World Trade Organization Overview
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Questions and Answers

What is a primary disadvantage of bartering?

  • It requires a complex set of rules.
  • Bartering always leads to unfair trades.
  • It does not involve money and is very simple.
  • It is difficult to find people who need what you have. (correct)

    • Which of the following was NOT used as a bartering item in early trade?

  • Feathers
  • Metal coins (correct)
  • Shells
  • Salt

    • What was the first recognizable form of metal coins made in China around 1000 BC?

  • Gold rings
  • Miniature hoes and bill hooks (correct)
  • Paper money
  • Small bronze celts

    • Why did early traders prefer to move from bartering to using money?

    <p>Goods were perishable and hard to trade.</p> Signup and view all the answers

    The first mint established to manufacture coins was located in which region?

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

    In which year did Lydia's King Alyattes mint the first official currency?

    <p>600 BC</p> Signup and view all the answers

    What process is described by the act of making a coin by stamping metal?

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

    Which material did the Chinese initially transition to after using metal coins?

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

    What was the currency exchange rate established by the Coinage Act in 1903?

    <p>2 PHP = 1 USD</p> Signup and view all the answers

    Which series of banknotes replaced the Ang Bagong Lipunan series in 1985?

    <p>New Design series</p> Signup and view all the answers

    What does a mobile wallet typically store?

    <p>Payment information</p> Signup and view all the answers

    When did the Filipinization of coins and notes begin?

    <p>In the 60s</p> Signup and view all the answers

    Which company printed the first currencies of the Central Bank of the Philippines?

    <p>Thomas de la Rue &amp; Co., Ltd</p> Signup and view all the answers

    What technology commonly operates mobile payments?

    <p>Complex encryption and tokenization</p> Signup and view all the answers

    What is a Quick Response (QR) code?

    <p>A matrix barcode readable by smartphones</p> Signup and view all the answers

    Which currency system did the monetary system in the Philippines follow initially?

    <p>Gold standard</p> Signup and view all the answers

    Which medium of exchange was universally accepted in the colony of Quebec?

    <p>Beaver pelts</p> Signup and view all the answers

    What was the significance of King Croesus in relation to monetary systems?

    <p>He introduced the first bimetallic monetary system.</p> Signup and view all the answers

    Which currency represented the first distinctive Canadian coins in the mid-1600s?

    <p>Spanish dollars (piastres)</p> Signup and view all the answers

    What material were barter rings made of in ancient times?

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

    Which currency was minted in the Philippines to address the shortage of fractional coins?

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

    Which ancient site shows evidence of the use of Electrum before King Croesus's time?

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

    What was the name given to the first local form of coinage in the Philippines?

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

    Which Asian countries did the Philippines trade with during the Spanish Era?

    <p>Thailand, China, Japan, India</p> Signup and view all the answers

    What is a key advantage of QR codes in payment systems?

    <p>They can be scanned from various surfaces, including screens.</p> Signup and view all the answers

    What unique characteristic differentiates Magnetic Secure Transmission (MST) from traditional card payments?

    <p>It emits a magnetic signal to imitate credit card strips.</p> Signup and view all the answers

    Which of the following describes Near Field Communication (NFC) in mobile payments?

    <p>It utilizes a secure tokenization system.</p> Signup and view all the answers

    Which type of payment allows users to complete transactions through their mobile carriers?

    <p>Direct carrier billing</p> Signup and view all the answers

    What does the term 'neobank' refer to?

    <p>A digital-only bank operating without physical branches.</p> Signup and view all the answers

    What technology do sound wave-based mobile payments rely on?

    <p>Ultra-low power wireless transmission for data transfer.</p> Signup and view all the answers

    Which service is known for paying for products via text messages?

    <p>Direct carrier billing</p> Signup and view all the answers

    How does encryption enhance payment security?

    <p>By protecting information using cryptographic codes.</p> Signup and view all the answers

    What is Tether (USDT) primarily backed by?

    <p>Fiat currencies like U.S. dollars and the Euro</p> Signup and view all the answers

    Which cryptocurrency had the highest year-over-year return mentioned?

    <p>Solana (SOL)</p> Signup and view all the answers

    How much did XRP's price increase from the beginning of 2017 to November 26, 2024?

    <p>$1.35</p> Signup and view all the answers

    What was the price increase percentage of Cardano’s ADA token from 2017 to November 2024?

    <p>4,447%</p> Signup and view all the answers

    What characteristic primarily differentiates Dogecoin from many other cryptocurrencies?

    <p>It started as a joke.</p> Signup and view all the answers

    What market cap corresponds to Tether (USDT)?

    <p>$132.7 billion</p> Signup and view all the answers

    What was Dogecoin’s price in 2017?

