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Questions and Answers

The primary driving factors for a company's success in the textile industry are the ability to operate ______ and securing contracts with clothing marketers for their products.

efficiently

What was the primary facilitator of the Black Plague?

  • European trade routes
  • The Silk Road (correct)
  • The cotton industry
  • The discovery of silk

What invention made the production of cotton fifty times more efficient?

The cotton gin

What year did the USSR become the top oil producer worldwide?

<p>1973</p> Signup and view all the answers

What is the name of the global benchmark for oil prices?

<p>Brent Oil (C)</p> Signup and view all the answers

The price of oil is solely based on the type of oil and where it is produced.

<p>False (B)</p> Signup and view all the answers

OPEC includes the countries with the smallest oil reserves.

<p>False (B)</p> Signup and view all the answers

What was a major factor in the oil crisis of 1973?

<p>The Yom Kippur War</p> Signup and view all the answers

What did OPEC release in 1968 that stated each nation's right to sovereignty over their natural resources?

<p>Declaratory Statement of Petroleum Policy</p> Signup and view all the answers

In the 1970's oil prices ______ in Canada.

<p>went up</p> Signup and view all the answers

The USSR had no impact on the oil market in the 1970s.

<p>False (B)</p> Signup and view all the answers

Oil is considered a renewable energy source.

<p>False (B)</p> Signup and view all the answers

Petroleum is ______ by the decomposition of organic matter.

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

What is a key aspect of successful companies in the textile industry?

<p>Securing agreements with clothing businesses to sell their merchandise (C)</p> Signup and view all the answers

What was a major outcome of the global spread of the textile industry?

<p>The transition from handcrafting textiles in homes to factory-based production.</p> Signup and view all the answers

Which of these is NOT a primary driving force behind the textile industry's success?

<p>Prioritizing worker well-being over production speed (C)</p> Signup and view all the answers

What is the main reason for the spread of the Black Plague?

<p>The exchange of goods along the Silk Road (A)</p> Signup and view all the answers

The Industrial Revolution had a primarily beneficial impact on the British textile industry.

<p>True (A)</p> Signup and view all the answers

Which event had a significant impact on the textile industry because of limited access to cotton production?

<p>The American Civil War.</p> Signup and view all the answers

What was the major issue that arose from the implementation of the spinning jenny during the Industrial Revolution?

<p>Widespread unemployment.</p> Signup and view all the answers

What was a significant consequence of the shift to factory-based production in the textile industry?

<p>The employment of children and women as laborers due to lower wages (B)</p> Signup and view all the answers

What was the primary reason for the establishment of Lowell, Massachusetts?

<p>To establish a significant cotton production center using new technologies (A)</p> Signup and view all the answers

The decline of the textile industry in Lowell, Massachusetts, was mainly attributed to the expansion of the cotton industry in other regions of the United States.

<p>False (B)</p> Signup and view all the answers

What were the key factors contributing to the massive expansion of the cotton industry in the United States prior to the Civil War?

<p>Advances in cotton production technologies such as the cotton gin, which significantly increased output, and the use of enslaved labor.</p> Signup and view all the answers

What was the primary factor that led to the decline of the cotton industry in the South after the Civil War?

<p>The abolition of slavery.</p> Signup and view all the answers

What is the primary driving force behind the modern 'fast fashion' industry?

<p>The creation of designs based on customer preferences and rapid production (C)</p> Signup and view all the answers

What is the main reason for the rise of the 'triangle shirtwaist factory' tragedy?

<p>The factory had poor working conditions, primarily overcrowding, and safety violations.</p> Signup and view all the answers

The Rana Plaza factory collapse had a significant impact on the garment industry by leading to widespread changes in safety regulations and worker rights.

<p>True (A)</p> Signup and view all the answers

What was the primary reason for the success of the 'fast fashion' industry?

<p>The ability to produce and distribute trendy clothing efficiently and quickly (B)</p> Signup and view all the answers

What factors led to the significant increase in the price of oil during the 1970s and 1980s?

<p>The Arab Oil Embargo in the 1970s, the Iranian Revolution, and the Iran-Iraq war.</p> Signup and view all the answers

What is a significant reason for the price volatility of crude oil?

<p>The limited ability to increase production in a short period, leading to supply constraints (D)</p> Signup and view all the answers

Why is Brent crude oil considered a global benchmark for pricing?

<p>It is readily available, easily transported, and traded in large volumes, making it a reliable reference point for oil prices.</p> Signup and view all the answers

What is the primary reason for the difference in price between Brent crude oil and West Texas Intermediate (WTI) crude oil?

<p>The export restrictions placed on U.S. crude oil, which limit its global accessibility and impact its price (A)</p> Signup and view all the answers

OPEC has the ability to effectively control the global oil market by setting production quotas.

