10 Questions
What is the definition of Gross World Product (GWP)?
The total value of all economic output of all the world's economies over a certain period of time
What is Relative Purchasing Power Parity (PPP)?
A measure of how much different countries' prices for goods and services are equal.
What is the definition of GDP?
The total market value of all final goods and services produced in a given period of time
What is Globalisation?
The process of international integration of economies.
What are some factors that have led to a decrease in trade?
All of the above
What is expected to be the fastest growing industry in the future?
Trade in services.
What are derivatives?
Financial contracts whose value is linked to an underlying asset.
What is the FOREX market?
A network of buyers and sellers exchanging one currency for another.
What is FDI?
The movement of funds between economies.
What determines a nation's exchange rate?
The level and direction of international financial flows.
Study Notes
- Gross world product is the total value of all economic output of all the world's economies over a certain period of time.
- Relative purchasing power parity (PPP) is a measure of how much different countries' prices for goods and services are equal.
- GDP is the total market value of all final goods and services produced in a given period of time.
- Globalisation is the process of international integration of economies.
- The COVID-19 pandemic, border closures due to the pandemic, and trade wars between China and the United States have led to a decrease in trade.
- The fastest growing industry in the future is expected to be trade in finance and communication services.
- Derivatives are financial contracts whose value is linked to or derived from an underlying asset.
- The FOREX market is a network of buyers and sellers exchanging one currency for another.
- FDI can have a number of benefits for a country, including increased productivity and the efficiency of resource use.
- FDI can increase the productivity of host country resources and increase the efficiency of resource use, which in turn can lead to higher output levels and increased employment levels.
- Globalisation is the process of international integration of economies.
- Technological advancements have led to lower costs of moving goods between economies.
- COVID-19 pandemic and trade wars have led to a decrease in trade.
- The fastest growing industry in the future is trade in finance and communication services.
- Derivatives are financial contracts whose value is linked to an underlying asset.
- The FOREX market is a network of buyers and sellers exchanging one currency for another.
- Direct investment is the movement of funds between economies.
- The level and direction of international financial flows determine a nation's exchange rate.
- FDI can increase productivity and efficiency, expand capital stock, and reduce unemployment.
- FDI can also have negative effects, such as crowding out local businesses and prioritizing profit over social objectives.
- of crowding out local businesses and the pursuit of profits instead of social objectives.
Test your knowledge on global economics with this quiz! From gross world product to foreign direct investment, this quiz covers a range of topics related to international integration of economies. Learn about the effects of technological advancements, trade wars, and the COVID-19 pandemic on global trade. Understand the basics of financial contracts, the FOREX market, and the movement of funds between economies. Explore the potential benefits and drawbacks of foreign direct investment for host countries. Sharpen your understanding of global economics and take this quiz today
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