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Economy and Economic Globalization Quiz

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Questions and Answers

What is the primary goal of economic globalization?

To reduce technology advancements

To increase trade barriers

To limit communication systems

To promote international commerce (correct)

Which type of economy involves protecting one's economy from foreign competition?

Customs Unions

Trade Alliances

Trade Liberation

Protectionism (correct)

What is the purpose of tariffs in international trade?

To impose fees on imports or exports (correct)

To reduce technology advancements

To eliminate customs unions

To facilitate and promote trade

Which trade agreement eliminates or significantly reduces tariffs between member countries?

Free Trade Agreements (FTAs) Signup and view all the answers

What distinguishes customs unions from free trade agreements?

They establish common external tariffs on imports from non-member countries Signup and view all the answers

What drives irreversible interconnectedness in global markets and economic development?

Increased cross-border trade and technology advancements Signup and view all the answers

What is the purpose of economic partnerships?

All of the above Signup and view all the answers

What defines a multinational corporation?

A business organization with activities in two or more countries Signup and view all the answers

When was the International Monetary Fund (IMF) founded?

1944 at the Bretton Woods Conference Signup and view all the answers

What is the role of the North Atlantic Treaty Organization (NATO)?

To provide a framework for military cooperation between member countries Signup and view all the answers

Which of the following institutions are responsible for the basic rules and regulations of economic, monetary, and trade relations between countries?

World Trade Organization (WTO), International Monetary Fund (IMF), and the World Bank Signup and view all the answers