Friedrich Hayek and Economic Theories Quiz

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What is the basis of the currency adopted by the United States and other European powers in 1867?

Platinum standard

Bronze standard

Gold standard (correct)

Silver standard

What do Sceptics believe about globalization?

It is a recent phenomenon

It has strong theoretical foundations

It is beneficial for all countries

It is not a real phenomenon (correct)

What does GATT stand for?

General Authority for Trade and Tariffs

Global Association of Trade and Tariffs

Global Alliance for Trade Talks

General Agreement on Tariffs and Trade (correct)

What is the purpose of the International Monetary Fund (IMF)?

To provide loans to countries in economic distress Signup and view all the answers

Which type of companies operate in various industries under two corporate groups?

Conglomerations Signup and view all the answers

According to Neo-Marxist scholars, how can they be classified?

Sceptics Signup and view all the answers

What was the purpose of establishing the United Nations after World War II?

To prevent future world wars Signup and view all the answers

Which organization succeeded the League of Nations and was characterized as ineffective?

United Nations Signup and view all the answers

According to Friedrich Hayek, what is a major achievement in economics related to changing prices?

Providing information for economic planning Signup and view all the answers

What is the main characteristic of Free Trade policy?

Not limiting imports or exports through tariffs or subsidies Signup and view all the answers

How does Economic Globalization affect world economies?

Enhancing interdependence through cross-border trade and technology transfer Signup and view all the answers

What does the concept of the Interstate System propose about states?

States are interconnected through relationships with other states or global participation Signup and view all the answers

What are the 4 main purposes of the United Nations?

Ensure global peace, develop foreign relations, improve the life of the world's poor, promote harmony Signup and view all the answers

Which of the following is NOT a global governance gap according to Thomas Weiss and Ramesh Thakur?

Technology gaps Signup and view all the answers

What does Marshall McLuhan's phrase 'the medium is the message' emphasize?

The medium used in communication is as important as the content being communicated Signup and view all the answers

What is the primary goal of cultural diffusion?

Spread ideas, customs, and technologies among different groups Signup and view all the answers

Which of the following does Karl Marx advocate for in terms of internationalism?

Ending class division globally Signup and view all the answers