The Process Whereby Countries in a Geographic Region Cooperate with One

question 46

Multiple Choice

The process whereby countries in a geographic region cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital is called ________.

• A) regional economic integration
• B) regional domestication
• C) regionalism
• D) both A and C

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Definitions:

Capital Input

The resources used in the production process, including buildings, machinery, and equipment.

Labor Input

The total hours of work or number of workers employed in the production of goods and services.

MRTS

The Marginal Rate of Technical Substitution; the rate at which one input can be substituted for another input in the production process, while keeping the output level constant.

Rawlsian View

A philosophical approach to justice that emphasizes fairness and equality, proposing principles to structure society in a way that benefits the least advantaged members.