ECON 3100 Exam 1 Questions with complete solutions

World Bank Correct Answer-A Bretton Woods institution, originally charged with the responsibility of providing financial and technical assistance to the war-torn economies of Europe Bretton Woods conference Correct 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 Correct Answer-the policy of customs unions in which the members adopt the same tariffs toward nonmembers common market Correct 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 Correct 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 Correct Answer-the name for the trade negotiations that began in 2000 under the auspices of the World Trade Organization