CONTWORLD MIDTERMS W1

Question 1

The Eight Millennium Development Goals which is created by

Answer 1

United Nation (UN) in the 1990s

Question 2

basic guide in addressing the different problems in the world.

Answer 2

Eight Millennium Development Goals

Question 3

Enumerate the 8 Millennium Development Goals

Answer 3

1. Eradicating extreme poverty and hunger.
2. Achieving universal primary education.
3. Promoting gender equality and women empowerment.
4. Reducing childhood mortality
5. Improving maternal health.
6. Combating diseases like HIV/AIDS and Malaria.
7. Ensuring environmental sustainability.
8. Having global partnership for development

Question 4

Two types of poverty

Answer 4

1.poverty line or poverty threshold.
2. Extreme or Absolute Poverty

Question 5

Due to ____________, the world’s economies and the growth of many developing countries have become more interconnected.

Answer 5

economic Globalization

Question 6

According to UN (2015) a condition characterized by severe deprivation of basic human needs including food, safe drinking water, sanitation facilities, health, shelter, education, and information is classified

Answer 6

Extreme or Absolute Poverty

Question 7

The year ________ is the target deadline of UN to eliminate this extreme or absolute poverty.

Answer 7

2030

Question 8

They afford their basic needs such as three times meals in a day

Answer 8

poverty line or poverty threshold.

Question 9

It was predicted by the ____________that by the year 2030 the people living in poverty will drop to 400 million if the progress of the global economy will continue to improve

Answer 9

World Bank

Question 10

Some factors that helps extreme poverty to decrease are as follows:

Answer 10

-Better Access to Education
-Humanitarian Aid
-Better Policies of International Organizations
-Economic Globalization

Question 11

Process or system by which goods and services are produced, sold and thoughts in a country or region

Answer 11

economy

Question 12

the sum of activities that take place both within a country and between different countries.

Answer 12

Global economy

Question 12

Economies are more connected from
_________ , _________ ,
___________, _________ and __________ of goods and services.

Answer 12

extraction , production , distribution, consumption and disposal

Question 13

historical process thatbegan with the first movement of people out of Africa into other parts of the world.

Answer 13

Globalization is

Question 14

“Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital, and wide and rapid spread of technologies.

Answer 14

According to the UN (as cited in Shangquan, 2000),

Question 15

TWO TYPES OF ECONOMIC GLOBALIZATION

Answer 15

1.Protectionism
2. Trade Liberalization

Question 16

Economic Globalization reflects the _____________and mutual integration of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millennium.”

Answer 16

continuing expansion

Question 17

This is a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production.

Answer 17

Protectionism

Question 18

are usually implemented with the goal to improve economic activity within a domestic economy but can also be implemented for safety or quality concerns

Answer 18

Protectionist policies

Question 19

Enumerate some of the types of protectionism

Answer 19

1. TARIFFS
   2.Quota
2. Subsidy
3. Standardization
4. Exchange Controls
5. Voluntary Export Restraints

Question 20

The government can limit the amount of foreign currency that is available for payment of imports

Answer 20

5. Exchange Controls

(types of protectionism)

Question 20

are the quotas that are voluntarily agreed between countries. This has happened a significant number of times with the Japanese firms during the 1990s.

Answer 20

6. Voluntary Export Restraints

(types of protectionism)

Question 21

The restrictions on the volume of the import of the goods and services over a particular time known as ______. They are also known as the non-tariff trade barriers. The restrictions lead to an increase in the price of the goods which further leads to a fall in the demand for the respective goods.

Answer 21

2.Quota

(types of protectionism)

Question 22

are the taxes or the duties that impose on the imports of goods and services. With an increase in tax, the price of the goods also increases, which further leads to a fall in the purchasing power of the customers. This reduces the demand for imported goods and services.

Answer 22

TARIFFS

(types of protectionism)

Question 23

These are the tax credits that are granted to the domestic producer by the government of the country. This causes a difference in the price of the product that is faced by the producer and the one that is faced by the consumers.

Answer 23

3. Subsidy

(types of protectionism)

Question 24

These are the policies and the guidelines that a government enlists, which shall be followed during the import of foreign goods and services.

Answer 24

4. Standardization

(types of protectionism)

Question 25

Advantages to the concept of protectionism

Answer 25

1. Escalates Growth
2. Fall in Imports
3. Employment Opportunities
   4.Higher Gross Domestic Product

Question 26

The growth of the domestic industries helps to shoot the ____________of the country as a whole. The _____________will help the country to further broaden its reach and produce higher than before, making a mark in the international market

Answer 26

4.Higher Gross Domestic Product

(Advantages to the concept of protectionism)

Question 27

It helps to increase the growth and opportunities of the smaller or the domestic industries in the country. Because of the restrictions that are imposed over the import of foreign goods, it gives a chance to the domestic industries to bloom and take over the market that previously demanded imported goods.

Answer 27

1. Escalates Growth

(Advantages to the concept of protectionism)

Question 27

Due to an increase in the prices of imported goods, it leads to a fall in the demand. The prices of imported goods increase because of the tools of protectionism that are used by the government

Answer 27

2. Fall in Imports

(Advantages to the concept of protectionism)

Question 28

Growth in ____________will induce a higher standard of living for the people of the country, which will further lead to satisfaction amongst the employees, hence, better work.

Answer 28

3. Employment Opportunities

(Advantages to the concept of protectionism)

Question 29

VARIUOS WAYS TO MAKE TRADE EASIER

Answer 29

1. FREE TRADE
2. TRADE BLOC
3. OUTSOURCING

Question 30

is also important to economic globalization due to the abolishment of taxes and tariffs

Answer 30

Free Trade

Question 31

refer to the taxes on goods and services

Answer 31

Tariffs

Question 32

Tariffs on imported goods are known as

Answer 32

import duty

Question 33

Tariff on exported goods are known as

Answer 33

export duty

Question 34

is 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

Answer 34

trade bloc

Question 35

Trading blocs are usually groups of countries in specific regions thatmanage and promote trade activities. Trading blocs lead to trade liberalization (the freeing of trade from protectionist measures) and trade creation between members, since they are treated favorably in comparison to non-members

Question 36

describesthe process where organizations contract their internal operations to other external organizations. In __________, the organization buys or pays for the goods and services from the entity to which they have been contracted (Scholte, 2005).

Answer 36

Outsourcing