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

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Ryerson University
ECN 220
Michael Jolly

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 1922/23 was brought to an end. 5 How did German nationalists justify their claim that the hyperinflation of the 1920s was a result of reparations payments? Is their argument plausible? 6 Explain why German reparation payments were essential to the survival of the international financial system in the 1920s. 7 %K0J4O/89,3/,7/419K0 8.4:O/-0/08.7L-0/,8,³J4O/-1470LJ30[.K,3J08\8902´ What does this mean and how did it give rise to instability in the international financial system? 8 :K039K0J4O/89,3/,7//L8L390J7,90/L3L9Z,8705O,.0/-\,807L0841³.:7703.\ -O4.8´,3/L.,90,3/-7L01O\/08.7L-09K700419K080³-O4.8´ 9 In 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? 11 The pattern of trade between 1918 and 1939 differed from that which had existed in 1 1913. Indicate (with brief descriptions) two ways in which this was so. 12
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