10 Questions
What economic ideology emerged as a challenge to Keynesian ideas in the 1980s?
Neoliberalism
Which organizations embraced neoliberal policies under the Washington Consensus?
World Trade Organization
What characterizes economic relations between developed and developing countries, according to the text?
Uneven trade imbalances
What do critics label the new form of economic thinking that emerged in the 1980s?
Neoliberalism
Which organization was founded in 1995 to continue tariff reduction under the GATT?
World Trade Organization
What is the main emphasis of the Washington Consensus policies?
Tariff reduction
'Economic globalization remains an uneven process.' What does this mean in the context of the text?
'Economic globalization affects different countries, corporations, and individuals differently.'
'Developed countries are often protectionists.' What does 'protectionist' mean in this context?
'Developed countries implement policies to safeguard their primary products.'
'Trade imbalances characterize economic relations between developed and developing countries.' What does 'trade imbalance' mean?
'An unequal trade situation between developed and developing nations.'
'Some countries, corporations, and individuals benefit a lot more than others from economic globalization.' Why is this statement made?
'There is disparity in the benefits gained from economic globalization.'
Test your knowledge on the topic of economic globalization in The Contemporary World 2 with this quiz. Explore the definition, concepts, and impacts of economic globalization on world economies.
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