IGCSE Development Studies: Specimen Questions with Answers 15 - 16 of 98

Question 15

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Short Answer▾

Give any two functions World Bank.

Explanation

The Bretton Woods conference was held from 1st to 22nd of July 1,994. It contained 730 delegates from all 44 Allied nations in Bretton Woods to regulate the international monetary and financial order after the conclusion of World War II. It led to the creations of two major institutions World Bank and IMF.

The functions of World Bank are:

  • Granting reconstruction loans to war devastated countries.

  • Granting developmental loans to underdeveloped countries.

  • Providing loan to governments for agriculture, irrigation, power, transport, water supply, education, health etc.

  • Providing loans to private concerns for specified projects.

  • Promoting foreign investment by guaranteeing loans provided by other organizations

Passage

Forms of Free Trade

Question 16 (1 of 7 Based on Passage)

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Differentiate between free trade and custom union

Explanation

Differentiate between Free Trade and Custom Union
S. No

Free Trade

Custom Union

1.

The free trade area economic integration is the is the least restrictive among the countries.

Members of custom union dismantle barriers to trade in goods and services among themselves.

2.

In a free trade area, all the barriers to trade among member countries are removed.

A custom union establishes a common trade policy with respect to non-members

3.

No external tariff

Common external tariff

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