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Quiz

Test Bank

2 Pages
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Department
Economics
Course Code
ECN 220
Professor
Michael Jolly

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1RYERSON UNIVERSITY
DEPARTMENT OF ECONOMICS
ECN220 : Evolution of the Global Economy
Questions for Midterm Test
The midterm test will last 1.5 hours and you will be asked to answer three short answer questions
(out of a choice of six) and one essay question (out of a choice of three). The questions will be
chosen from the following lists.
Short Questions
1Briefly describe three reasons why many primary producing countries during the 1920s
experienced low and unstable export prices.
2Several countries which depended on exporting manufactures experienced slow and
unstable growth during the 1920s. Indicate (with brief explanations) two of the reasons
for this.
3Briefly describe two effects of protectionism on the international trading and financial
system of the 1920s.
4Briefly describe how the German hyperinflation of 1922/23 was brought to an end.
5How did German nationalists justify their claim that the hyperinflation of the 1920s was a
result of reparations payments? Is their argument plausible?
6Explain why German reparation payments were essential to the survival of the
international financial system in the 1920s.
7The gold standard of the 1920s could be described as a “gold-foreign exchange system.
What does this mean and how did it give rise to instability in the international financial
system?
8When the gold standard disintegrated in 1933 it was replaced by a series of “currency
blocs. Indicate and briefly describe three of theseblocs.
9In the context of exchange controls define:
(a) Compensation agreements.
(b) Clearing agreements.
10 What advantages do quotas have over tariffs from the point of view of the country
imposing them?
1
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Description
1 RYERSON UNIVERSITY DEPARTMENT OF ECONOMICS ECN220 : Evolution of the Global Economy Questions for Midterm Test The midterm test will last 1.5 hours and you will be asked to answer three short answer questions (out of a choice of six) and one essay question (out of a choice of three). The questions will be chosen from the following lists. Short Questions 1 Briefly describe three reasons why many primary producing countries during the 1920s experienced low and unstable export prices. 2 Several countries which depended on exporting manufactures experienced slow and unstable growth during the 1920s. Indicate (with brief explanations) two of the reasons for this. 3 Briefly describe two effects of protectionism on the international trading and financial system of the 1920s. 4 Briefly describe how the German hyperinflation of
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