Chapter 13 Review Questions

1. What is meant by “interdependence”?

2. What do the following acronyms mean: WTO, IMF, BIS, ILO?

3. Define “trade protection.”

4. What is “reciprocity”?

5. What was the “Uruguay Round”?

6. Describe “economic regionalism.”

7. Distinguish between the “BRICs” and the “BRICSAM.”

8. What is the difference between a “fixed” and “floating” exchange rate system?

9. What did US President Nixon do in August 1971?

10. What is “liquidity”?

11. What is the dispute resolution mechanism in the WTO?

12. What is meant by the “International Financial and Monetary System”?

13. How did the Marshall Plan bring greater stability and economic growth to the Western European states post-World War II?

14. Describe the “Seven Sisters.”

15. What are sources of financial crisis?