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Open Economies Overview
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Open Economies Overview

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Questions and Answers

What term is used to describe a country's economic relationship with outside countries?

  • Sanctions
  • Open economy (correct)
  • Trade wars
  • Protectionism

    • Why do most western governments create barriers, according to the text?

  • To support foreign exchange controls
  • To promote domestic market growth
  • To protect citizens against illegal drugs (correct)
  • To encourage free trade

    • What organization is responsible for promoting the growth of free trade between economies?

  • World Trade Organization (WTO) (correct)
  • World Bank
  • International Monetary Fund
  • United Nations

    • When one country believes another is taking unfair advantage of trade policies, what action might be employed?

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

    What is the term used to describe a country preventing other countries from trading freely in order to protect its domestic market?

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

    Apart from global agreements under WTO rules, what other types of agreements exist, according to the text?

    <p>Regional and bilateral trade agreements</p> Signup and view all the answers

    What does the World Trade Organization (WTO) sometimes do when disputes arise between countries?

    <p>Act as a mediator</p> Signup and view all the answers

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