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Exam Test Bank - 2009 (This was given to us by the professor before the test)

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ECN 220
Michael Jolly

RYERSON UNIVERSITY DEPARTMENT OF ECONOMICS ECN 220: Evolution of the Global Economy Exam Questions The final exam will last two hours and you will be asked to answer five short answer questions (out of a choice of ten) and two essay questions (out of a choice of five). The questions will be chosen from the following lists. Short Answer Questions 1 Briefly indicate the two institutions established as a result of the Bretton Woods Agreement and indicate the major problems with which each of these institutions were originally intended to deal. 2 Describe the original mission of the World Bank and indicate its current major role. 3 Briefly describe the main differences between the W.T.O. and its predecessor, the G.A.T.T. 4 What were the three principal objectives of the IMF when it was first established? 5 Indicate and briefly describe two reasons why international organizations such as the IMF and the World Bank might now be expected to face greater challenges in persuading governments to accept their decisions than was the case during the first few decades after World War II. 6 Briefly describe shallow integration and deep integration and give an example of each. 7 Indicate (with brief explanations) two criticisms directed by the less developed countries (LDCs) at the industrialized countries when they seek to impose common labour standards throughout the world. 8 In the context of environmental standards define: (a) Trans-boundary impacts; (b) Non-trans-boundary impacts. 9 Briefly indicate the immediate causes of the Mexican peso crisis of 1994 and 1995. 10 Define (a) Direct foreign investment; (b) Portfolio investment 11 01L30µ.4;070/L39070897,90,7-L97,J0¶+4Z/408L9,110.99K006:LOL-7L:20[.K,3J0 1 rate? 12 What determines the long-run rate of exchange? Explain your answer. 13 How did the Bretton Woods System differ from the Gold Standard? 14 Indicate two conditions required for an optimal currency area. 15 What are the major economic provisions of the Maastricht Agreement of December 1991? 16 Indicate two conditions which need to be met for European monetary union to be successful. 17 7L01O\4:9OL30#,:O!70-L8.K¶8,7J:20398L31,;4:741L254798:-89L9:9L43 industrialization. 18 Indicate two advantages and two disadvantages of a centrally planned economy. 19 Indicate the two general principles incorporated into the original General Agreement on Tariffs and Trade. 20 Define: (a) Foreign direct investment; (b) Foreign portfolio investment. 21 Briefly describe two major problems faced by the European Union as a result of its admission of new members from eastern Europe. 22 Indicate (with brief explanations) the provisions of (a)
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