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Economics

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Shaun Lehner

Lvl 10
โˆ™ 2021-11-03 18:35:27
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Cards in this guide (30)
What kind of loans does the World Bank make

The world bank lends money to memeber nation so that they could be carry out the work of public importance and usefulness.

Why hasn't globalization benefited the majority of the world's underdeveloped countries

Underdeveloped countries don't have the productive capacities necessary to take advantage of increasing international trade.

Environmental-protection laws can be bad for the economy because they may do what

Environmental-protection laws can be bad for the economy because they may increase unemployment.

What gives a country a comparative advantage

When it gives up less than others to engage in a particular type of production

Why does the IMF impose conditionality on countries that accept its loans

The IMF wants to help fix the economies of countries that need its help. <apex>

How has globalization contributed to the recent increase in international terrorism

The downsides of globalization affect many people who often feel they have nowhere to turn other than violence.

Why do central banks play an important role in the global economy

Central banks control the foreign currency reserves that are used for international trade.
They also set each country's monetary policies.

The existence of an international division of labor among countries enables those countries to have what

Specialized production

What does the World Bank hope will result from the loans it makes to developing countries

An improved climate for foreign investment

How does the WTO help stabilize the global economy

By assuring that producers will have open access to necessary resources

In order for a country to specialize its production what must there be

There must be an international division of labor for a country to specialize its production.

What was the result of developed countries extracting resources from their colonies

There was a one-way flow of wealth favoring the colonizers.

Which of these best characterizes the flow of wealth during the period of colonization

There was a one-way flow of wealth from the colonies to their colonial masters.

What was the relationship between colonizing countries and their colonies

The colonizers used the resources of their colonies to grow their own economies.

Why does globalization give countries an incentive to reduce wages for their workers

Lower production costs help lure foreign investment.

Why don't companies doing business in countries with repressive governments object to the human rights abuses

Companies taking advantage of low labor costs don't make trouble for repressive governments.

What is the main purpose of foreign aid

Alleviate poverty and underdevelopment

Why do the actions of central banks have an important effect on the global economy

Control of the money supply determines how much money is available for international trade.

The process of globalization involves an increase in what

The mobility of goods, services, labor, and capital

What is one of the benefits of the current pattern of global trade

Consumers pay lower prices for goods and services.

Which of these is a problem that globalization poses for the US government

Increased security concerns

Why do many people object to globalization

They feel that globalization mainly serves the interests of the United States at the expense of poor countries.

If developing countries have weak domestic industries they do not benefit from what

Free-trade policies

What is something that is not a hazard of globalization

Increased prices are not a hazard of globalization.

What has been the main drawback of globalization for the United states

Competition with lower wages and jobs leaving the country are some of the major drawbacks of globalization.

Why has globalization led to some job loss in the United States

Labor costs are lower in other countries.

Why do lower labor costs in other countries lead to job loss in the United States

Lower labor costs in other countries lead to job less in the United States because it enables producers to undersell domestic producers.

What does absolute advantage have to do with making economic choices

Think that you're country A, wanting to buy pen and paper.

Country B produces 1 million pen and 1 BILLION paper

Country C produces 1 BILLION pen and 1 million paper

Or, country B has the absolute advantage over production of paper while

country C has the absolute advantage over production of pen.

Coming back our theory of economy of scale, we know that to a certain point, increased production would lead to lower average cost and thus, lower price.

This would mean that paper from country B is cheaper than country C whereas pen from country C is cheaper than country B.

Therefore, you would choose to trade paper with country B while trading pen with country C.

And this is why it is important to making economic choices.

Globalization has increased following throughout the world

the migration of workers

How does globalization hurt the United States economy

by bringing wage reductions

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