Questions and Answers
Which of the following is NOT considered a cause of the development gap?
Asian regionalism is primarily a result of political planning.
False
What are the two factors that contribute to building Asian regionalism?
Functionalist dimensions and identity issues.
The 1997–98 Asian financial crisis originated in ______.
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What is the term for the import of goods into a country followed by re-export without domestic distribution?
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Match the following regions with their economic classifications:
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Tariffs are taxes imposed on exported goods.
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What is the economic theory that explains the ability of a country to produce a good at a lower opportunity cost than its trade partners?
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Which of the following statements is true regarding the outward-oriented growth strategy of Asia?
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Israel is classified as a low-income country in Southwest Asia.
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The study of monetary interactions between countries is known as __________.
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What triggered the Asian financial crisis of 1997–98?
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Match the following types of inflation with their descriptions:
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Which of the following is a role of money in an economy?
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Inflation can be driven by increased demand while other factors remain constant.
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What are the four economic processes mentioned?
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What is a key component at the heart of socio-cultural globalization?
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Ethnocentrism is the belief that other cultures are better than one's own.
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Who is generally regarded as the father of Realism in globalization?
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The process by which business and other organizations develop international influence is called __________.
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Which belief asserts that ensuring individual rights is the highest goal of government?
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Match the following terms to their definitions:
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Technological globalization refers to the reduction in reliance on technology.
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What are the visible influences of socio-cultural globalization on Filipinos?
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What does the term 'Standard of Deferred Payment' refer to?
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In a free market economic system, government interference is significant.
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What are the four main factors of production?
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A ______ is a community formed by people exercising permanent power within a specified territory.
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Match the following countries with their rank in the top 10 richest countries in 2023:
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Which of the following organizations is involved in international relations?
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Globalism prioritizes national principles over global principles.
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What does the Modern World System Model seek to explain?
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What is one of the main purposes of the United Nations?
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The United Nations was founded on October 26, 1945.
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In which city was the Charter of the United Nations signed?
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The United Nations aims to develop friendly relations among nations based on ______ rights and self-determination.
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Match the following Articles to their main focus:
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Which principle is NOT outlined in Article 2?
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List one type of problem that the United Nations aims to address through international cooperation.
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The United Nations primarily focuses on the rights of specific groups rather than universal human rights.
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Study Notes
Aspects of Development
- Development includes increased life sustenance, self-esteem, and freedom of choice.
Causes of Development Gap
- Historical factors like colonialism contribute to disparities.
- Political issues such as war and corruption impact development.
- Geographic factors include climate and access to natural resources.
- Socio-economic issues involve the cycle of poverty and the global trading system.
Asian Regionalism
- Asian regionalism arises from economic interactions rather than political plans.
- Successful outward-oriented growth strategies have enhanced economic interdependence among Asian nations.
- Functionalist aspects promote cooperation in economic and security areas.
- Emphasis on identity issues defines regional cooperation.
Outward-Oriented Growth Strategy of Asia
- Trade and industrial policies do not differentiate between domestic and export production, fostering international trade.
Economic Levels in Asia
- Southwest Asia contains middle-income economies; exceptions include high-income nations like Israel and Gulf states.
- North and Central Asia primarily comprise low-income countries; Russia, Kazakhstan, and Uzbekistan fall under lower-middle-income.
- South Asian countries are mostly low-income, with Sri Lanka as a lower-middle-income exception.
- East Asia is the wealthiest region, while Southeast Asia has seen significant economic growth, moving into middle-income status.
Asian Financial Crisis (1997-98)
- Originated in Thailand after the baht was unpegged from the U.S. dollar, triggering a currency crisis and capital flight.
Socio-Cultural Globalization
- Cultural diffusion occurs globally through socialization; the internet and social media facilitate this spread.
- Pop culture crosses geographical boundaries, influencing aspects like fashion, language, music, and food.
- Ethnocentrism is the belief in cultural superiority, while xenocentrism values external cultures over one’s own.
Technological Globalization
- Characterized by reliance on advanced technology, including computers and machinery.
Philosophies of Globalization
- Realism: Focuses on power dynamics and competition in international politics; Aristotle is known as the father of Realism.
- Liberalism: Centers on individual human rights and moral arguments for government goals.
- Idealism: Emphasizes the role of values and norms in international relations.
International Trade
- Global economy functions as a cohesive entity involving cross-border exchanges of goods and services.
- Globalization leads to businesses operating on an international scale, enhancing domestic economic performances.
- International trade refers to the exchange of imports, exports, and entrepôt goods.
- Tariffs and quotas are protectionist policies to regulate international trade.
Key Economic Concepts
- Comparative Advantage: Ability of a country to produce goods at lower opportunity costs than trade partners.
- International Finance: Studies monetary interactions between countries, involving foreign direct investment and currency exchange.
- Global Investment: Investment strategies without geographical limitations, primarily through foreign direct investment.
Inflation Theories
- Keynesian Theory: Prices increase with rising production costs.
- Monetarist Theory: Inflation results from an increased money supply.
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Types of Inflation:
- Demand-Pull: Driven by high demand.
- Cost-Push: Results from increasing costs of goods.
- Built-In: Anticipated inflation associated with high wages.
Functions of Money
- Serves as a medium of payment, store of value, unit of account, and standard for deferred payments.
Factors of Production
- Land: Natural resources.
- Labor: Human effort.
- Capital: Machinery and tools.
- Entrepreneurship: Innovative combinations of the above factors.
Economic Systems
- Free Market: Minimal government intervention; market driven by supply and demand.
- Command Market: Government controls a significant portion of the economy.
Top 10 Richest Countries (2023)
- United States, China, Germany, Japan, India, United Kingdom, France, Italy, Brazil, Canada.
Global Interstate System
- Examines relationships between states, with the concept of sovereignty allowing self-governance.
- Nation-State: Community defined by shared identity within specific borders.
Institutions Governing International Relations
- United Nations, NATO, European Union, World Trade Organization, G20, International Criminal Court.
Globalism
- Advocates for global cooperation over national interests, recognizing interdependence among nations.
United Nations
- Founded in San Francisco, June 26, 1945, aimed at maintaining peace, fostering friendly relations, and promoting international cooperation.
UN Charter
- Article 1 outlines the UN's purposes, including preserving peace and fostering cooperation.
- Article 2 discusses principles such as sovereign equality and peaceful dispute resolution.
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Description
Explore the key aspects of development as discussed by Michael Todaro, including increased life sustenance, self-esteem, and freedom to choose. The quiz also dives into the causes of development gaps, such as historical, political, geographical, and socio-economic factors, as well as the concept of Asian regionalism driven by economic interaction.
