IMF and WTO Overview
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Questions and Answers

What was the main purpose of the General Agreement on Tariffs and Trade (GATT) established in 1947?

  • To provide loans to countries facing credit crises
  • To establish food safety standards worldwide
  • To reduce tariffs and other impediments to free trade (correct)
  • To negotiate intellectual property rights agreements

    • Which economist's belief served as the foundation for what would be known as a system of global Keynesianism?

  • John Maynard Keynes (correct)
  • Milton Friedman
  • Karl Marx
  • Adam Smith

    • What is the effect of Expansionary Fiscal Policy?

  • Decrease tax, increase spending
  • Increase tax, increase spending (correct)
  • Decrease tax, decrease spending
  • Increase tax, decrease spending

    • What was the role of the International Bank for Reconstruction and Development (IBRD, or World Bank) after World War II?

    <p>Funding postwar reconstruction projects</p> Signup and view all the answers

    Which international organization was designed primarily for the Marshall Plan post-World War II?

    <p>International Bank for Reconstruction and Development (IBRD)</p> Signup and view all the answers

    What was the main purpose behind establishing the World Trade Organization (WTO) in 1995?

    <p>Negotiating a broad range of international issues including trade barriers and intellectual property rights</p> Signup and view all the answers

    Which form of connectivity is most affected when a country's homeland experiences a financial crisis?

    <p>Economic connectivity</p> Signup and view all the answers

    Which of the following is not one of the original five member-countries of the Association of Southeast Asian Nations (ASEAN)?

    <p>Vietnam</p> Signup and view all the answers

    What is the main purpose of Free Trade Agreements (FTAs) among member-states of regional blocks?

    <p>To remove trade barriers such as tariffs and import quotas</p> Signup and view all the answers

    Which global economic organization emerged out of the General Agreement on Tariffs and Trade (GATT) in 1995?

    <p>The World Trade Organization (WTO)</p> Signup and view all the answers

    Which wave of economic globalization is associated with the Silk Road?

    <p>Early Wave</p> Signup and view all the answers

    Which of the following is not a characteristic of economic globalization as described in the passage?

    <p>Decreasing influence of global economic organizations</p> Signup and view all the answers

    What was the key reason for the abandonment of the gold-exchange standard by the United States in 1971?

    <p>Depletion of US gold reserves due to foreign countries converting their US dollars into gold</p> Signup and view all the answers

    Which of the following best describes the economic strategy of import substitution?

    <p>Building domestic industries to replace imported products and achieve industrialization</p> Signup and view all the answers

    Which of the following is not considered one of the 'Four Asian Tigers'?

    <p>Malaysia</p> Signup and view all the answers

    What is the primary purpose of the conditions attached to loans extended by the IMF to poor countries?

    <p>To encourage the adoption of market-oriented economic models and open up their economies to foreign competition</p> Signup and view all the answers

    Which of the following is a key characteristic of 'crony capitalism'?

    <p>Success in business dependent on close relationships between business people and government officials</p> Signup and view all the answers

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