World Trade Organization Quiz

<p>Circular shapes were easier to carry and store. (A)</p> Signup and view all the answers

<p>Lydia, 600 BC (B)</p> Signup and view all the answers

<p>Electrum (C)</p> Signup and view all the answers

<p>Minting (A)</p> Signup and view all the answers

<p>He observed and documented the use of paper money in China. (D)</p> Signup and view all the answers

<p>1690 (B)</p> Signup and view all the answers

<p>To finance government expenses and facilitate transactions. (B)</p> Signup and view all the answers

<p>It introduced a new currency standard based on the French livre. (C)</p> Signup and view all the answers

<p>They were initially met with resistance by merchants. (C)</p> Signup and view all the answers

<p>They circulated alongside card money and other forms of payment as promissory notes. (D)</p> Signup and view all the answers

<p>Card money was recognized as the sole legal tender for all payments, replacing ordonnances. (B)</p> Signup and view all the answers

<p>A move towards a purely paper-based monetary system. (A)</p> Signup and view all the answers

<p>A significant rise in the prices of goods and services (inflation). (B)</p> Signup and view all the answers

<p>Promoting free trade and minimal government intervention (C)</p> Signup and view all the answers

<p>The Commercial Revolution (C)</p> Signup and view all the answers

<p>To accumulate national wealth and resources (D)</p> Signup and view all the answers

<p>Promoting free trade between countries (D)</p> Signup and view all the answers

<p>Increasing exports and generating wealth for the nation (C)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>The need for stronger military forces and national institutions (A)</p> Signup and view all the answers

<p>As a measure of a nation's overall economic prosperity (C)</p> Signup and view all the answers

<p>It requires using money instead of goods. (C)</p> Signup and view all the answers

<p>It avoids the use of money. (C)</p> Signup and view all the answers

<p>The formation of groups for mutual protection and resource sharing. (C)</p> Signup and view all the answers

<p>The global economic downturn leading to a shortage of money. (A)</p> Signup and view all the answers

<p>They had very few needs and could easily obtain what they required. (B)</p> Signup and view all the answers

<p>It forced early humans to develop a system of exchange to obtain needed resources. (A)</p> Signup and view all the answers

<p>Barter involves the exchange of goods and services, while money uses a standardized currency. (C)</p> Signup and view all the answers

<p>It provides a platform for advertising and finding potential barter partners. (D)</p> Signup and view all the answers

<p>The power of increasing returns to scale in industrialization. (A)</p> Signup and view all the answers

<p>Provided a comprehensive critique of mercantilist economic policies. (B)</p> Signup and view all the answers

<p>They prioritize the interests of the government and commercial class at the expense of the population. (D)</p> Signup and view all the answers

<p>Country A having a more efficient production process for a specific good than Country B. (A)</p> Signup and view all the answers

<p>The ability to produce goods at a lower cost than competitors. (D)</p> Signup and view all the answers

<p>Botero and Serra focused on the role of government in economic development, while Smith emphasized free markets. (C)</p> Signup and view all the answers

<p>Smith argued for the benefits of specialization and economies of scale, while mercantilists emphasized self-sufficiency. (A)</p> Signup and view all the answers

<p>Access to a large pool of capital at a low cost. (B)</p> Signup and view all the answers

<p>The ability of a country to produce a product more efficiently than another country (D)</p> Signup and view all the answers

<p>Import those products from countries producing them more efficiently (B)</p> Signup and view all the answers

<p>It lies in the size of its net product from agriculture (B)</p> Signup and view all the answers

<p>Smith emphasized specialization over protectionism (D)</p> Signup and view all the answers

<p>It generates a surplus known as the net product (A)</p> Signup and view all the answers

<p>Countries gain efficiency through specialization (A)</p> Signup and view all the answers

<p>They deemed it created no net product (D)</p> Signup and view all the answers

<p>When one country can produce a product more efficiently and vice versa (A)</p> Signup and view all the answers

Bartering does not involve money and simplifies trade without currency issues.

Challenges include finding matching needs and establishing value without a standard measure.

It's hard to find someone who wants what you have and has what you want.

Determining the equivalent value of traded goods is difficult in bartering.

Bartered items are often perishable, making trade timing essential.

Bartering has re-emerged due to economic crises and modern online platforms.

Bartering developed as early humans exchanged goods to meet their needs.

Bartering's limitations contributed to the creation of money as a trading medium.

Early materials used for trade such as salt, metal, and animals.

Agreed values for items like shells, feathers, and animal teeth.

Difficulties in carrying and using perishable goods for exchange.

Came into use in China around 1000 BC for easier trade.

Metal coins appeared in China, believed to be around 1000 BC.

Location in Lydia (now Turkey) where coins were first produced around 600 BC.

Changed from coins to paper money in China around 700 BC.

Noted the emperor's control over money supply and denominations in China, AD 1271.

Card money was first issued in February 1686 as a currency.

Card money was reissued in 1690 due to revenue shortfalls.

Legal tender is currency recognized by law for paying debts.

Card money served as a circulating medium and a financing tool.

Inflation is the increase in prices, reducing money's purchasing power.

By 1757, payments transitioned entirely to paper money.

Copper coins introduced in 1722 were not well accepted by merchants.

After the British conquest in 1760, paper money became worthless.

The process of incorporating Filipino elements in currency, starting in the late 1960s.

Philippine banknotes from the 1970s, printed at the Security Printing Plant.

A series of Philippine coins from 1983 showcasing local biodiversity.

Banknotes introduced in 1985 to replace the Ang Bagong Lipunan series.

Economic theory stating a nation's wealth is based on gold/silver accumulation.

A situation where a country's exports exceed its imports.

A situation where a country's imports exceed its exports.

A period from 1450 to 1750 that marked the shift to national economies in Europe.

An Italian theorist emphasizing development through industrialization and increasing returns.

An Italian economist who argued for increasing returns to scale as key to growth.

The ability of a country to produce goods at a lower absolute cost using fewer resources.

The founder of modern economics, known for advocating free markets and criticizing mercantilism.

Focusing on specific tasks to improve efficiency and productivity in production.

The process where an initial advantage leads to more advantages over time in economic growth.

Economic systems where prices are determined by unrestricted competition between privately owned businesses.

Countries should produce goods they can make efficiently and trade for what they cannot make as effectively.

The allocation of different countries to produce specific goods based on efficiency and specialization.

Economic theorists who believed that only agriculture could generate surplus wealth for a nation.

The net product or surplus that comes from agricultural production according to Physiocrats.

Countries benefit from trading products they can produce efficiently and importing goods they cannot produce as well.

Ideas during the Enlightenment that shifted focus from gold stocks to production outputs for national wealth.