Reasoning What used to be called G7, the summit of the world’s seven richest economies, has increased in members to now include the world’s twenty richest economies. The new larger group, the G20, met in Washington DC in November 2008. These twenty economies between them represent 90% of global GDP. The main topic on the agenda, of course, was the global financial crisis. The results of the meeting were disappointing as the leaders did not reformulate global finance; neither did they agree on a co-ordinated fiscal boost to fight the economic recession. They did, however, agree to refrain from raising new trade barriers. This agreement did not last long as, within 48 hours, Russia had raised its tariffs on imported cars. Most agree the meeting was worthwhile and the twenty countries will meet again before the end of April. So it seems that G7 is now part of history.

23. The leaders of the world’s seven richest economies will no longer meet together in future

	(a) True
	(b) False
	(c) Cannot say
	(d)

24. In November 2008, Russia was one of the world’s twenty richest economies

	(a) True
	(b) False
	(c) Cannot say
	(d)

25. Russia, China and India were all represented at the G20 summit

	(a) True
	(b) False
	(c) Cannot say
	(d)

TOTAL

Detailed Solution

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