Friedrich Hayek and Economic Theories Quiz
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Questions and Answers

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)?

    <p>To provide loans to countries in economic distress</p> Signup and view all the answers

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

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

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

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

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

    <p>To prevent future world wars</p> Signup and view all the answers

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

    <p>United Nations</p> Signup and view all the answers

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

    <p>Providing information for economic planning</p> Signup and view all the answers

    What is the main characteristic of Free Trade policy?

    <p>Not limiting imports or exports through tariffs or subsidies</p> Signup and view all the answers

    How does Economic Globalization affect world economies?

    <p>Enhancing interdependence through cross-border trade and technology transfer</p> Signup and view all the answers

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

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

    What are the 4 main purposes of the United Nations?

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

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

    <p>Technology gaps</p> Signup and view all the answers

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

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

    What is the primary goal of cultural diffusion?

    <p>Spread ideas, customs, and technologies among different groups</p> Signup and view all the answers

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

    <p>Ending class division globally</p> Signup and view all the answers

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