<p>False (B)</p> Signup and view all the answers

What is a key factor that determines the price of oil products, such as gasoline, for consumers?

<p>The global auction process where the highest bidder secures available oil supplies.</p> Signup and view all the answers

What term refers to the difference between world oil market demand and the supply from non-OPEC sources?

<p>The 'call on OPEC,' highlighting OPEC's key role in meeting demand (B)</p> Signup and view all the answers

What is the main role of international oil companies (IOCs) in the oil market?

<p>They maximize profits by producing oil as long as prices remain higher than the cost of production.</p> Signup and view all the answers

The production of oil from oil sands in Canada is primarily a factor in increasing global oil supply.

<p>False (B)</p> Signup and view all the answers

Which of the following is NOT a key reason for the price fluctuation of crude oil?

<p>The stability of the global currency market, affecting oil trade (B)</p> Signup and view all the answers

What is a future contract in the oil market?

<p>An agreement to buy or sell a specific amount of oil at a specific price and date in the future.</p> Signup and view all the answers

What is a 'spot transaction' in the oil market?

<p>The immediate purchase and sale of a specific quantity of oil at the current market price.</p> Signup and view all the answers

Which of the following factors did NOT contribute to OPEC's increased influence in the oil market?

<p>The establishment of strong alliances between all member countries (A)</p> Signup and view all the answers

Why did the seven sister oil companies in the 1950s drop their prices?

<p>To counter the increased oil production from the Soviet Union.</p> Signup and view all the answers

The Arab oil embargo in 1973 was largely successful in forcing the Western world to meet the demands of the Arab nations.

<p>False (B)</p> Signup and view all the answers

What is the primary reason for the price increase of oil in the 1980s?

<p>The increasing demand for oil due to global economic growth (A)</p> Signup and view all the answers

The invasion of Kuwait by Iraq in 1990 had a significant positive impact on global oil prices.

<p>False (B)</p> Signup and view all the answers

What was the purpose of the Gin Act of 1751?

<p>To control Gin production in England.</p> Signup and view all the answers

What was a significant consequence of the British decision to import African slaves to work on sugar plantations in the Caribbean?

<p>The rise in popularity of rum.</p> Signup and view all the answers

Why did the British government ban skilled workers from leaving England?

<p>To protect its textile industry and maintain a competitive edge.</p> Signup and view all the answers

According to Mukti Khaire's analysis, what was a turning point in the Indian Fashion industry?

<p>The increased focus on traditional Indian crafts.</p> Signup and view all the answers

During the 1970s, what event triggered the decline of PetroCanada?

<p>The global oil price increase.</p> Signup and view all the answers

How did the invention of the water frame improve the textile industry?

<p>It allowed for the mass production of cotton fabric, increasing supply and reducing costs. (A), It mechanized the spinning process, making it more efficient and faster. (C)</p> Signup and view all the answers

What is considered a major disadvantage of using downstream oil production?

<p>It can be more energy-intensive and contributes to more pollution than other forms of oil production. (A), It can negatively impact the environment by contributing to the destruction of natural habitats. (C)</p> Signup and view all the answers

The 'currency snake' was a successful effort to stabilize international currency values.

<p>False (B)</p> Signup and view all the answers

A central bank's ability to influence exchange rates can be a powerful tool for controlling inflation.

<p>True (A)</p> Signup and view all the answers

According to Lila MacLellan's article, the Black business model focused solely on profit maximization.

<p>False (B)</p> Signup and view all the answers

The rise of the 'Seven Sisters' contributed to the decline of OPEC's power in the oil market.

<p>False (B)</p> Signup and view all the answers

What are the primary factors that influence the price of oil?

<p>All of the above. (D)</p> Signup and view all the answers

What role did J.P. Morgan play during the Panic of 1907?

<p>He pledged significant amounts of his own money and coordinated other bankers to stabilize the financial system. (A)</p> Signup and view all the answers

What is the main difference between token money and fiat money?

<p>Token money can be redeemed for gold and silver, but fiat money cannot. (C)</p> Signup and view all the answers

What is significant about the example of BankCo offshoring its call centre?

<p>It shows how globalization does not always proceed smoothly but faces bumps in the road like cultural differences. (B), It shows how offshoring is profitable but risky, as BankCo ultimately lost revenue when faced with legal challenges. (D)</p> Signup and view all the answers

What is gin?

<p>Alcohol mixed with juniper berries for flavor and medicine.</p> Signup and view all the answers

What are the main ingredients of gin?

<p>Juniper berries and other herbs</p> Signup and view all the answers

The Gin Craze was a period of widespread social unrest in England.

<p>True (A)</p> Signup and view all the answers

What is the difference between gin and genevar?