    <p>$0.0002</p> Signup and view all the answers

    What is the primary function of Solana (SOL)?

    <p>To facilitate decentralized finance (DeFi), decentralized apps (DApps), and smart contracts</p> Signup and view all the answers

    Which unique mechanism does Solana utilize for transaction processing?

    <p>Proof-of-stake and proof-of-history</p> Signup and view all the answers

    What is a stablecoin like U.S. Dollar Coin (USDC) primarily designed to do?

    <p>Be backed by U.S. dollars.</p> Signup and view all the answers

    What was the price of Binance Coin (BNB) in 2017?

    <p>$0.10</p> Signup and view all the answers

    Which cryptocurrency has the largest market cap among those mentioned?

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

    What percentage was Avalanche’s year-over-year return?

    <p>103%</p> Signup and view all the answers

    What was XRP's market cap as mentioned?

    <p>$77.1 billion</p> Signup and view all the answers

    What does a high total value locked (TVL) indicate about a decentralized finance protocol?

    <p>It indicates a high popularity and adaptation rate.</p> Signup and view all the answers

    What was the market cap of Avalanche as mentioned?

    <p>$17.0 billion</p> Signup and view all the answers

    Study Notes

    World Trade Organization

    • The only global international organization dealing with the rules of trade between nations
    • Goal is to ensure trade flows smoothly, predictably, and freely
    • Helps producers of goods and services, exporters, and importers conduct business

    Roles of WTO

    • Operates a global system of trade rules
    • Acts as a forum for negotiating trade agreements
    • Settles trade disputes between members
    • Supports the needs of developing countries

    Historical Trade Theories

    • Classical theories are country-based, focusing on a country's wealth (e.g., gold and silver).
    • Modern theories are firm-based, explaining trade from a company's perspective
    • Division of labor (separating work into tasks), boosts productivity, and increases efficiency
    • Trade surplus is when a country's exports exceed its imports
    • Smith and Ricardo developed free trade theories, opposing protectionist policies

    Key Figures in Trade Theory

    • David Hume offered the price-specie flow mechanism
    • Industrial capitalism was a phase of capitalism where industries were dominant in production.
    • Free trade offers more goods at affordable prices, while mercantilism limits imports and reduces consumer choices.

    Other Key Economic Concepts

    • Absolute advantage is a country's ability to produce specific goods efficiently and cost-effectively
    • Comparative advantage is a country's ability to produce a particular good at a lower opportunity cost than other countries.

    Bartering

    • Direct exchange of goods and services without money
    • Advantage: Simplicity
    • Disadvantage: Difficulty finding suitable exchanges and lack of standardized values.

    Origin of Money

    • Early forms of money included salt, shells, feathers and animal teeth
    • Traders sought a non-perishable, easily-transportable medium of exchange
    • Metal coins (e.g., hoes, replicas of tools) emerged as a more practical form of money
    • Paper money was used in Ancient China

    History of the Philippine Currency

    • Barter system was the primary form of exchange before Spanish colonization
    • Barter rings and other items were used as a form of money
    • Spanish era saw the introduction of Spanish coins (cobs or macuquinas)
    • Early Philippine coins were often crudely made of bronze or copper.

    Early Coins

    • Lydia (present-day Western Turkey): First mint established
    • Electrum: First official currency, an alloy of gold and silver
    • Bimetallic monetary system developed by King Croesus (pure gold and pure silver coins)
    • Spanish dollars (piastres) were early distinctive Canadian coins.
    • The livre was the currency used in France for several centuries .

    Mobile Payments

    • Money transferred for goods/services using cell phones, tablets, etc.
    • Methods include Near Field Communication (NFC), Sound Wave-based Payments, and Magnetic Secure Transmission (MST)
    • QR codes are used for mobile payments
    • Smart phones are increasingly crucial for payments processes.

    Virtual Currencies

    • Digital/crypto-currencies in community-based form
    • Fiat currencies are forms of money issued by a government
    • E-money is a form of money that exists only electronically
    • Cryptocurrencies use blockchain technology for decentralized ledger processes
    • Cryptocurrencies are often decentralized in nature and are not issued or backed by a government.

    Top 10 5-Star Rated Digital Currencies

    • Bitcoin
    • Ethereum
    • Tether
    • Solana
    • Binance Coin
    • XRP
    • Dogecoin
    • USDC
    • Cardano
    • Avalanche

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    Related Documents

    Chapter 1: Evolution of International Trade PDF

    Description

    This quiz covers the essential aspects of the World Trade Organization (WTO) including its roles, historical trade theories, and key figures in trade theory. Test your knowledge on how the WTO influences global trade, its functions, and the impact of various trade theories.

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