The Process Whereby Countries in a Geographic Region Cooperate with One

question 133

Multiple Choice

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

• A)regional economic integration
• B)region-first policy
• C)intra-nation pact
• D)trade union

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Definitions:

Patents

Legal documents granting an inventor exclusive rights to produce, use, and sell an invention for a certain period of time.

Research And Development

The investigative activities a business or government engages in to improve existing products and procedures or to lead to the development of new products and procedures.

Economies Of Scale

Cost advantages that a business achieves due to expansion in the scale of production, leading to a reduction in the cost per unit.

Natural Monopolies

Market conditions where a single supplier is the most efficient (due to high infrastructure costs or other barriers) in providing a particular good or service.