Exam 11: The Globalization of Trade and Finance

The General Agreement on Tariffs and Trade (GATT) dispute resolution mechanism was criticized by weaker and poorer countries for all of the following reasons except

Which of the following factors did not cause the dollar to be undermined as the main currency in international commerce?

In examining global economic power, it is clear that such power now is

When called in to help with a monetary crisis, the IMF puts the responsibility usually on

The most favored nation principle means that

Which concept is described as a compromise between economic liberalism and state intervention?

The international monetary system that followed the collapse of the Bretton Woods agreement consisted of all the following features except

Globalization, according to the text, contains all of the following components except

The primary benefit derived from the gold standard was

In economics, a decline in output of less than __________ is referred to as a recession; a deeper contraction is called a depression.

Economic liberalization became a powerful ideology and sets of policies were enacted by many governments beginning in the late 1980s. What are these policies and what are their objectives?

One of the important challenges in pursuing a state's international monetary policy concerns the "trilemma" involving exchange rates, capital mobility, and domestic monetary policy. Explain this "trilemma" in terms of what makes it a dilemma. What can states do to try to reconcile these three objectives?

The monetary system wherein little capital mobility occurred, stable exchange rates existed in order to facilitate trade, and the U.S. dollar was the primary currency to which all other currencies adjusted was known as the

What can exacerbate a debt crisis if the debtor country borrows in dollars?

The International Monetary Fund was created during the Bretton Woods system in order to

The objectives of the Bretton Woods system were to

Many fear that globalization has forced countries to make all kinds of concessions to corporations in order to attract investment. This is called

The goal of the World Trade Organization (WTO) dispute settlement process is to

Why was agriculture left out of the original General Agreement on Tariffs and Trade (GATT) agreement?

Does globalization mainly aid the poor or the rich in the world? Examine the merits of various perspectives on this question and indicate your own views on the existing evidence.