1)	What is the difference between a trade organization and a trade agreement?

NAFTA is just related to North American region. NAFTA is a treaty that has been signed among the US, Canada and Mexico.  The WTO is an international organisation, which aims at supervising and liberalising capital trade in the international level.

2)	What is dollarization?
A situation where the citizens of a country officially or unofficially use a foreign country's currency as legal tender for conducting transactions. The main reason for dollarization is because of greater stability in the value of the foreign currency over domestic currency.

3)	State five advantages and two disadvantages of the euro as the common currency for the European Union. Do you think the members of NAFTA would benefit from a common currency? Why or why not?
Advantages: Decreased risk of exchange-rate fluctuation, Price Transparencey, Elimination of transaction costs in currency transactions to banks, and increased markets
Disadvantages: Initial costs of implementation, Lack of national control, and Loss of tradition

4)	Explain how globalization affects the economies of the world.’
Globalization is a term that describes how people are becoming more and more connected. While globalization has always existed to some extent, it has become more pronounced in the 21st Century. This is because transportation and communication have both become cheaper and faster. Since trade is such a major way people interact with one another, it follows that globalization has some key effects on the economy.

5)	Explain how NAFTA has been good and bad for Canada.

It allows freer flow of goods; it’s created higher paying jobs in education engineering and
backing sectors in Canada. Trade has tripled; Canada is at a loss of jobs because of Mexico’s cheap labor


6)	What are the BRIC Countries? Why is it important that they were included in the G20?
Brazil, Russia, India & China. They encompasses 90% of worlds GDP, 80% of international trade and 66% of the world’s population
7)  Although The World Bank provides assistance throughout the world, there are many criticisms as well. Use the internet to research the many criticisms of The World Bank. Be detailed in your explanations.
They criticize that the World Bank is funding to countries that not only won’t pay them back for a long time, but they are using money for pointless operations
8)  The IMF has provided loans all over the world to countries in need. Not all IMF policies have had positive results. Research the IMF and provide 2 examples of negative results of the IMF policies.

9) Write out the meaning of the acronyms for the following international trade organizations of which Canada is a member.
• APEC- Asia-Pacific Economic Cooperation-
• EU- European Union-
• IMF- International Monetary Fund-
• OECD- Organisation for Economic Co-operation and Development
• WTO- World Trade Organization-
• G8- Group of Eight-
• G20- Group of 20-