Global Trade and Types of Economies in Economic Globalization
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Questions and Answers

Which type of economy involves systematic government interference in foreign trade to prioritize domestic production?

  • Protectionism (correct)
  • Trade Liberation
  • Market economy
  • Free trade zone
  • What was the biggest increase in world trade from 1971 to 1999 according to the text?

  • Export of manufactured goods (correct)
  • Services sector trade
  • Import of raw materials
  • Agricultural products trade
  • According to Immanuel Wallerstein's theory, which countries are considered the core countries in the global economy?

  • Less developed countries supporting labor for wealthier nations
  • High-income countries with financial institutions at the center of economic activities (correct)
  • Middle-income countries involved in manufacturing and exportation
  • Low-income countries with majority of raw material production
  • Which category of countries contributes to the manufacturing and exportation of a variety of goods, according to the modern world system?

    <p>Semi-periphery countries</p> Signup and view all the answers

    What marked the history of market integration in 12000 BC, as per the text?

    <p>Agricultural Revolution</p> Signup and view all the answers

    What is the primary focus of protectionism as described in the text?

    <p>Systematic government interference in foreign trade</p> Signup and view all the answers

    What economic system is characterized by privately owned natural resources and means of production?

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

    Which organization is described as a global corporation and a significant player in globalization?

    <p>Global Corporation</p> Signup and view all the answers

    What is the main purpose of global governance as discussed in the text?

    <p>To address global problems beyond state capabilities</p> Signup and view all the answers

    In the context of market integration, what does vertical integration involve?

    <p>Ownership of operations and products along the supply chain</p> Signup and view all the answers

    Which historical event marked the beginning of global trade according to the information provided?

    <p>European Exploration in the 15th century</p> Signup and view all the answers

    What power do International Organizations (IOs) have as discussed in the text?

    <p>Power to fix meanings</p> Signup and view all the answers

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