Economic Globalization Quiz: Test Your Knowledge

Questions and Answers

Increased grain prices due to agricultural subsidies from industrial nations

Larger trading powers in the green room

After World War II

To help countries that were in trouble and could not obtain money by any means Signup and view all the answers

Expressing currency in terms of gold or gold value to establish a par value Signup and view all the answers

It became the global currency Signup and view all the answers

Overseeing exchange rates between different currencies Signup and view all the answers

It established fixed exchange rates with a one-percent margin Signup and view all the answers

Geneva, Switzerland Signup and view all the answers

The Uruguay Round Signup and view all the answers

Trade goods through multinational trade agreements Signup and view all the answers

Inability to address trade barriers created by developed countries Signup and view all the answers

Study Notes

Food riots in WTO member states like Mexico, Egypt, and Indonesia in 2008 were triggered by sharp increases in food prices, partly due to the impact of WTO trade policies on global food markets.

The WTO's decision-making processes are heavily influenced by powerful countries and corporations, which can leads to unfair trade agreements that benefit them at the expense of smaller, developing countries.

The main goal of the IMF is to promote international monetary cooperation and exchange rate stability.

One of the key elements of the Bretton Woods System was the pegging of currencies to the US dollar, which was, in turn, pegged to gold at a fixed rate of $35 per ounce.
The US dollar played a central role in the Bretton Woods System, serving as a global reserve currency.
The IMF played a crucial role in the Bretton Woods System, ensuring that countries adhered to the fixed exchange rate system.
The Bretton Woods System fixed exchange rates between different countries, which helped to promote international trade and investment.

As of 2008, the headquarters of the World Trade Organization (WTO) was located in Geneva, Switzerland.
The WTO was established as a result of the Uruguay Round of trade negotiations, which concluded in 1994.
The primary focus of the General Agreement on Tariffs and Trade (GATT), the precursor to the WTO, was to promote free trade and reduce tariffs and other trade barriers.

One of the criticisms of the WTO is that it prioritizes the interests of powerful countries and corporations over those of smaller, developing countries and marginalized communities.