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SS3: ECONOMICS - 2ND TERM

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  1. Balance of Payment I | Week 1
    4 Topics
  2. Balance of Payment II | Week 2
    4 Topics
  3. Economic Growth & Development | Week 3
    1 Topic
    |
    1 Quiz
  4. Economic Development Planning | Week 4
    2 Topics
    |
    1 Quiz
  5. International Economic Organisations I | Week 5
    4 Topics
  6. International Economic Organisations II | Week 6
    6 Topics
    |
    1 Quiz
  7. Current Economic Plans | Week 7
    5 Topics
    |
    1 Quiz
  8. Economic Development Challenges | Week 8
    4 Topics
  9. Economic Reform Programs | Week 9
    5 Topics



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The European Union, also known as the Europen Economic Community, was established in 1957 under the treaty of Rome. The common currency adopted by the union is the Euro ‘€’ which paved way for the establishment of the European Monetary Union.

Objectives of the European Union (EU)

i. To promote economic and social development among members

ii. To establish European social funds in order to improve the wellbeing of members

iii. To establish common customs tariff and for commercial policy towards third countries

iv. To increase peace and raise the standard of living of the members

v. To coordinate qualitative restrictions in regards to import and export of goods.

vi. To reduce tariffs among members with the objectives of free trade among the members

vii. To have common agricultural and transportation policies

viii. Free movement of capital and labour within the states

ix. To harmonize the members economic policies

Evaluation Questions

1. What are the main functions of World Bank (IBRD) 

2. Write a short note on European Union and IMF

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Responses

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Evaluation questions

1. What are the main functions of the World Bank (IBRD) 

2. Write a short note on the European Union and IMF

Solution

1. What are the main functions of the World Bank (IBRD) 

a. To give long-term credits to needy nations

b. To provide technical support to members

c. To promote foreign investment by private individuals

d. To assist in the reconstruction and development of the economy of member nations

e. To provide technical support to countries embarking on developmental projects

f. To pool funds from wealthy and developed nations to poor and underdeveloped ones.

2. Write short notes on European union and IMF

a. European Union was founded in 1957 by six countries. The founders were West Germany, France, Italy, Belgium, Luxembourg, and the Netherlands. It has its headquarters in Brussels. The major reason for establishing the European Union was to promote economic activities among members through the creation of a common market and greater economies of scale

b. International Monetary Fund (IMF)

IMF was established on 17th December 1945, with a total number of 44 nations which include the USA, Japan, China, Canada, Western Europe. The IMF has its headquarters in Washington DC, in the USA with a membership of 125.

The main reasons for establishing IMF are;

a. To provide short term credit to member nations that have a balance of payment problem

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