<p>Genevar is a Dutch spirit that is similar to gin, but it is typically made with a higher proof and has a more pronounced juniper flavor. Genevar also has a longer history than gin.</p> Signup and view all the answers

How did gin get popular in the 1800s?

<p>It was mixed with quinine water to make a malaria potion called a Gin and Tonic.</p> Signup and view all the answers

What can be said about rum as a historical product?

<p>It became very popular in the Caribbean during the 1700s, and it became a common ration for British sailors.</p> Signup and view all the answers

What were the key factors that contributed to the rise of rum's popularity in the 1700s?

<p>Sugar plantations created in French and British colonies in the Caribbean led to the need for cheap labor.</p> Signup and view all the answers

What historical event impacted rum production and its popularity?

<p>The 1731 British sailor's daily pint of Jamaican rum lasted until the 1970's.</p> Signup and view all the answers

What was the role of sugar plantations in the Caribbean's history?

<p>They led to the import of African slaves to provide cheap labor.</p> Signup and view all the answers

Where did sugar plantations first develop?

<p>French and British colonies in the Caribbean.</p> Signup and view all the answers

Who supplied rum to the Spanish royal family in the 1880s?

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

What country became a major producer of rum?

<p>Puerto Rico</p> Signup and view all the answers

What was Facundo Bacardi's lasting legacy?

<p>He founded Bacardi and it became a worldwide brand.</p> Signup and view all the answers

Why did the embargo of rum persist in Cuba?

<p>It wasn't lifted until Cuba got its property back.</p> Signup and view all the answers

What is temperance?

<p>A movement focused on reducing alcohol consumption.</p> Signup and view all the answers

What was the main reason for the temperance movement?

<p>It was a protestant movement based on the belief that alcohol was morally wrong.</p> Signup and view all the answers

The temperance movement advocated for women's suffrage.

<p>True (A)</p> Signup and view all the answers

Who was Sir John A. Macdonald?

<p>He was the Prime Minister of Canada.</p> Signup and view all the answers

Sir John A. Macdonald was a strong supporter of prohibition.

<p>False (B)</p> Signup and view all the answers

What was the outcome of the 1898 referendum on prohibition in Canada?

<p>The majority of the electorate voted in favor of prohibition, but the Quebec electorate rejected it.</p> Signup and view all the answers

Who was Wilfred Laurier?

<p>He was the Prime Minister of Canada.</p> Signup and view all the answers

Wilfred Laurier implemented prohibition in Canada.

<p>False (B)</p> Signup and view all the answers

When did prohibition go into effect in Prince Edward Island?

<p>In 1901.</p> Signup and view all the answers

Prohibition was a war-time measure to conserve resources.

<p>True (A)</p> Signup and view all the answers

The prohibition movement was successful in eliminating the consumption of alcohol.

<p>False (B)</p> Signup and view all the answers

Flashcards

Gin craze

A period of high popularity for gin in the 17th and 18th centuries, often due to its affordability.

Gin

A spirit flavored with juniper berries; sometimes other herbs.

Rum

A spirit distilled from molasses, popular in the 17th and 18th centuries.

Temperance movements

Social or political campaigns against alcohol consumption.

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Gin Act of 1751

An example of a government licensing act for gin production aimed at controlling production and consumption.

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Prohibition

The banning of the manufacture, storage, transportation, sale, possession, and consumption of alcohol.

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LCBO

The Liquor Control Board of Ontario, a government-run monopoly on alcohol distribution in Ontario.

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Internal Combustion Engine

An engine that generates power by burning fuel (like gasoline).

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Gasoline

A flammable liquid fuel derived from petroleum.

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Standard Oil

A major oil company in the late 1800s and early 1900s that was broken up for being a monopoly.

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Model T

Ford's famous affordable car that used the internal combustion engine.

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Assembly Line

A method of production where work is divided into small tasks and workers perform these tasks repeatedly, allowing for rapid assembly of products.

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OPEC

Organization of the Petroleum Exporting Countries; a cartel of oil-producing nations.

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Oil Embargo

A ban on the sale of oil to certain countries.

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Petro-Canada

A state-owned (crown corporation) Canadian oil company.

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Colonialism

A system where a powerful country controls and exploits another country.

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What was a key factor in the rise of tourism?

The Roman Empire's wealth and influence made travel possible for many, leading to the development of early forms of tourism.

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What did the Romans build to enhance tourism?

The Romans built spas and baths to attract tourists and provide them with leisure and relaxation.

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What was a major factor in the success of the Grand Tour?

Credit arrangements with European banks allowed wealthy gentlemen from England to fund their extended travel.

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What was Thomas Cook's key contribution to tourism?

He organized tours and introduced travel checks, making travel more accessible to the general public.

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What is an important industry that emerged from sea travel?

The cruise industry evolved from the practice of passenger ships using fixed routes.

