ECO 300 Unit 2

The WTO currently includes roughly ______ member nations

160

The GATT was transformed into the WTO in

1995

The 164th member of the WTO is

Afghanistan

The overriding theme of the Doha round of trade negotiations is/was

Development

The most most recent attempted round of trade negotiations is the _________ round

Doha

Which of the following best describes globalization?

Economic integration

The 189th member of the IMF was

Nauru

The "Lost Decade" refers to which of the following financial crises?

The adoption of isolationist economic policies with disastrous results for many Latin American countries in the 1980s.

In GATT/WTO speak, a safeguard is

a temporary protection from trade that has not necessarily been established to be"unfair"

The GATT was founded

during the 1940's

According to the IMF website, all of the following are principal types of work the IMF carries out except

enforcement

Since the emergence of the GATT, tariff rates among member nations have

fallen

Private markets tend to under produce the optimal quantity of public goods because of________

free riders

The defining characteristic of international currency exchange markets prior to World War I was that they

had monies backed by gold

The risk of a financial crisis at the nation-state level would be increased by all of the following except

increased access to existing intermediation

The TRIPS sub-section of the WTO primarily deals with

intellectual property issues

The tariff policies in the 1930's most likely

prolonged the Great Depression

The International Bank for Reconstruction and Development was originally founded with the purpose of

providing funds for reconstruction after WWII

Non-rivalry and non-excludability apply to

public goods

The founding fundamental principles behind the GATT/WTO are

reciprocity and nondiscrimination

An exchange rate crisis occurs when a country is unable to

stop its currency from depreciating

An additional reason for the implementation of the Marshall Plan in 1948 by the U.S. other than the inadequacy of the IBRD was

the growing threat of the Soviet Union

According to the World Bank website, the focus of the International Development Association is

the poorest countries in the world

One of the purposes of the modern IMF is:

to act as a lender of last resort

The primary purpose of the International Monetary Fund when it was first established was

to maintain the stability of the Bretton-Woods system