ECON 3100 COMPREHENSIVE REVIEW
2026 VERIFIED QUESTIONS AND
SOLUTIONS
◉Bretton Woods conference . Answer: A small town in New
Hampshire that was, in July 1944, the site of talks establishing the
international financial and economic order after World War II. The
International Monetary Fund and the World Bank emerged from this
◉common external tariff . Answer: the policy of customs unions in
which the members adopt the same tariffs toward nonmembers
◉common market . Answer: a regional trade agreement whose
member nations allow the free member nations allow the free
movement of inputs as well as outputs, and who share a common
external tariff toward nonmembers
◉customs union . Answer: an agreement among two or more
member countries to engage in free trade with each other and to
exchange common external tariff toward nonmembers
◉Doha Development Agenda . Answer: the name for the trade
negotiations that began in 2000 under the auspices of the World
Trade Organization
,◉Doha Round . Answer: the current WTO round of trade
negotiations
◉economic union . Answer: the most complete form of economic
integration, these unions are common markets that also harmonize
many standards while having the same or substantially similar fiscal
monetary policies (may include a common currency)
◉foreign exchange reserves . Answer: assets held by the national
monetary authority that can be used to settle international
payments (examples: dollars, euros, yen, and monetary gold)
◉free riding . Answer: occurs when a person lets others pay for a
good or service, or lets them do the work when he/she knows that
he/she cannot be excluded from consumption of the good or from
the benefits of the work
◉free-trade area . Answer: a preferential trade agreement in which
countries permit the free movement of outputs (goods and services)
across their borders as long as the outputs originate in one of the
member countries
, ◉General Agreement on Tariffs and Trade (GATT) . Answer: the
main international agreement covering the rules of trade in most,
but not all goods
◉IMF conventionality . Answer: The changes in economic policy that
borrowing nations are required to make in order to receive
International Monetary Fund loans
◉institution . Answer: A set of rules of behavior. This sets limits, or
constraints, on social, political, and economic interaction
◉International Monetary Fund (IMF) . Answer: One of the original
Bretton Woods institutions, its responsibilities include helping
member countries that suffer from instability or problems with their
balance payments. Also provides technical expertise in international
financial relations.
◉lender of last resort . Answer: In international economics, a place
where nations can borrow after all sources of commercial lending
have dried up (IMF fills this role today)
◉most favored nation (MFN) status . Answer: The idea that every
member of the WTO is required to treat each of its trading partners
as well as it treats its most favored trading partner. This prohibits
one country from discriminating against another country.
2026 VERIFIED QUESTIONS AND
SOLUTIONS
◉Bretton Woods conference . Answer: A small town in New
Hampshire that was, in July 1944, the site of talks establishing the
international financial and economic order after World War II. The
International Monetary Fund and the World Bank emerged from this
◉common external tariff . Answer: the policy of customs unions in
which the members adopt the same tariffs toward nonmembers
◉common market . Answer: a regional trade agreement whose
member nations allow the free member nations allow the free
movement of inputs as well as outputs, and who share a common
external tariff toward nonmembers
◉customs union . Answer: an agreement among two or more
member countries to engage in free trade with each other and to
exchange common external tariff toward nonmembers
◉Doha Development Agenda . Answer: the name for the trade
negotiations that began in 2000 under the auspices of the World
Trade Organization
,◉Doha Round . Answer: the current WTO round of trade
negotiations
◉economic union . Answer: the most complete form of economic
integration, these unions are common markets that also harmonize
many standards while having the same or substantially similar fiscal
monetary policies (may include a common currency)
◉foreign exchange reserves . Answer: assets held by the national
monetary authority that can be used to settle international
payments (examples: dollars, euros, yen, and monetary gold)
◉free riding . Answer: occurs when a person lets others pay for a
good or service, or lets them do the work when he/she knows that
he/she cannot be excluded from consumption of the good or from
the benefits of the work
◉free-trade area . Answer: a preferential trade agreement in which
countries permit the free movement of outputs (goods and services)
across their borders as long as the outputs originate in one of the
member countries
, ◉General Agreement on Tariffs and Trade (GATT) . Answer: the
main international agreement covering the rules of trade in most,
but not all goods
◉IMF conventionality . Answer: The changes in economic policy that
borrowing nations are required to make in order to receive
International Monetary Fund loans
◉institution . Answer: A set of rules of behavior. This sets limits, or
constraints, on social, political, and economic interaction
◉International Monetary Fund (IMF) . Answer: One of the original
Bretton Woods institutions, its responsibilities include helping
member countries that suffer from instability or problems with their
balance payments. Also provides technical expertise in international
financial relations.
◉lender of last resort . Answer: In international economics, a place
where nations can borrow after all sources of commercial lending
have dried up (IMF fills this role today)
◉most favored nation (MFN) status . Answer: The idea that every
member of the WTO is required to treat each of its trading partners
as well as it treats its most favored trading partner. This prohibits
one country from discriminating against another country.
