Certainly!

Here are the questions and answers in a reviewer-style format:

**Multiple-Choice Questions:**

1. **Question:** What is the primary responsibility of the Organization of the Petroleum Exporting
Countries (OPEC)?

**Answer:** OPEC is primarily responsible for controlling and stabilizing the production and pricing of
oil.

2. **Question:** In the context of the global economy, what does the term "hedge fund" refer to?

**Answer:** A hedge fund in the context of the global economy is a private investment fund that pools
capital from accredited individuals or institutional investors.

3. **Question:** What is the main purpose of fiscal policy?

**Answer:** The primary purpose of fiscal policy is to influence the economy through government
spending and taxation.

4. **Question:** What role does the central bank play in a country's economy?

**Answer:** The central bank in a country's economy is responsible for managing the money supply
and controlling interest rates.

5. **Question:** How is protectionism defined in the context of international trade?

**Answer:** Protectionism in the context of international trade is the use of trade barriers to shield
domestic industries from foreign competition.

6. **Question:** How does a strong currency impact a country's exports?

**Answer:** A strong currency decreases exports by making products more expensive for foreign
buyers.

7. **Question:** What does the term "currency peg" mean in the context of exchange rates?

**Answer:** In the context of exchange rates, a currency peg refers to a policy where a country's
currency is fixed to another currency at a specific rate.
8. **Question:** How are market integration and globalization related?

**Answer:** Market integration is a subset of globalization, focusing on economic cooperation among

9. **Question:** What is the primary goal of trade agreements within the context of market
integration?

**Answer:** The primary goal of trade agreements in the context of market integration is to facilitate
and regulate international trade.

10. **Question:** Can you define a trade surplus in the context of international trade?

**Answer:** A trade surplus in international trade occurs when a country exports more goods and
services than it imports.

11. **Question:** What advantage does market integration offer to businesses?

**Answer:** Market integration provides businesses with access to larger consumer markets and
reduces trade barriers.

12. **Question:** How can market integration affect income distribution within member countries?

**Answer:** Market integration can either reduce or exacerbate income inequality, depending on
various factors.

13. **Question:** What is the role of non-governmental organizations (NGOs) in market integration?

**Answer:** The role of non-governmental organizations (NGOs) in market integration is to advocate

14. **Question:** How does market integration impact labor markets within member countries?

**Answer:** Market integration can lead to job displacement and wage stagnation for some workers
while benefiting others.

15. **Question:** Define the concept of the "race to the bottom" in the context of market integration.
 **Answer:** The "race to the bottom" in the context of market integration is the competition among
countries to attract foreign investment by offering lower labor standards and environmental regulations.

16. **Question:** What effect does market integration have on consumer choices?

**Answer:** Market integration increases consumer choices by providing access to a wider range of
products and services.

17. **Question:** Can you provide an example of a regional trade agreement in North America?

**Answer:** An example of a regional trade agreement in North America is the North American Free
Trade Agreement (NAFTA).

18. **Question:** What is the primary role of the World Trade Organization (WTO) in market
integration?

**Answer:** The primary role of the World Trade Organization (WTO) in market integration is to
facilitate negotiations and enforce trade rules among member countries.

19. **Question:** What is a preferential trade agreement (PTA)?

**Answer:** A preferential trade agreement (PTA) is an agreement between two or more countries to
reduce tariffs and trade barriers for certain products or services.

20. **Question:** How does market integration affect international trade?

**Answer:** Market integration increases international trade by reducing trade barriers and
promoting economic cooperation.

21. **Question:** What is the primary purpose of regional trade agreements (RTAs)?

**Answer:** The primary purpose of regional trade agreements (RTAs) is to facilitate trade and
economic integration among neighboring countries.

22. **Question:** Could you provide an example of a monetary union?

**Answer:** An example of a monetary union is the European Union (EU).

23. **Question:** What goal does a monetary union aim to achieve?

24. **Question:** What differentiates a common market from an economic union?

**Answer:** A common market aims to eliminate all trade barriers, while an economic union includes
deeper economic integration, such as coordinated fiscal policies.

25. **Question:** Can you name an example of a common market?

**Answer:** An example of a common market is the European Union (EU).

26. **Question:** What is the primary goal of a common market?

**Answer:** The primary goal of a common market is to eliminate all trade barriers among member
countries.

27. **Question:** How does a free trade area differ from a customs union?

**Answer:** In a free trade area, member countries have no trade barriers among themselves, while
in a customs union, they have a common external tariff.

28. **Question:** What is a customs union?

**Answer:** A customs union is a group of countries that have abolished tariffs and established a
common external tariff on non-member countries.

29. **Question:** Which organization is known for its efforts to promote market integration in Europe?

**Answer:** The European Union (EU) is known for its efforts to promote market integration in
Europe.

30. **Question:** What is market integration?

**Answer:** Market integration is the process of increasing economic cooperation and

**Enumeration Questions:**
**A. Name five countries that are permanent members of the Shanghai Cooperation Organization
(SCO).**

- **Answer:** China, Russia, India, Pakistan, Kazakhstan

**B. Name five United Nations peacekeeping missions and their respective locations.**

- **Answer:**

- United Nations Mission in South Sudan (UNMISS) - South Sudan

- United Nations Interim Force in Lebanon (UNIFIL) - Lebanon

- United Nations Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) -
Democratic Republic of the Congo

- United Nations Assistance Mission for Iraq (UNAMI) - Iraq

- United Nations Disengagement Observer Force (UNDOF) - Golan Heights/Syria

**C. Name four international courts or tribunals responsible for adjudicating disputes in various fields.**

- **Answer:**

- International Court of Justice (ICJ)

- International Criminal Court (ICC)

- World Trade Organization Dispute Settlement Body (WTO DSB)

- Permanent Court of Arbitration (PCA)

**D. Enumerate five key international financial institutions involved in global governance.

- Asian Development Bank (ADB)

- International Finance Corporation (IFC)

- Inter-American Development Bank (IDB)

- European Bank for Reconstruction and Development (EBRD)

- African Development Bank (AfDB)