Unit 4: The Global Economy
Topic 4.4: Economic Integration Questions
Practice 20 exam-style questions for IB Economics Topic 4.4. Review the question stems below, then unlock the full Question Bank to access markschemes, model answers, and AI grading.
1Outline1 mark
2026
Outline one disadvantage of joining a monetary union.
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A preferential trade agreement (PTA) involves:
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2026
Outline one disadvantage of joining a customs union.
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Which of the following is an example of a monetary union?
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Unlock Question5Distinguish3 marks
2026
Distinguish between a common market and a monetary union.
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Unlock Question6Discuss15 marks
2026
Using real-world examples, discuss whether a country would benefit from joining a monetary union.
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2026
Using real-world examples, discuss the view that the costs of sharing a single currency outweigh the benefits for its members.
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Unlock Question8Explain10 marks
2026
Explain how a free trade area differs from a customs union.
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Explain what is meant by a common market and give one real-world example.
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2023
Distinguish between a free trade area and a customs union.
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A customs union differs from a free trade area because in a customs union, member countries:
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2026
A country is a member of a common market and may join a monetary union.
Distinguish between a common market and a monetary union.
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A common market has all the features of a customs union plus:
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2026
Distinguish between a customs union and a common market.
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Explain one advantage and one disadvantage of a country joining a customs union.
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Unlock Question18Define4 marks
Define trade creation and trade diversion.
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2023
Outline one disadvantage for Vennland of joining the regional monetary union.
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Outline the main types of economic integration, in order from least to most integrated.
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