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ECO 336 MIDTERM EXAM 2025 QUESTIONS AND ANSWERS BRIC Countries - ....ANSWER ...-Brazil, Russia, India and China. The term was first used by Jim O'Neil at Goldman Sachs in 2001 to single out four large economies with the potential to dramatically alter world trade and payments Deep Intergration - ....ANSWER ...-Economic intergration beyond removal of barriers at each country's border. Deep intergration requires changes in domestic laws and regulations that sometimes inadvertently restrict trade. Foreign Direct Investment (FDI) - ....ANSWER ...-The purchase of physical assets such as real estate or businesses by a foreign company or individual. It can be outward (citizens or businesses in the home country purchase assets in a foreign country) or inward (foreigners purchase assets in the home country). Gross Domestic Product (GDP) - ....ANSWER ...-The market value of all final goods and services produced in a year inside a nation. Quotas - ....ANSWER ...-A numerical limit on the volume of imports. Regional Trade Agreements (RTA) - ....ANSWER ...-Agreements between two or more countries, each offering the others preferential ccess to its markes. RTAs provide varying degrees of access and variable amounts of deep integration. …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1