17 Questions
What was the main purpose of the General Agreement on Tariffs and Trade (GATT) established in 1947?
To reduce tariffs and other impediments to free trade
Which economist's belief served as the foundation for what would be known as a system of global Keynesianism?
John Maynard Keynes
What is the effect of Expansionary Fiscal Policy?
Increase tax, increase spending
What was the role of the International Bank for Reconstruction and Development (IBRD, or World Bank) after World War II?
Funding postwar reconstruction projects
Which international organization was designed primarily for the Marshall Plan post-World War II?
International Bank for Reconstruction and Development (IBRD)
What was the main purpose behind establishing the World Trade Organization (WTO) in 1995?
Negotiating a broad range of international issues including trade barriers and intellectual property rights
Which form of connectivity is most affected when a country's homeland experiences a financial crisis?
Economic connectivity
Which of the following is not one of the original five member-countries of the Association of Southeast Asian Nations (ASEAN)?
Vietnam
What is the main purpose of Free Trade Agreements (FTAs) among member-states of regional blocks?
To remove trade barriers such as tariffs and import quotas
Which global economic organization emerged out of the General Agreement on Tariffs and Trade (GATT) in 1995?
The World Trade Organization (WTO)
Which wave of economic globalization is associated with the Silk Road?
Early Wave
Which of the following is not a characteristic of economic globalization as described in the passage?
Decreasing influence of global economic organizations
What was the key reason for the abandonment of the gold-exchange standard by the United States in 1971?
Depletion of US gold reserves due to foreign countries converting their US dollars into gold
Which of the following best describes the economic strategy of import substitution?
Building domestic industries to replace imported products and achieve industrialization
Which of the following is not considered one of the 'Four Asian Tigers'?
Malaysia
What is the primary purpose of the conditions attached to loans extended by the IMF to poor countries?
To encourage the adoption of market-oriented economic models and open up their economies to foreign competition
Which of the following is a key characteristic of 'crony capitalism'?
Success in business dependent on close relationships between business people and government officials
Learn about the functions and roles of the International Monetary Fund (IMF) as a global lender of last resort and the World Trade Organization (WTO) as a forum for negotiations on various international issues beyond traditional trade matters. Explore the significance of these organizations in the global economic landscape.
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