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Global Political Economy Midterm Exam with correct answers 2024
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Openness Index Meaning correct answers Trade as a percentage of GDP Measures level of integration Does not reveal a country's trade policies or define its barriers to trade; it merely indicates how open that economy is to global trade China is more open than US Integration (Shallow vs....

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  • September 8, 2024
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  • 2024/2025
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Global Political Economy Midterm Exam

Openness Index Meaning correct answers Trade as a percentage of GDP

Measures level of integration

Does not reveal a country's trade policies or define its barriers to trade; it merely
indicates how open that economy is to global trade

China is more open than US

Integration (Shallow vs. Deep) correct answers Shallow Integration:
Reduction of tariffs and elimination of quotas (easier to trade)
Lowering trade barriers

Deep Integration:
Negotiations over domestic policies that impact international trade
Include trade agreements
More difficult to accomplish as it involves domestic policy changes that align a country
with rules that are created abroad

Measure by openness index

Openness Index Calculation correct answers Index of Openness = (Exports +
Imports)/GDP

RTAs correct answers Regional Trade Agreements

Agreements among 2 or more countries, each offering others preferential access to its
markets

Provide varying degrees of access and varying degrees of deep integration

Ex. NAFTA, MERCOSUR, EU

FDI correct answers Foreign Direct Investment

When a firm invests directly in production or other facilities, over which it has effective
control, in a foreign country

Real estate, tangible facilities, such as hospitals, hotels, factories, etc.

Not a paper or portfolio investment

, FDIs are long-term and thus not as volatile, which is highly desired

Having FDIs is a sign of confidence in a given economy

What is a determinant of the amount of investment in a country? correct answers
Savings

The more savings a country has, the more money people would have for investing

Gini Co-Efficient correct answers Measures income distribution of a nation's
residents/measures income inequality

The higher the number, the less equal

The lower the number, the closer to perfect equality

0 means complete equality, 1 means one person has all the wealth

Regime correct answers Set of rules, cultural or social norms, etc. that regulate the
operation of a government, institutions, etc.

IMF correct answers International Monetary Fund

One of the original Bretton Woods organizations

Helps member countries that suffer from instability/balance of payments

Provides technical expertise

The lender of last resort - will bail out if needed (conditionality)

Gets money from each country (contributions are based on percentage of global GDP;
US is #1 contributor)

World Bank correct answers A Bretton Woods Institution, originally responsible for
providing financial and technical assistance to war torn economies of Europe

Now shifting focus to helping developing countries

Ex. built a hydroelectric dam in Zambia

WTO correct answers Regulates trade and gives guidance for other countries to
impose tariffs

Sets rules (can't impose penalties, fines sanctions)

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