d.Default Loans

It is a requirement for a country desiring to participate in the regional economic integration to develop its local economy through free trade of affordable products at the market equilibrium of stable prices, without surplus and shortage, where the member countries' economy is mutually protected

a.Third world debt crisis

b.State Capitalism of government crony

c.Common External Tariff

d. Business Monopoly and Cartel

Which phrase would best describe the difference of theAssociation of Southeast Asian Nations (ASEAN) with the 27 member nation-states of the European Union aside from Customs Union, Common Market, Common Visa Policy and Single Currency?

a.Cold War rivalry between nation-states of Pro-Communist Soviet and Pro-Capitalist USA

b.Council of Ministers, Preferential Free Agreement and Court of Justice

c.Schengen, Eurozone, Common External Tariff and European Central Bank

d.Economic, political, security, military, educational and sociocultural integrations

The cornerstone of the WTO where member nation-states agree to this status to each other of level of treatment in international trade ofgranting low tariffs or high import quotas from a particular trading partner country.

a.Most favoured nation

b.Common External Tariff

c.Protectionist Economy

d. Nationalist Mercantilism economy

astariffs, quotas and trade barriersare imposed against each other to depreciate their inventory products for sale in the foreign market.

a.Cold War

b.Civil War

c.Trade war

d.Ethnic war

It isnationalistic economic policywhere one nation-state tends to promote its local market and investment against foreigners byimposing trade barriersto other nation-states such tariffs and quotas.

a.Deregulation

b.Protectionism

c.Liberalism

d.Laissez-faire free market

ASEAN Plus sixwas the first attempt for further economic integrations to improve the existing trade and investment ties of Southeast Asian countries into even larger East Asia Summit (EAS) to counter growing economic influence of Asia Pacific Economic Cooperation (APEC). Which nation-states are being identified as ASEAN Plus Six?

a.China, Japan, South Korea, Australia, New Zealand and Nepal

b.China, Japan, South Korea, Australia, New Zealand and North Korea

c.China, Japan, South Korea, Australia, New Zealand and India

d.China, Japan, South Korea, Australia, New Zealand and Bangladesh

This monetary union is established in Central African countries comprising Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon to share acommon currency known as "CFA franc".

a.Mercado Commun del Sur

b.CEMAC Communaut conomique et Montaire de l'Afrique Centrale

c.Arab Maghreb Union

d.Comunidad Caribea

This is thefirst stage of economic integrationamong the trading blocs giving edge to the certain products of a particular participating country in the Free Trade Areaby reducing tariffs, but not abolishing them completely.

a.Preferential Trading Area

b.Quantitative Restriction Scheme

c.Trade quotas

d.Tariffication of imported products

It is a treaty signed by23 nation-states in October 30, 1947, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

a.1955 WARSAW Pact

b.1898 Treaty of Paris

c.General Agreement on Tariff and Trade

d.1949 North Atlantic Treaty Organization

Themultilateral trade negotiations(MTN) conducted within the framework of theGeneral Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 nation-states as "contracting parties" for the liberalization of trade and foreign investment.

a.Uruguay Round

b.Balkan Ethnic Strife

c.Cold War

d.Colonial wars

When a certain countryloses their culture to a superior culturelike the Westernization brought by globalization.

a.Religious Fanatical culture

b.Ethnic minority

c.Supra-culture

d.Ethnic Nationalism culture

Refers to a racial group of people withdistinct sub-culturesin a given country in which they are lesser population and non-dominant position.

a.Ethic Minority

b.Westernization

c.Ethnic Majority

d.Popular culture