Chapter 7

Question 1

ICAs (International Commodity Agreements)

Answer 1

Agreements between leading nations on stabilizing prices, assuring adequate supplies to consumers, and promoting economic development of producers.

Question 2

ICAs (International Commodity Agreements)

Answer 2

Agreements between leading nations on stabilizing prices, assuring adequate supplies to consumers, and promoting economic development of producers.

Question 3

Buffer Stocks

Answer 3

A producer’s association willing to buy/sell in large amounts.

Question 4

OPEC

Answer 4

Organization of Petroleum Exporting Countries

Question 5

cartel

Answer 5

attempts to support prices higher than they would be under more competitive conditions.

Question 6

World Bank

Answer 6

International organization that provides to developing nations aimed toward poverty reduction and economic development.

Question 7

Generalized System of Preferences (GSP)

Answer 7

Promote economic development in developing nations through increased trade, rather than foreign aid.

Question 8

Buffer Stocks

Answer 8

A producer’s association willing to buy/sell in large amounts.

Question 9

OPEC

Answer 9

Organization of Petroleum Exporting Countries

Question 10

cartel

Answer 10

attempts to support prices higher than they would be under more competitive conditions.

Question 11

World Bank

Answer 11

International organization that provides to developing nations aimed toward poverty reduction and economic development.

Question 12

Generalized System of Preferences (GSP)

Answer 12

Promote economic development in developing nations through increased trade, rather than foreign aid.

Question 13

Import Substitution

Answer 13

Involves the extensive use of trade barriers to protect domestic industries from import competition.

Question 14

flying-geese pattern of economic growth

Answer 14

Nations gradually move up in technological development by following the pattern of nations ahead of them in the development process.