Economics Short Answer Questions - Topic 1 PDF

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short answer questions for topic 1 - the global economy...

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Eco Questions 1. Define gross world product (2 marks) 2. Distinguish between the terms ‘global economy’ and ‘globalisation’ (2 marks) 3. How does the international division of labour contribute to globalisation? (4 4. Explain how the process of globalisation has increased financial flows (3 marks) 5. Discuss the factors that could threaten the stability of the global business cycle (4 marks) 6. Discuss why a regional business cycle would differ from the international business cycle (4 marks) 7. Outline the role of the World Trade Organisation (2 marks) 8. Contrast between the economic roles of WTO and G20 (2 marks) 9. Compare and contrast the roles of the International Monetary Fund and the world bank in international economic integration (4 marks) 10. Discuss the influence of the government forums of G7 and G20 on global growth and trade (4 marks) 11. Explain one disadvantage of bilateral free trade agreements (3 marks) 12. Distinguish between a bilateral trade agreement and a multilateral trade agreement (2 marks) 13. Briefly explain the impact on global trade flows of EITHER one contemporary trading bloc OR one international organisation (3 marks) 14. Outline an economic benefit and an economic cost of a free trade agreement involving Australia (4 marks) 15. Distinguish between a newly industrialised country (NIC) and a transition economy (2 marks) 16. Outline how economic growth in a major trading partner might influence economic growth in Australia (2 marks) 17. Distinguish between globalisation and economic development (2 marks) 18. Explain One cost and One benefit of globalisation (4 marks) 19. Discuss the factors that influence the quality of life in developing nations (4 marks) 20. How is global inequality measure (2 marks) 21. Analyse recent trends in global inequality (4 marks) 22. Explain TWO reasons why economies experience different levels of development (6 marks) 23. Explain the impact of globalization on advanced economies (3 marks) 24. Explain the effect that globalisation has had on environmental sustainability (6 marks) 25. Why can dumping be used as a justification for trade protection (2 marks) 26. Explain the differences between subsidies and local content rules in discouraging dumping (4 marks) 27. Discuss the consequences of protectionist policies on the global economy (4 marks) 28. Explain why the increased use of protectionist policies may impede global economic growth and development (4 marks) 29. Why might a government prefer to protect and industry with a subsidy rather than a tariff (2 marks) 30. Explain how a removal of a subsidy might promote greater efficiency in an economy (3 marks) 31. Discuss the likely impacts on government revenue and expenditure of removing a subsidy (5 marks)...