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Comprehensive strategies that integrate economic and environmental goals are vital for sustainable development.
Comprehensive strategies that integrate economic and environmental goals are vital for sustainable development.
True
Labor-intensive products like shoes are typically made in countries with the highest wages and strongest regulations.
Labor-intensive products like shoes are typically made in countries with the highest wages and strongest regulations.
False
Food security is solely based on the availability of food.
Food security is solely based on the availability of food.
False
High wage workers may lose their jobs due to production moving overseas, benefiting corporations and consumers.
High wage workers may lose their jobs due to production moving overseas, benefiting corporations and consumers.
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The Multiplier Effect indicates that an increase in one economic activity can negatively impact others.
The Multiplier Effect indicates that an increase in one economic activity can negatively impact others.
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Microcredit involves providing large loans to wealthy individuals to start businesses.
Microcredit involves providing large loans to wealthy individuals to start businesses.
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Globalization has no impact on the livelihood of the poorest people in the world.
Globalization has no impact on the livelihood of the poorest people in the world.
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Microcredit won the Nobel Peace Prize for its potential to alleviate poverty in Bangladesh.
Microcredit won the Nobel Peace Prize for its potential to alleviate poverty in Bangladesh.
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Muhammad Yunus is a recognized pioneer in microcredit, helping low-income individuals improve their livelihoods.
Muhammad Yunus is a recognized pioneer in microcredit, helping low-income individuals improve their livelihoods.
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The Global North-South Divide includes economic disparities based on racial demographics.
The Global North-South Divide includes economic disparities based on racial demographics.
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Gross National Income (GNI) measures the total economic output of a country.
Gross National Income (GNI) measures the total economic output of a country.
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Wealth Inequality refers to the distribution of new earnings among individuals within a society.
Wealth Inequality refers to the distribution of new earnings among individuals within a society.
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Income Inequality measures the flow of goods and services rather than a stock of assets.
Income Inequality measures the flow of goods and services rather than a stock of assets.
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The First World is exclusively composed of countries from the Asia-Pacific region.
The First World is exclusively composed of countries from the Asia-Pacific region.
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Migration patterns are static and do not influence the Global North-South dynamic.
Migration patterns are static and do not influence the Global North-South dynamic.
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Global Income Inequality highlights disparities between the richest and the poorest regions worldwide.
Global Income Inequality highlights disparities between the richest and the poorest regions worldwide.
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Dependency Theory suggests that underdevelopment is primarily a result of modernization efforts.
Dependency Theory suggests that underdevelopment is primarily a result of modernization efforts.
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The Transatlantic Slave Trade only involved the exchange of goods between Europe and the Americas.
The Transatlantic Slave Trade only involved the exchange of goods between Europe and the Americas.
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Castells identified cities as important nodes in various global networks.
Castells identified cities as important nodes in various global networks.
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Bauman claimed that cities are not affected by global problems despite benefiting from globalization.
Bauman claimed that cities are not affected by global problems despite benefiting from globalization.
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Global stratification refers to the equal distribution of resources and privileges across the globe.
Global stratification refers to the equal distribution of resources and privileges across the globe.
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Hans Singer and Raul Prebisch developed Dependency Theory in the 1950s.
Hans Singer and Raul Prebisch developed Dependency Theory in the 1950s.
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The Liberal Trade theory claims that free trade benefits all countries equally, regardless of their economic status.
The Liberal Trade theory claims that free trade benefits all countries equally, regardless of their economic status.
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Core Nations refer to poorer countries that are heavily dependent on wealthier nations.
Core Nations refer to poorer countries that are heavily dependent on wealthier nations.
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The Semi-Periphery includes low-income countries that provide natural resources to wealthier nations.
The Semi-Periphery includes low-income countries that provide natural resources to wealthier nations.
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Core Nations are characterized by their strong manufacturing bases and dominance in the global economy.
Core Nations are characterized by their strong manufacturing bases and dominance in the global economy.
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The World Trade Organization is responsible for providing financial support to nations facing balance of payments issues.
The World Trade Organization is responsible for providing financial support to nations facing balance of payments issues.
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Immanuel Wallerstein developed the concept of the capitalist world economy, focusing on interconnections between different economic regions.
