INTB 3353 Final Review - INTB 3353 Final Review Quizzes...

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INTB 3353 Final Review Quizzes Chapters 1 & 2 - It is often costly for developing countries to adjust to trade agreements because o Developing countries often have limited social safety nets to provide support to workers in transition - When comparing current international capital flows with capital flows of the past, o Transaction costs appear to have fallen, the number of financial instruments has increased over time, & the level of financial flows compared to GDP has not changed significantly - “IMF Conditionality” refers to the idea that countries that seek to borrow funds from the IMF may only be able to do so if o There are reforms in the way the borrowing government interacts with the market - The elimination or reduction of trade barriers caused by non-trade-related domestic is referred to as o Deep integration - Critics of regional trade agreements argue that the formation of regional trade agreements o Often discriminate against lower income countries & undercut a country’s efforts directed to multilateral trade liberalism (as through the WTO) - Free trade in goods is predicted to o Increase competition for workers & firms and provide consumers with lower prices & greater variety - How is current day trade different than earlier trade? o The share of manufacturing has risen, while the share of agricultural trade has fallen & the fraction of current international trade is organized & conducted by multinational firms has grown since 1950 - A Customs Union allows for the free movement of o Goods & a common external tarriff on non-members - In periods of economic crisis, international institutions help mitigate problems of free riding, how? o By changing countries expectations about the actions of other countries, through commitments & coordination - To judge the degree of international integration, economists turn to info on o Flows of good, capital, & people and the similarity of prices in diff markets Chapter 3 & 4 - When economists talk about the gains from trade they mean that
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