LYCEUM NORTHWESTERN UNIVERSITY

TAPUAC DISTRICT, DAGUPAN CITY

CONTEMPORARY WORLD
SEMI-FINAL

Name: Date:
Section:

General Directions:

A. STRICTLY NO ERASURE. ANY FORM OF ERASURE WILL BE

CONSIDERED WRONG
B. NO SUPERIMPOSITION.
C. USE BLACK PEN ONLY. NO USE OF PENCIL OR FRICTION PEN.

I. Modified TRUE or FALSE. Write T if the statement is true and F if the statement
is False underline the word that makes it incorrect and write the correct word to
make the sentence True. 2 points each

1. World Trade Organization is the region encompassing a trade bloc whose

member countries have signed a free trade agreement. _______
2. High Integration refers to low barriers to trade. ______
3. Single Market requires the total free movement of goods, services, capital and
people without regard to national boundaries. ______
4. GATT was a forum for the meeting of representatives form 23 member
countries. _________
5. Secondary sector extracts raw materials from natural environments. _________

II. Identification. Identify the following items. 2 points each.

1. It refers to how easily 2 or more markets can trade with each other. _______
2. It refers to low barriers to trade. _______
3. The goal of this market is that the movement of capital, labour, goods, and
services between the members is as easy as within them. ______
4. This system vary from one society to another. _______
5. It is a trading bloc that gives preferential access to certain products from the
participating countries. ______
6. is usually referred to as the first stage towards the creation of a single market.
_______
7. allows for the free movement of capital and services but large amounts of trade
barriers remain. _______
8. is a type of trade bloc which is composed of a common market with a customs
union. _______
9. is made up of 28 member states. ________
10. is a trade pact between the United States, Mexico, and Canada created on
January 1, 1994 when Mexico joined the two other nations. ________

II. Enumerate what is being asked.

1. Phases in Market Integration

2. 3 sectors of Economic system

III. ESSAY. Answer the question comprehensively. 5 points.

1. What is the function of GATT?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________

2.What is the goal of NAFTA?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
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3. What is Market Integration?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
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Prepared by: Reviewed by:

Dianne Medel S. Gumawid, LPT Relly Rachelle D. Abalos, Ph.D.

Instructor Head, Humanities Department

Approved by:

Jacqueline C. Catubig, Ed.D

Dean, CAS