Immanuel Wallerstein developed the concept of the capitalist world economy, focusing on interconnections between different economic regions.
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The Bretton Woods System was established after World War II to prevent political instability and economic turmoil.
The Bretton Woods System was established after World War II to prevent political instability and economic turmoil.
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Periphery countries are often exploited and reliant on core nations for goods, markets, and technology.
Periphery countries are often exploited and reliant on core nations for goods, markets, and technology.
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International Financial Institutions aim to isolate economies to prevent global trade.
International Financial Institutions aim to isolate economies to prevent global trade.
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Major financial crises, like those in Russia and Asia, show that weaker economies can have a larger ripple effect on global finance.
Major financial crises, like those in Russia and Asia, show that weaker economies can have a larger ripple effect on global finance.
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The Gold Standard establishes a par value for currencies based on their connection to silver.
The Gold Standard establishes a par value for currencies based on their connection to silver.
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Exchange Rate Stability refers to countries agreeing to exchange currencies at fluctuating rates based on market demand.
Exchange Rate Stability refers to countries agreeing to exchange currencies at fluctuating rates based on market demand.
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The IMF was created to ensure financial stability and oversee exchange rates among member countries.
The IMF was created to ensure financial stability and oversee exchange rates among member countries.
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The tertiary sector primarily deals with extracting raw materials from the environment.
The tertiary sector primarily deals with extracting raw materials from the environment.
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The U.S. dollar became the principal currency used for international trade and savings after the establishment of the Gold Standard.
The U.S. dollar became the principal currency used for international trade and savings after the establishment of the Gold Standard.
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The General Agreement on Tariffs and Trade (GATT) was formed to address both goods and service trade issues.
The General Agreement on Tariffs and Trade (GATT) was formed to address both goods and service trade issues.
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The saying 'When the American economy sneezes, the rest of the world catches a cold' underscores the influence of the U.S. economy on global markets.
The saying 'When the American economy sneezes, the rest of the world catches a cold' underscores the influence of the U.S. economy on global markets.
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The Uruguay Round led to the establishment of the International Monetary Fund (IMF).
The Uruguay Round led to the establishment of the International Monetary Fund (IMF).
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The World Bank primarily focuses on providing short-term financial assistance to countries in crisis.
The World Bank primarily focuses on providing short-term financial assistance to countries in crisis.
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The North American Free Trade Agreement (NAFTA) was established with the aim of enhancing cooperation by reducing trade barriers.
The North American Free Trade Agreement (NAFTA) was established with the aim of enhancing cooperation by reducing trade barriers.
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Most countries in the world are not members of the International Monetary Fund (IMF).
Most countries in the world are not members of the International Monetary Fund (IMF).
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NAFTA has significantly increased the balance of trade for the U.S., making it $127 billion richer annually.
NAFTA has significantly increased the balance of trade for the U.S., making it $127 billion richer annually.
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The IMF acts primarily as an investment bank for development projects in low-income countries.
The IMF acts primarily as an investment bank for development projects in low-income countries.
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One criticism of the IMF is that it lends money to corrupt governments.
One criticism of the IMF is that it lends money to corrupt governments.
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Consumer food prices rose in Mexico after NAFTA was implemented, despite a drop in producer prices.
Consumer food prices rose in Mexico after NAFTA was implemented, despite a drop in producer prices.
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Canada exports a large portion of its goods to various countries outside the U.S.
Canada exports a large portion of its goods to various countries outside the U.S.
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Study Notes
Contemporary World (Midterm Reviewer)
- The 8 Millennium Development Goals (MDGs) were created in the 1990s to address global challenges.
- Goal 1: Eradicate extreme poverty and hunger
- Goal 2: Achieve universal primary education
- Goal 3: Promote gender equality and empower women
- Goal 4: Reduce child mortality
- Goal 5: Improve maternal health
- Goal 6: Combat diseases like HIV/AIDS and malaria
- Goal 7: Ensure environmental sustainability
- Goal 8: Develop a global partnership for development
HIV/AIDS
- HIV stands for Human Immunodeficiency Virus
- AIDS stands for Acquired Immunodeficiency Syndrome
Extreme Poverty
- Extreme poverty is defined as living on less than $1.25 a day, characterized by severe deprivation of basic human needs.
