The Global Economy and Economic Globalization
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Questions and Answers

What is the main reason why globalization is considered a complex issue?

  • It only involves economic aspects
  • It impacts cultural, social, political, and economic aspects (correct)
  • It affects only one part of the world
  • It has no consequences on international trade policies

    • According to Amartya Sen, what does globalization entail?

  • Cultural globalization only
  • Greater global closeness in various aspects (correct)
  • Isolation from global interactions
  • Economic globalization exclusively

    • What is one of the learning objectives at the end of the lesson on the global economy?

  • Learning about the history of a specific country
  • Identifying and discussing the three waves of economic globalization (correct)
  • Assessing weather patterns in different regions
  • Understanding the impact of climate change on globalization

    • Why is it important to define economic globalization?

    <p>To have a clear understanding of its scope and implications</p> Signup and view all the answers

    What is a key consequence of global economic integration according to the text?

    <p>Rise in international trade activities</p> Signup and view all the answers

    What was the purpose of the Bretton Woods system?

    <p>To prevent the catastrophes of the early decades of the century from reoccurring and affecting international ties</p> Signup and view all the answers

    Which institution was crafted to reconstruct cities, industries and infrastructure heavily damaged during the war and remove trade barriers between European neighbors and foster commerce with United States?

    <p>Marshall Plan</p> Signup and view all the answers

    Which institution serves as a global lender of last resort to prevent individual countries from spiraling into credit crises?

    <p>International Monetary Fund</p> Signup and view all the answers

    Which institution does not just resolve traditional trade issues on tariff and non-tariff barriers, but also on intellectual property rights, trade related investment measures, and food safety standards?

    <p>World Trade Organization</p> Signup and view all the answers

    What is one of the strategies of the Bretton Woods system that involves extending loans to poor countries which often comes with conditions from the IMF?

    <p>Macroeconomic Stability</p> Signup and view all the answers

    What is a decline in economic growth and employment which takes place alongside a sharp increase in prices?

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

    What is one of the main criticisms of developed countries in the trade talks under the WTO?

    <p>They frequently refuse to lift policies protecting their primary products.</p> Signup and view all the answers

    Which country is highlighted as a prime example of refusing to allow rice imports to protect its farming sector?

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

    What characterizes economic relations between developed and developing countries, according to the text?

    <p>Trade imbalances</p> Signup and view all the answers

    Who are the primary beneficiaries of global commerce, as mentioned in the text?

    <p>Transnational corporations (TNCs)</p> Signup and view all the answers

    What is the primary concern of transnational corporations (TNCs) according to the text?

    <p>Maximizing profits</p> Signup and view all the answers

    How do host countries often respond to the presence of transnational corporations (TNCs) in the text?

    <p>Loosening tax laws</p> Signup and view all the answers

    What was the primary cause of the stock market crash in 1973-1974?

    <p>The United States stopping the link between the dollar and gold</p> Signup and view all the answers

    What is the primary reason why developing countries' infant industries needed protection from foreign competition?

    <p>They lacked the scale of production of foreign firms</p> Signup and view all the answers

    Which country was not targeted by the Arab OPEC members' oil embargo during the 1973 Arab-Israeli War?

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

    According to the passage, what is one of the conditions often attached to IMF loans to poor countries?

    <p>Both a and b</p> Signup and view all the answers

    What is the relationship between business people and government officials described in the passage?

    <p>Corrupt and crony-based</p> Signup and view all the answers

    What economic phenomenon, not predicted by Keynesian economics, resulted from the oil embargo and related events?

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

    Which of the following is NOT identified as a characteristic of the 'Four Asian Tigers' in the passage?

    <p>Leaders in manufacturing electronic components and devices</p> Signup and view all the answers

    How did the economic turmoil caused by the oil embargo and related events impact economic thinking?

    <p>It led to the development of a new form of economic thinking labeled neoliberalism</p> Signup and view all the answers

    What is the primary reason why prosperity is difficult to attain in developing countries according to the passage?

    <p>Inability to foster good governance and eradicate corruption</p> Signup and view all the answers

    What is the primary purpose of the IMF's governance reform efforts in developing countries?

    <p>To eradicate corruption and foster good governance</p> Signup and view all the answers

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