Chapter 3&4

Question 1

Define development:

Answer 1

improvements in

health, education, and other aspects of human welfare. More than just the growth itself (GNI)

Question 2

Developing Country

Answer 2

depdnds on :

– size of the country (area, population and income)

– historical and colonial background

– Endowment of physical and human resources

– Ethical and religious composition

– Social and political structure

– institutional setting

– nature of the industrial structure

Question 3

Decision structure of the WB

Answer 3

• WB= owned by 188 countries
• each member = shareholder

Highest decision-making body: board of governors consisting
of one governor per member country

President of the WB formally approved and appointed by board
of executive directors

Question 4

International Monetary Fund

Answer 4

Supervision of national exchange rate and economic policies, financial
support in case of balance of payment problems, technical support in
case of economic reforms.

Question 5

EU aims:

Answer 5

– reducing poverty in the world;
– ensuring sustainable development;
– promoting democracy, peace and security.

Question 6

who finances EU

Answer 6

European Union budget and European Development Fund

FED, EDF; voluntary contributions of member countries