IB Review Sheet Exam 1

IB Review Sheet Exam 1 - Review Topics Exam 1 IB 350 This...

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Review Topics – Exam 1 IB 350 This review sheet focuses on the specific material in the text and then the readings most relevant to review for the exam. Where there might be confusion, specific pages in the text are included. I’ve also included some major lecture themes. The exam may include material covered only in the text or readings, but overall the lecture material will be emphasized in the exam . (But that does not mean that you can ignore the readings and text!) Globalization and Trends in the Global Economy: Chapter 1 What is globalization? o Trend to a more integrated global economy o National markets merging into global markets o World-wide sourcing What are the specific drivers of globalization? (pp. 11 – 17 and lecture) o Technology change Computer Transportation Communication o Supranational organizations GATT, WTO, UN, IMF What are the GATT, the WTO, and the IMF? o GATT are a round of talks after WWII that resulted in the lowering of global tariff rates o WTO is the organization born out of the GATT that solves disputes between countries regarding trade matters o An international organization that oversees the global financial system by following the macroeconomic policies of its member countries. It also offers financial and technical assistance to its members, making it an international lender of last resort. What has been the impact of the GATT on trade barriers, particularly tariff rates? o Lowered trade barriers and tariffs What are the specific technologies spurring globalization and what has been their impact? o Microprocessor and telecommunication Cheapen computing Cheapen communication o The internet Low cost global expansion Allow buyers and sellers to find each other o Transportation technology Containerization Lower cost of labor intensity, time consumed, and cost Jet aircraft Super-freighters What are the most important trends in the global economy covered in class? - specifically with regard to output, trade, and FDI. o Output and trade keeps increasing o FDI more vulnerable to global events
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What are countries/regions with significant increases or decreases in their shares of global economic activity, trade, and FDI? o Asia and Europe increased o Africa and Latin America decreased What is the “changing/new world order”? What will be the likely impact on the U.S. and other developed nations? (text) o Former communist counties now are democratizing and free market economy o Lots of untapped market o Could take global shares away from traditional global players In what ways is globalization a positive force and in what ways a negative force? (Refer to class discussion, lecture, readings and text pp. 26 – 36) o Pro Lower prices Create jobs Raise global income Stimulate economic growth o Con Job losses Downward pressure on low wage workers Environmental degradation Cultural imperialism How has globalization affected the role of national governments and why? o
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This note was uploaded on 10/31/2008 for the course IB 350 taught by Professor Gerber during the Spring '08 term at University of Texas.

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IB Review Sheet Exam 1 - Review Topics Exam 1 IB 350 This...

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