Exam Preparation Quiz for December 2024
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Questions and Answers

Why do we care about globalization?

Globalization has led to growth in many countries. However, disparities still exist. Poverty and underdevelopment persist.

Globalization has resulted in a more equitable world.

False

What are the key drivers of change in the global economy?

The primary drivers are changes in key players, patterns of production (offshoring and outsourcing), consumption patterns, and wealth distribution.

How do MNCs shape the global economy?

<p>MNCs control production across complex value chains, shaping the map of growth and decline. They are major players in the global economy.</p> Signup and view all the answers

The UN was founded in a world where most existing states were already sovereign nations.

<p>False</p> Signup and view all the answers

What important changes occurred in the global economy in the years after the formation of the UN?

<p>The global economy experienced significant changes, including a tenfold increase in exports and a rapid expansion of foreign direct investment. The global economy is also driven by global capitalist competition.</p> Signup and view all the answers

The growth of the global economy has been consistent and steady since the middle of the 20th century.

<p>False</p> Signup and view all the answers

What does the term “complex” refer to in the context of the transformations of the global economy?

<p>The term “complex” signifies that global economic transformations involve interconnected changes in various aspects. These involve shifts in key players, production patterns, consumption patterns, and wealth distribution.</p> Signup and view all the answers

The world as a whole is significantly wealthier than ever before.

<p>True</p> Signup and view all the answers

Explain the concept of "unevenly" as it relates to the generation of wealth in the global economy.

<p>Wealth is not generated equally across countries or within them. Some countries and population groups have experienced significant economic growth, while others have lagged behind, resulting in widening income disparities.</p> Signup and view all the answers

The growth in income for the middle class in developed countries has outpaced the growth for the global elite.

<p>False</p> Signup and view all the answers

The rise of globalization has been accompanied by an increase in income inequality.

<p>True</p> Signup and view all the answers

Why is it important to consider if income inequality is inevitable?

<p>If income inequality is inevitable, it suggests a lack of potential for change or improvement. The answer is based on your understanding of whether income inequality is a product of unavoidable forces or whether it is a result of systemic issues that can be addressed.</p> Signup and view all the answers

What are some nation-state policies that have contributed to the rise of inequality?

<p>Some of the policies include changing tax policies that favor the wealthy, reductions in social investment (education, healthcare), and the expansion of neoliberal economic policies.</p> Signup and view all the answers

Globalization has primarily benefited the poorest countries.

<p>False</p> Signup and view all the answers

The market, driven by competition, is an effective tool in eliminating poverty.

<p>False</p> Signup and view all the answers

The UN Charter was designed to ensure growth in independent states.

<p>True</p> Signup and view all the answers

The international economy has effectively shielded populations from negative impacts of globalization.

<p>False</p> Signup and view all the answers

How much additional official development assistance (ODA) is needed to achieve the Millennium Development Goals (MDGs)?

<p>According to the estimates discussed in the presentation, an additional $200 billion in ODA is projected to be needed by 2015 to reach the MDGs.</p> Signup and view all the answers

The current regulatory framework for the global economy is sufficient to manage globalization effectively.

<p>False</p> Signup and view all the answers

What has rendered the current governance system inadequate for dealing with the complexities of globalization?

<p>The current governance system was primarily designed for a post-World War II world of independent sovereign nations. It has proven inadequate for managing the interconnectedness and interconnectedness of the global economy.</p> Signup and view all the answers

Globalization has created new challenges that require rethinking the existing governance framework.

<p>True</p> Signup and view all the answers

The existing governance system is sufficient to address today's global issues.

<p>False</p> Signup and view all the answers

The global economy is not controlled by a single dominant power.

<p>True</p> Signup and view all the answers

Globalization has led to a decrease in international conflict.

<p>False</p> Signup and view all the answers

Globalization has significantly contributed to the rise in civil wars.

<p>False</p> Signup and view all the answers

The UN Charter's goal of ensuring economic growth in independent states is outdated.

<p>True</p> Signup and view all the answers

What are some key arguments concerning the current challenges facing the global economy?

<p>Key arguments include the rise of inequality, the challenge of environmental degradation, and the need for a new or improved model of global governance.</p> Signup and view all the answers

It is generally agreed that the global economy should be controlled by stronger nation-states.

<p>False</p> Signup and view all the answers

The global economy is too complex to be controlled by a single, centralized mechanism.

<p>True</p> Signup and view all the answers

Globalization has failed to generate significant economic growth.

<p>False</p> Signup and view all the answers

Living standards around the world have improved as a result of globalization.

