Exam 1: Introduction to the Global Economy

What are the microeconomic aspects of international economies?

The economic relationship and integration among nations is defined as:

Which of the following Geneva based international organization sets the rules of trade between nations,implements new trade agreements and settles trade disputes between member countries

National and regional problems can quickly become global problems in an interdependent world.

The anti-globalization movement believes globalization benefits corporations and multinationals at the expense of human and environmental well-being.

International trade theory and policies as they relate to individual nations are the _____________________ aspects of international economics.

In the last decade,Western Europe averaged a _______ percent unemployment rate.

Though each nation's economic collapse in the 1990s was different,most were precipitated by a massive and sudden _________________.

The study of foreign exchange markets,the balance of payments,and adjustment to balance-of-payments disequilibria is:

A nation that has an open economy:

The field of international economics:

_______________ has/have led to sluggish growth in Europe.

The open-economy macroeconomic processes for correcting balance-of-payments disequilibria are collectively called :

The total value of all goods and services produced within a nation's borders is called:

Exchange rates can remain in disequilibria for long periods of time.

Globalization ____________:

In many developing nations,_________ provide employment opportunities and ____________ to pay for the many products that cannot be produced in the home country.

In the last decade,the United States averaged a _______ percent unemployment rate

Roughly one-sixth of the world's population lives on less than $1 a day

Free trade restricts a nation's ability to specialize in specific commodities that may allow for more efficient use of resources.