Impact of Exports on National Economies

Play an AI-generated podcast conversation about this lesson

What is the Silk Road known for?

Being the 1st truly globalized trade route (correct)

Boosting a country's income

Connecting Manila and Acapulco

Maximizing exports and minimizing imports

Which term best describes the integration of economies around the world through the movement of goods, services, and capital across borders?

Protectionism

Colonialism

Economic Globalization (correct)

Isolationism

During what period did Mercantilism influence economies to compete for income?

16th to 18th centuries (correct)

19th century

21st century

Ancient times

What was a key feature of the Galleon Trade between Manila and Acapulco?

Connecting two distant regions Signup and view all the answers

Which historical trading system encouraged countries to compete with each other to increase their income?

Mercantilism Signup and view all the answers

Which group accounted for 51% of global exports by 2011?

Developing countries like the Philippines, India, China, Argentina, and Brazil Signup and view all the answers

What characterizes the economic relations between rich and poor countries according to the text?

Trade imbalances benefit richer countries Signup and view all the answers

What does the term 'race to the bottom' refer to in the context of the text?

Governments competing to lower labor and environmental standards Signup and view all the answers

Which country is mentioned for refusing to import rice to protect its farming sector?

Japan Signup and view all the answers

What factor contributes to TNCs acquiring significant profits at the expense of governments?

Governments lowering labor and environmental standards Signup and view all the answers

What has been the impact of economic globalization on the growth rates of developing countries based on the text?

Spike in growth rates Signup and view all the answers

Which of the following describes the key principle of the Washington Consensus?

Supports reduction of government debt and minimal government spending Signup and view all the answers

What event can the Global Financial Crisis 2008-2009 be traced back to?

The US lifting banking and investment restrictions since the 1980s Signup and view all the answers

What contributed to the bad investments in the US housing market during the 2008-2009 crisis?

Banks extending loans to individuals with questionable credit records Signup and view all the answers

How can Economic Globalization Today be described?

Essential international trade for countries to develop in the modern world Signup and view all the answers

In the context of neoliberalist values, which action does the Washington Consensus encourage governments to take?

Reduce tariffs and open up their economies Signup and view all the answers

What effect did banks becoming less discriminating in extending loans have during the Global Financial Crisis 2008-2009?

Caused an increase in individuals with dubious credit records obtaining loans Signup and view all the answers

Which best characterizes the Bretton Woods System?

Established a network of global financial institutions promoting interdependency Signup and view all the answers

What is a major consequence of an uneven process of economic globalization?

Growing income inequality within and among countries Signup and view all the answers

How did neoliberalist values influence governments' practices during the 1970s Oil Embargo?

Pressured governments to reduce tariffs and open up their economies Signup and view all the answers

How did the practice of governments pouring money into their economies contribute to inflation?

By increasing demand for goods without increasing supply Signup and view all the answers