<p>True</p> Signup and view all the answers

Global inequality has been significantly reduced due to globalization.

<p>False</p> Signup and view all the answers

What is a major concern regarding rising inequality?

<p>Rising inequality can pose a threat to the stability of the capitalist world order and social cohesion. It can also undermine the ability of emerging economies to achieve sustainable income growth for their rising middle class.</p> Signup and view all the answers

The world is capable of sustaining current levels of economic growth indefinitely.

<p>False</p> Signup and view all the answers

What are some potential consequences of rising incomes on the environment?

<p>Rising incomes can lead to increased consumption of resources, greater pollution, and further strain on ecosystems. It is crucial to consider the environmental impact of economic growth.</p> Signup and view all the answers

We have effectively addressed all significant global problems.

<p>False</p> Signup and view all the answers

Study Notes

Exam Information

  • Exam date: December 14th, 2024
  • Exam time: 2:30 PM - 4:00 PM
  • Location: 3/F Multi-purpose Zone, Main Library, Library Extension (LE) 2 & 3
  • Exam format: 50 multiple-choice questions, 2 points each, 1.5 hours total. Allow 108 seconds per question.
  • Closed book exam

Exam Examples

  • Example 1: Advocates of [X] have argued that A: the government should [X], B: countries should [X], C: [X] developing economies is vital, D: the development of [X].
  • Example 2: What is the key takeaway from the figure above? A: [X] more than larger economies, B: [X] than developing economies, C: Developed economies [X], D: Developing economies [X].
  • Example 3: With respect to [X], the following is true [X]... A: [X] has increased, but [X] has decreased, B: [X] has decreased, while [X] increased, C: [X] and [X] decreased, D: [X] and [X] increased.
  • Example 4: [X] has been used to do [X]. What is NOT a feature of [X]? A: [X] has increased, but [X] has decreased, B: [X] has decreased, while [X] increased, C: [X] and [X] decreased, D: [X] and [X] increased

Content

  • Global processes and local impacts
  • Winning and losing
  • Governance issues
  • Key takeaways
  • Questions

Important Arguments

  • World is becoming more unequal due to a focus on global market expansion with little consideration for social consequences.
  • Difficulty in resolving this issue stems from its complex nature and conflicting interests among key participants.
  • Second half of the 20th century: significant economic expansion.
  • Recent decades: more volatile, with recessions following periods of growth (e.g., financial crisis, COVID-19).
  • Global nature of these trends, no longer primarily regional.
  • Underlying trends: increasing interconnectedness of world economies and multi-polar economic activities

Significant Changes over the Last Half-Century

  • When the UN was founded in 1945, two-thirds of current members did not exist as sovereign states.
  • Global population: 2.5 Billion then, 8 Billion now.
  • Economic changes include increased trade.
  • MNC exports compose more than 66% of all exports.

Drivers of Change

  • Complex transformations involving major changes in key players, along with changes in production patterns (off-shoring, out-sourcing).
  • Consumption patterns (local vs. global), wealth distribution.
  • MNCs are primary drivers and shapers of the global economy, controlling global production value chains.
  • States continue to influence global affairs through trade deregulation and regional agreements (EU, NAFTA, ASEAN).
  • Key technology is a major enabling force.

Why the Backlash Against Globalization?

  • Increased wealth, generating uneven distributions across and within countries.
  • Many changes have facilitated global market expansion.
  • Few changes support social objectives (development, human rights, poverty reduction, environmental concerns).

Linking Inequality to Changing World

  • Possible rise of inequality regardless of globalization
  • Potential links between globalization and inequality.
  • Possible nation-state policies exacerbating inequality (e.g., changing tax policy, reduced social investment).

Can the Market & Globalization Eradicate Poverty?

  • Globalization has facilitated rapid growth in many countries, leading to poverty reduction (e.g., China),
  • Catch-up growth may be difficult for some countries
  • Role of nation-states – including their policies – in global poverty.

Global Governance

  • Nations-states and international institutions regulate the global economy.
  • Globalization may have rendered this system less effective.
  • Possible role of global governance in regulating the global economy
  • Governance challenges are related to conflicts, economy impacts (like globalization) and the environment

Questions

  • Capacity of Earth to sustain growth.
  • Impact of increased incomes on environmental resources
  • Consideration of global problems and potential solutions.

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Description

Prepare for your upcoming exam on December 14th, 2024, with this comprehensive quiz. Featuring 50 multiple-choice questions, this quiz will help you review key concepts and improve your test-taking speed within the allowed time frame. Test your knowledge and increase your confidence before the closed book exam.

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