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c. RTAs have been replaced by WTO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
What area is the Paris agreement?
environment
What area is the Geneva conventions?
human rights
What area is the universal periodic review?
human rights
What area is the UNFCCC?
environment
What area is international criminal court?
human rights
What area is US-Mexico-Canada agreement?
trade
Which of the following is NOT correct of the UN Universal Periodic review?
a. The UPR can punish governments using military forces
b. The UPR is a process that involves a review of the human rights records of countries
c. During the UPR process, states engage in an interactive discussion with questions, comments, and recommendations
The UPR can punish governments using military forces
Tragedy of commons usually leads to ______.
depletion of recourses
What is economic globalization?
increasing interactions around the world
What is internationalism?
in favor of furthering free economic interchange
What are types of trade barriers?
Tariffs; Quota; Non-tariff barriers
What are reasons for trade restrictions?
make imports more expensive; allow domestic producers to sell more of their products
What is MFN?
most favored nation principle; no discrimination; treat everyone equally
What are IMF criticisms?
Less democratic process; unequal between IMF and debtor countries; undermine national sovereignty and independence; conditionalities attached to loans
What is global north?
industrialized; liberal; capitalist economies; technologically advanced; high living standard
What is global south?
less income; lack of domestic investoment
What is the north-south gap?
colonialism; corruption; trade; debt; MNCs
What are private goods?
excludable and rival
What is an excludable good?
can prevent another from enjoying the good
what is a rival good
consumption by one actor does not diminish the quantity available for others
