10-1 Social Exam (UNIT 3)

Question 1

• Countries who have strong economic growth.
• Standard of living is high.
• Quality of life is high.

Answer 1

Developed Nations

Question 2

• Countries who have weak economic development.
• Standard of living and quality of life is low.

Answer 2

Developing Nations

Question 3

An organization that ensures the security of its European member countries is inseparably linked to that of its North American member countries.
(Alliance)

Answer 3

NATO

Question 4

• Signed between USA, Canada, and Mexico.
• Removed tariffs between countries.
• Example of trade liberalization.

Answer 4

NAFTA

Question 5

• Signed in 1944 after WWll by capitalist nations.
• They created a system of rules and institutions for the global economy that we still use today.

Answer 5

Bretton Woods Agreement

Question 6

• Provides loans to member countries in financial difficulties.
  BUT countries must
• Reduce debt.
  -Promote free market principles.

Answer 6

World Bank

Question 7

They believe that because prices are somewhat rigid, fluctuations in any component of spending, consumption, investment, or government expenditures cause output to change.

Answer 7

Keynesian Economics

Question 8

Thought governments get involved too much.

Answer 8

Hayek

Question 9

Wanted gov’t to have a role to get USA out of recessions.

Answer 9

Keynes

Question 10

Believed that free trade, lower taxes on income and capital, and reduction in the burden of regulation would increase economic growth and improve social well-being.

Answer 10

Friedman

Question 11

Money, food, or other resources given or lent by one country to another.

Answer 11

Foreign Aid

Question 12

Established in 1995 to reduce trade barriers to increase trade between countries.

Answer 12

WTO

Question 13

A major financial agency of the United Nations.
Achieves sustainable growth and prosperity for all of its 190 member countries.

Answer 13

IMF

Question 14

A supranational political and economic union of 27 member states that are located primarily in Europe.

Answer 14

EU

Question 15

A type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

EX. NAFTA, EU,

Answer 15

Trade Blocs

Question 16

The trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.

Answer 16

Free Trade

Question 17

A process that involves countries in reducing and removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.

Answer 17

Trade Liberalization

Question 18

The difference in earnings from labor among different races and ethnicities.

Answer 18

Wealth Gap

Question 19

A business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation may be less strict.

Answer 19

Outsourcing

Question 20

The transporting of goods in standard-sized shipping containers.

Answer 20

Containerization

Question 21

A situation in which a country tries to protect its own economy by reducing the number of imports and investments from other countries.

Answer 21

Economic Nationalism

Question 22

Practicing stewardship of the environment and resources so that future generations are able to achieve prosperity.

Answer 22

Sustainable Prosperity

Question 23

Accepting responsibility for ensuring that the earth’s resources remain sustainable.

Answer 23

Stewardship

Question 24

The area of the earth’s surface necessary to sustain the level of resources a person uses and the waste she or he creates.

Answer 24

Ecological Footprint

Question 25

A company that is based in one country while developing and manufacturing its products, or delivering its goods and services, in more than one country. Also called a multinational corporation.

Answer 25

Transnational Corporation

Question 26

Public sector organizations established and funded by the B.C. government to provide specialized goods and services to citizens.

EX. CBC, Canada post

Answer 26

Crown Corporations

Question 27

A tax placed on goods entering a country.

Answer 27

Tariff

Question 28

Development that meets people’s needs in the present without compromising the ability of future generations to meet their needs.

Answer 28

Sustainable Development

Question 29

Treaties between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial tires between participating countries.

Answer 29

Free Trade Agreements

Question 30

A factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions.

Answer 30

Sweatshop

Question 31

The selling of a public service, such as electricity delivery or health care, to a private company so that the service is no longer owned by the government.

Answer 31

Privatization