Exam (elaborations)
ECON 3100 Exam 1 Questions with complete solutions.
- Course
- Institution
ECON 3100 Exam 1 Questions with complete solutions.
[Show more]
Content preview
ECON 3100 Exam 1 Questions with complete solutions.World Bank - A Bretton Woods institution, originally charged with the responsibility of
providing financial and technical assistance to the war-torn economies of Europe
Bretton Woods conference - A small town in New Hampshire that was, in July 1944,
the site of talks establishing the international financial and economic order after World
War II. The International Monetary Fund and the World Bank emerged from this
common external tariff - the policy of customs unions in which the members adopt the
same tariffs toward nonmembers
common market - a regional trade agreement whose member nations allow the free
member nations allow the free movement of inputs as well as outputs, and who share a
common external tariff toward nonmembers
customs union - an agreement among two or more member countries to engage in
free trade with each other and to exchange common external tariff toward nonmembers
Doha Development Agenda - the name for the trade negotiations that began in 2000
under the auspices of the World Trade Organization
Doha Round - the current WTO round of trade negotiations
economic union - the most complete form of economic integration, these unions are
common markets that also harmonize many standards while having the same or
substantially similar fiscal monetary policies (may include a common currency)
foreign exchange reserves - assets held by the national monetary authority that can
be used to settle international payments (examples: dollars, euros, yen, and monetary
gold)
, free riding - occurs when a person lets others pay for a good or service, or lets them do
the work when he/she knows that he/she cannot be excluded from consumption of the
good or from the benefits of the work
free-trade area - a preferential trade agreement in which countries permit the free
movement of outputs (goods and services) across their borders as long as the outputs
originate in one of the member countries
General Agreement on Tariffs and Trade (GATT) - the main international agreement
covering the rules of trade in most, but not all goods
IMF conventionality - The changes in economic policy that borrowing nations are
required to make in order to receive International Monetary Fund loans
institution - A set of rules of behavior. This sets limits, or constraints, on social,
political, and economic interaction
International Monetary Fund (IMF) - One of the original Bretton Woods institutions, its
responsibilities include helping member countries that suffer from instability or problems
with their balance payments. Also provides technical expertise in international financial
relations.
lender of last resort - In international economics, a place where nations can borrow
after all sources of commercial lending have dried up (IMF fills this role today)
most favored nation (MFN) status - The idea that every member of the WTO is
required to treat each of its trading partners as well as it treats its most favored trading
partner. This prohibits one country from discriminating against another country.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QUALITYGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now