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ECON 3100 Exam 1 Questions with complete solutions.
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ECON 3100 Exam 1 Questions with complete solutions.
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ECON 3100 Exam 1 Questions with complete solutions.World Bank - A Bretton Woods institution, originally charged with the responsibility of
providing financial and technical assistance to the war-torn economies of Europe
Bretton Woods conference - A small town in New Hampshire that was, in July 1944,
the site of talks establishing the international financial and economic order after World
War II. The International Monetary Fund and the World Bank emerged from this
common external tariff - the policy of customs unions in which the members adopt the
same tariffs toward nonmembers
common market - a regional trade agreement whose member nations allow the free
member nations allow the free movement of inputs as well as outputs, and who share a
common external tariff toward nonmembers
customs union - an agreement among two or more member countries to engage in
free trade with each other and to exchange common external tariff toward nonmembers
Doha Development Agenda - the name for the trade negotiations that began in 2000
under the auspices of the World Trade Organization
Doha Round - the current WTO round of trade negotiations
economic union - the most complete form of economic integration, these unions are
common markets that also harmonize many standards while having the same or
substantially similar fiscal monetary policies (may include a common currency)
foreign exchange reserves - assets held by the national monetary authority that can
be used to settle international payments (examples: dollars, euros, yen, and monetary
gold)
, free riding - occurs when a person lets others pay for a good or service, or lets them do
the work when he/she knows that he/she cannot be excluded from consumption of the
good or from the benefits of the work
free-trade area - a preferential trade agreement in which countries permit the free
movement of outputs (goods and services) across their borders as long as the outputs
originate in one of the member countries
General Agreement on Tariffs and Trade (GATT) - the main international agreement
covering the rules of trade in most, but not all goods
IMF conventionality - The changes in economic policy that borrowing nations are
required to make in order to receive International Monetary Fund loans
institution - A set of rules of behavior. This sets limits, or constraints, on social,
political, and economic interaction
International Monetary Fund (IMF) - One of the original Bretton Woods institutions, its
responsibilities include helping member countries that suffer from instability or problems
with their balance payments. Also provides technical expertise in international financial
relations.
lender of last resort - In international economics, a place where nations can borrow
after all sources of commercial lending have dried up (IMF fills this role today)
most favored nation (MFN) status - The idea that every member of the WTO is
required to treat each of its trading partners as well as it treats its most favored trading
partner. This prohibits one country from discriminating against another country.
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