ECN102 Problem Set 1 2024 PDF

ECN102 Problem Set 1 Q1. What are the World’s five richest countries? Try asking an AI tool (e.g. Chat GPT) – do you agree with the answer? Why? Q2. Do countries with large populations tend to be rich? Try asking an AI tool (e.g. Chat GPT)...

ECN102 Problem Set 1 Q1. What are the World’s five richest countries? Try asking an AI tool (e.g. Chat GPT) – do you agree with the answer? Why? Q2. Do countries with large populations tend to be rich? Try asking an AI tool (e.g. Chat GPT) – do you agree with the answer? Why? Q3. Differences between Rich and Poor Countries: Look at the Excel file (PS1 World Bank WDI data set) and answer the following questions. a. What percentage of the world’s population lives in a High-Income Country? b. How much greater (in percentage terms) is the GNI per capita of the high-income countries compared to the low-income countries? c. Which group of countries is the least developed? Why? Q4. Globalisation and International Financial Institutions. a. Define globalisation and list some reasons why it has occurred. b. The advantages and disadvantages of globalisation: Is globalisation a good or a bad thing? Why? What are the trade-offs that countries face in a globalising world? (Not sure? Watch the Core-Econ video: Dani Rodrik “Globalisation – the trade-offs”.) c. Briefly explain the main focus and key functions of the World Bank, International Monetary Fund and World Trade Organisation. Why are these institutions important? (Hint: look at www.imf.org; www.worldbank.org; www.wto.org) d. Are all countries members of the World Bank, International Monetary Fund and World Trade Organisation?