FINAL Flashcards
What are the three factors of production?
land, labor, capital
Which perspective emphasizes the idea that rights are inherent to all individuals regardless of race, sex, ethnicity?
universalism
Which of the following is correct about regional trade agreements?
a. RTA might limit trade with countries outside of the RTA
b. RTA rarely reduce trade barriers
c. RTAs have been replaced by WTO
RTA might limit trade with countries outside of the RTA
What replaced the GATT
WTO
What is the goal of WTO?
Complete liberalization of all trade
What are the criticisms of WTO?
opposition from actors whose interests are harmed by trade liberalization
What is the Bretton Woods system?
WTO; IMF; World Bank
_______ lends money at low interest rates to developing countries for the purposes of building infrastructure and other such productions
world bank
What are the goals of the World Bank?
end poverty, projects, developing countries
What are the goals of IMF?
financial crises; developing and developed countries; conditions; country commits to reform
What do we mean when we say that a country might have a resource curse?
a. having abundant access to a valuable natural resource often leads to less economic development over time
b. being a country with no natural resources means that economic growth difficult to achieve
c. resource is not a curse
having abundant access to a valuable natural resource often leads to less economic development over time
What are the results of a resource curse?
powerful groups act to enrich themselves at the expense of the country; corruption; deter economic diversification
What are the types of public goods?
nonexcludable and nonrival
What is a nonexcudable good?
available to all
what is a nonrival good?
consumption by one does not diminish the quantity available to others
