International Economic Concepts Quiz

The primary international body responsible for regulating and promoting global trade.

A measure of the total value of goods and services produced within a country's borders over a specific time period.

Supporting countries in financial difficulty by providing loans and offering policy advice.

A composite statistic of life expectancy, education, and per capita income indicators.

Believes economic growth can be most effectively created by lowering barriers for people to produce goods and services.

Aims to reduce poverty by providing loans and grants for development projects.

The rate at which the general level of prices for goods and services is rising.

A country's exports minus its imports of goods.

The practice of exporting a product at a price lower than the price it normally charges in its home market.

Advocates for government intervention in the economy to manage aggregate demand.

The value of the next best alternative that must be forgone in order to pursue a different option.

The IMF issues SDRs to its member countries as a supplement to existing reserves.

When a country can produce a good at a lower opportunity cost than another country.

Illustrates the theory that there is an optimal tax rate that maximizes government revenue.

The idea that it's impossible to have all three aspects of monetary policy at the same time.

When a currency's value is fixed relative to another currency or a basket of currencies.

Shows the inverse relationship between unemployment and inflation.

A method of comparing purchasing power parity between different currencies.