- By 2030, the World Bank predicts extreme poverty could fall to less than 400 million, provided continued improvement.
Economic Globalization
- Increased interdependence of world economies.
- Key aspects include cross-border trade, capital flows, and technology spread.
Protectionism vs. Trade Liberalization
- Protectionism: Government intervention in foreign trade to encourage domestic production, often through tariffs and quotas (e.g., during mercantilism and the Great Depression).
- Trade Liberalization: Promotes free trade, allowing goods and services to move more freely across borders (often influenced by post-World War II policies). Examples of countries accused of practicing protectionism include China, Japan, and the USA.
Mobile Phones and Leapfrogging
- Mobile phones are a transformative technology bridging access to banking, education, and markets, especially crucial for developing nations.
- "Leapfrogging" refers to countries skipping traditional stages of development and directly adopting more modern or efficient technologies.
Fair Trade
- Promotes just prices, safe working conditions, and environmental sustainability, particularly for small, marginalized producers like coffee and chocolate farmers.
- International Fair Trade Association promotes fair trade.
Sustainable Development
- Aims to balance economic growth with environmental sustainability, using earth’s resources today while preserving them for future generations.
- Key goals include turning waste into fuel, ending poverty, and ensuring sustainable agriculture.
Multi-Dimensional Relationships in Globalization
- Globalization encompasses several interconnected aspects, including economics, politics, and technology.
Sustainable Development Goals (SDGs)
- A global call to action to end poverty, protect the planet, and ensure prosperity for all.
Environmental Degradation
- A process that compromises the natural environment, decreasing biodiversity and negatively impacting the overall health of the environment.
- Examples include deforestation, pollution, and industrial activities.
- Causes include industrial activities (significant carbon emissions leading to global warming and climate change), deforestation and pollution, and production/disposal of consumer goods).
Food Security
- Defined as the ability of everyone to access enough nutritious food considering the varied dietary needs and food preferences.
- Key components include availability, accessibility, adequacy, acceptability, and agency.
Global Responses to Environmental Challenges
- Various efforts to tackle climate change, such as carbon taxes and carbon neutrality initiatives are being explored.
- Alternative energy sources, like biofuels, are researched alongside efforts to address localized environmental problems.
Global Inequality
- The unequal distribution of resources, opportunities, and power around the world.
- Types include wealth inequality (distribution of assets) and income inequality (distribution of earnings).
Globalization
- The rapid integration of countries through economics, cultures, and societies.
- This is both positive (progress in certain areas), and negative (poverty, lack of access to resources, inequality)
Global Cities
- Major urban centers are hubs in the global economy, including New York City, London, Paris, Tokyo, Beijing, Singapore, and Los Angeles.
World Systems Theory
- Capitalism is based on unequal relationships between core, semi-periphery, and periphery nations. It suggests that development and disparities are outcomes of these relationships.
International Financial Institutions
- Includes the IMF (promoting financial stability through support for countries facing economic crises), World Bank (assisting development and reducing poverty), and WTO (facilitating international trade agreements).
Bretton Woods System
- Aimed at establishing peace and avoiding economic turmoil after World Wars I and II, by creating institutions to support free trade and money exchange stability.
NAFTA
- The North American Free Trade Agreement sought to reduce trade barriers among the US, Canada, and Mexico.
- This led to shifts in manufacturing, with some job losses in the US, and changes in consumer price markets.
Organisation for Economic Co-operation and Development (OECD)
- comprises 38 member countries, largely considered wealthy and developed nations, influential due to their economic power.
Organization of Petroleum Exporting Countries (OPEC)
- An organization of major oil-producing countries (e.g., Saudi Arabia, Iraq, etc). Aims to influence and coordinate oil production and pricing.
World Trade Organisation (WTO)
- Aims to promote trade liberalization and resolve trade disputes.
- Focused on reducing trade barriers, however, criticisms include potential negative impacts on less developed countries when faced with competition from more developed nations and the influence of large trading powers.
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Description
This quiz covers key global challenges addressed by the 8 Millennium Development Goals (MDGs), including poverty, education, gender equality, and health. It also explores the impact of HIV/AIDS and the implications of economic globalization on world economies. Test your knowledge on these pressing issues in today's contemporary world.
