Exam 11: International Trade in the Global Marketplace

Which of the following is not a type of quota?

The political economic perspective that views international trade in zero-sum terms and calls for active state intervention into domestic economies is called _________________________________.

What are the responsibilities of a hegemon in a liberal international economic system?

The process by which finished goods rely on inputs from multiple countries other than their final market is known as _______________________________.

The large increase in trade integration comes from Global North countries.

List three key differences between liberalism and mercantilism.

In The Wealth of Nations, Adam Smith argues for the idea of a nation's comparative advantage.

The provision of public goods is problematic due to two basic problems, accountability and rationality. This is called_________________________.

GATT stands for General Agreement on Tariffs and Trade.

As trade integration grows, so does globalization because states' interdependence increases when exports account for an increasing percentage of their gross domestic product.

Rules governing international commerce often evolve according to the wishes of the powerful. How useful is hegemonic stability theory in accounting for the creation and stability of the postwar international economic regime? Describe the problems that arise when the hegemon is no longer able to effectively carry out its role.