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
