Global Economy

Question 1

it is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account

Answer 1

global economy

Question 2

the extension of economic activities of nation states across borders

Answer 2

internationalization

Question 3

is functional integration between internationally dispersed activities. That is, a qualitative transformation than just quantitative change

Answer 3

economic globalization

Question 4

worst economic downturn in the history of the industrialized world

Answer 4

great depression

Question 5

sustained, long term downturn in economic activities in on or more economies

Answer 5

depression

Question 6

• overproduction
• high demand and prices
• demand and prices fall

Answer 6

cause of the great depression

Question 7

• banks fail, people withdrew funds
• bank invested in stock market, could not repay loans

Answer 7

bubble bursts

Question 8

it was the gathering of 730 delegates from all 44 allied nations to regulate the international monetary and financial order after the conclusion of the world war

Answer 8

Bretton Woods Conference

Question 9

John /Maynard Keynes
Harry Decter White

Answer 9

Key Figures in the Bretton Woods Conference

Question 10

promote stability of exchange rates and financial flows

Answer 10

International Monetary Fund (IMF)

Question 11

speed reconstruction after the Second World War and to foster economic development, especially through lending to build infrastructure

Answer 11

International Bank for Reconstruction and Development (IBRD)

Question 12

isa n organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world

Answer 12

International Monetary Fund (IMF)

Question 13

he foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time

Answer 13

Harry Dexter White

Question 14

he imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises

Answer 14

John Maynard Keynes

Question 15

oversees the international monetary system and monitors the economic and financial policies of it’s 189 member countries

Answer 15

economic surveillance

Question 16

provide loans to member countries experiencing actual or potential balance of payments problems to help them rebuild their international reserves

Answer 16

lending

Question 17

to modernize economic policies and institutions and train people

Answer 17

capacity development

Question 18

• is designed to finance projects that enhance the economic development of member states
• provide technical assistance and policy advice and supervises on behalf of international creditors, the implementation of free-market reforms

Answer 18

World Bank `

Question 19

• served as the forum for trade negotiations

Answer 19

General Agreement on Tariffs and Trade (GATT)

Question 20

reduction of restrictions or barriers on the free exchange of goods between nations

Answer 20

liberalization

Question 21

reduction and elimination of government power in a particular industry, usually enacted to create more competition within the industry

Answer 21

deregulation

Question 22

the transfer of ownership, property or business from the government to the private sector

Answer 22

privatization

Question 23

is a barrier to international trade

Answer 23

Tariff Barrier

Question 24

includes quotas, embargoes, sanctions, levies, and other restriction

Answer 24

non-tariff barrier

Question 25

refers to rules that limit who can enter a business and what prices they may charge (Price Controls)

Answer 25

economic regulation

Question 26

refers to the abroad category of rules governing how many businesses or individual carries out its activities, with the view to correcting one or more “market failures”

Answer 26

social regulation

Question 27

funds provided by a government to enable firms to reduce prices and encourage an increase price and demand

Answer 27

subsidies

Question 28

are “non-tariff barriers” used to limit imports of a particular products

Answer 28

import quotas

Question 29

branch of public health concerned with all aspects of the natural and build environment affecting human health

Answer 29

health and environment standardization

Question 30

a trade and economic policy which advocates replacing foreign imports with domestic production

Answer 30

import substitution