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What was significant about the Mauretania and Lusitania?

These ships were the largest and fastest of their time, carrying a significant number of passengers.

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What was the Titanic's significance?

It was a symbol of luxury travel, but also a tragic event that changed how we think about safety in travel.

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What impact did jetliners have on transatlantic travel?

They led to a decline in transatlantic passenger ship travel, making air travel more convenient.

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What impact did the Love Boat TV series have on the cruise industry?

It popularized the concept of taking vacations on cruise ships, leading to a surge in passenger numbers.

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What was the first scheduled passenger airline service?

The St. Petersburg-Tampa Airboat Line in 1914.

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What was a significant event that interrupted early transpacific flights?

World War II.

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What was a key technological advancement in commercial aviation?

The Boeing 747, a long-range jet that could carry a large number of passengers.

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How did Freddie Laker impact commercial aviation?

He founded Laker Airways, offering budget-friendly alternatives to traditional airlines.

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What was the first city of capitalism?

Potosí, Bolivia, where silver mining thrived, leading to wealth and economic development.

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What was the Bank of England initially designed for?

To raise money for the British Navy in the 17th century.

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What impact did the influx of gold and silver from South America have?

It shifted global trade dynamics and made it difficult for other countries to find alternative resources.

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What was the purpose of the Federal Reserve?

To centralize control of money, regulate banks, and stabilize the U.S. economy.

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What was a key factor in the creation of the Bank of Canada?

The economic crisis of the 1930s, which highlighted the need for a central bank to manage the Canadian economy.

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What is a key function of chartered banks in Canada?

Taking deposits and lending money to businesses and people.

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What was the purpose of the Werner Plan?

To propose a plan for replacing national currencies with a common European currency.

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What was the Currency Snake?

An attempt to restore stability to the international monetary system by allowing European currencies to fluctuate within a narrow range.

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What was the purpose of the European Monetary System?

To strengthen monetary cooperation within Europe and introduce a virtual European currency unit.

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What were the three main pillars of the Delors Report?

Economic and monetary policy coordination, transfer of monetary policy to the EC, and fixed exchange rates.

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What did the Maastricht Treaty establish?

A European Union with a common monetary policy, leading to the creation of the Euro.

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What are convergence criteria?

Economic requirements that member states had to meet before joining the European Monetary Union.

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What is the primary difference between commodity money and fiat money?

Commodity money is backed by a tangible commodity like gold or silver, while fiat money is issued by the government and not backed by any commodity.

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What was the main driver of the success of the internal combustion engine?

The widespread availability and affordability of gasoline.

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How did Henry Ford revolutionize car production?

He introduced the assembly line, allowing for efficient and mass production of cars.

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What was a significant geopolitical event that demonstrated OPEC's power?

The 1973 oil embargo, which was launched in response to the Yom Kippur War.

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What is the main challenge faced by OPEC in influencing oil prices?

Maintaining discipline within the cartel, as individual members might want to sell oil at higher prices.

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Grand Tour

A lengthy European tour undertaken by wealthy young gentlemen in the 17th and 18th centuries.

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Thomas Cook

A pioneer in organized tourism, known for organizing tours and introducing travel checks.

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J.P. Morgan's Role in 1907 Panic

J.P. Morgan, a powerful banker, played a crucial role in stabilizing the U.S. financial system during the Panic of 1907 by pledging his own money and coordinating with other bankers. He acted as a lender of last resort to prevent a systemic collapse.

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Token Money vs. Fiat Money

Token money is backed by a tangible commodity like gold or silver, while fiat money is not backed by any commodity and its value is determined by the government that issued it. While token money can be exchanged for the underlying commodity, fiat money cannot.

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BankCo Call Centre Offshoring: Significance

The case of BankCo offshoring its call centre illustrates the complexities of globalization. While it initially seemed cost-effective, the company faced legal challenges due to labour rights violations, highlighting the potential risks and ethical considerations in outsourcing.

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Gold Standard

A monetary system where the value of a currency is directly linked to a fixed amount of gold. This system aimed to create stable prices and protect against inflation.

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Lender of Last Resort

A financial institution, typically a central bank, that acts as a lender to banks and other financial institutions when they are unable to obtain funds from other sources, preventing systemic financial crises.

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Offshoring

The practice of transferring business processes or jobs to a foreign country, often to reduce costs.

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Strategic Trade Policy

Government policies aimed at influencing international trade patterns to benefit the domestic economy, such as tariffs, subsidies, or quotas.

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Globalization

The increasing interconnectedness and interdependence of countries and their economies, driven by factors like trade, investment, and technology.

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Cultural Differences

Variations in customs, beliefs, values, and behaviors that exist between different groups of people.

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Labour Rights

The fundamental rights of workers, including the right to safe working conditions, fair wages, and freedom of association.

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