The Global Economy Revision Quiz

Define globalisation.

Outline two indicators of globalisation in the global economy.

Explain the effect of globalisation on international financial flows.

Explain the reasons for the increasing synchronization of reginal business cycles with the international business cycle and the effects of this.

What is a monetary union?

Describe the role of WTO in promoting free trade?

Outline one advantage and one disadvantage of free trade.

Discuss the advantages and disadvantages of a trading bloc and monetary union, like the European Union.

Describe the role of the World Bank.

Describe one advantage and one disadvantage of multilateral trade agreements over bilateral trade agreements.