STUDY MC

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Trinity Western University *

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6031

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Economics

Date

Jan 9, 2024

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docx

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Uploaded by GeneralCamel1751

Suppose Petro Canada, an international oil company, had a complaint about a trade issue. The __________, a governing body established at the Uruguay Round in 1993 to police the international trading system, is an organization that Petro Canada could take its complaint to. World Trade Organization The Web is viewed as a global what? equalizer The agency established at the 1993 Uruguay Round to police the international trading system is the __________. World Trade Organization Under the umbrella of GATT there have been eight rounds of negotiations among member states. The _______ was the most recent round of negotiations. Uruguay Round Since the 1960s, there have been two notable trends in the demographics of the multinational enterprise. These two trends have been: the rise of non-U.S. multinationals and the growth of mini-multinationals What is the primary purpose of the World Trade Organization? arbitrate of trade disputes The relative decline of the developed countries' share of world output _________________. reflects the growing economic and industrial strength of developing countries. After World War II, the West committed to removing trade barriers between nations because of what experience? retaliatory trade policies leading to the Depression The International Monetary Fund (IMF) is often seen as the leader of last resort to nation states whose economies are in economic turmoil. True The International Monetary Fund and the World Bank were both created in 1944 by 44 nations that met at Bretton Woods, New Hampshire. True What country's share of world output went from almost nothing in 1960 to 10.8% in 2012? China The __________ is a treaty designed to remove barriers to the free flow of goods, services, and capital between nations. General Agreement on Tariffs and Trade Outsourcing has even extended to the Canadian _______ industry. services Free trade agreements can be tied to tougher environmental and labour laws. True The _______ was created in 1944 by 44 nations that met in Bretton Woods, New Hampshire. International Monetary Fund Which of the following is an example of a developing nation? Thailand Among developing nations, the largest recipient of foreign direct investment has been which country? China Supranational organizations such as the WTO are criticized for focusing on economics and not on democracy and environmental responsibility.

What was created at the same time as the International Monetary Fund? World Bank The _______ is seen as the lender of last resort to nation-states whose economies are in turmoil and currencies are losing value against those of other nations. International Monetary Fund Most forecasts now predict a rapid rise in world output accounted for by developing nations such as China, India, and South Korea, and a rapid decline in the share enjoyed by rich industrialized countries such as Canada, Britain and the United States. True According the lecture, the number of Internet users in Canada has surpassed? 90% Many social democratic governments nationalize private companies. True The violation of _______________ can be violated in two ways—through private action and through public action. property rights Amartya Sen believed that development should be assessed less by measures such as _______________. GNP Without a ____ the incentive to engage in economic activity can be reduced substantially by private and public entities. Legal system Political systems can be assessed according to two related dimensions: the degree to which they emphasize collectivism opposed to individualism and the degree to which they are democratic or totalitarian __________ liability involves holding a firm and its officers responsible when a product causes injury, death, or damage. Product Amartya Sen believed that development should be assessed more by measures such as _______________. HDI What kind of economies were once very common throughout much of the world, although they are becoming less so? mixed The bundle of legal rights over the use to which a resource is put; and over the use made of any income that may be derived form that resource are called __________ rights. property Which of the following can be traced to an ancient Greek philosopher, Aristotle? individualism An example of an institutional weakness that undermines contract enforcement is what? Court capacity GATT was, by most measures, ___________ in its early years. very successful One of the most famous examples of a(n) __________ is the limitation on auto exports to the United States enforced by Japanese automobile producers in 1981. voluntary export restraint The intellectual case for free trade goes back to the late 18th century and the work of Adam Smith and David Ricardo.

True The ____________ was a multilateral agreement whose objective was to liberalize trade by eliminating tariffs, subsidies, import quotas, and the like. General Agreement of Tariffs and Trade A government should use subsidies to support promising firms that are active in newly emerging industries, according to the ______ argument. strategic trade policy The strategic trade policy argument of the new trade theorists advances an _______ justification for government intervention in international trade. economic ________ arguments challenges the rationale for unrestricted free trade found in the work of classic trade theorists such as Adam Smith and David Ricardo. Strategic trade policy Local content regulations have been widely used by __________ to shift their manufacturing base from the simple assembly of products whose parts are manufactured elsewhere into the local manufacture of component parts. developing nations __________ is not one of the main reasons that protectionist pressures arose around the world during the 1980s. The opening of Japanese markets to imports The __________ was created to arbitrate trade disputes and monitor the trade policies of member countries as a result of the Uruguay Round agreement. World Trade Organization Some would argue that ___________ are the masters of administrative trade policies. Japan According to the textbook, Paul Krugman, a professor at MIT, predicts that a country that attempts to use strategic trade policy to establish a domestic firm (or firms) in a dominant position in a global industry will probably: Provoke retaliation. Antidumping duties are often called _____________. countervailing duties According to _______, subsidies can help a firm achieve a first-mover advantage in an emerging industry. strategic trade policy An important component of _____ is that it might pay governments to intervene in an industry if it helps domestic firms overcome the barriers to entry created by foreign firms that have already reaped first-mover advantages. strategic trade policy GATT rules had applied only to manufactured goods and commodities until the Uruguay Round. True The ________ oblige(s) member states to make the bribery of foreign public officials a criminal offence. Convention on Combating Bribery of Foreign Public Officials in International Business Transactions In Rawls' philosophy, the principle that each person be permitted the maximum amount of basic liberty compatible with a similar liberty for others is known as the ____ principle. first Of the following, which assist organizations to think through the ethical implications of decision in a systematic way? Rights theories and Rawls' theory of justice.

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