CONTWORLD MIDTERMS W2

Question 1

is the removal or reduction of restrictions or barriers on the free exchange of goods and services between nations. These barriers include tariffs, such as duties and surcharge, and nontariff barriers, such as licensing rules and quotas.

Answer 1

TRADE LIBERALIZATION

Question 2

The dominant economic policy is heavily influenced by _________ shifting it
from Protectionism to Trade Liberalization of free trade.

Answer 2

World War II

Question 3

After World War II, the United States helped found the _________________whichquickly became the world’s most important multilateral trade arrangement.

Answer 3

General Agreement on Tariffs and Trade (GATT),

Question 4

The General Agreement on Tariffs and Trade (GATT) was set up to:

Answer 4

1. Eliminate protectionism.
2. Get countries trading freely among themselves.
3. Help restore economic prosperity following the devastation of World War II.

Question 5

According to the economist __________, mobile phone are the “single most transformative technology” when it comes to developing country.

Answer 5

Jeffrey Sachs

Question 6

For an instance the good effect of modern technology in the economy is
somehow a contributor in reducing poverty.

Question 7

Some of the benefits by having a mobile phone is it give easy access to online banking and online payments systems it also provide better access to education and faster dissemination and receiving of information.

Question 8

ADVANTAGES OF TRADE LIBERALIZATION

Answer 8

• as it promotes free-trade between and among countries, the cost of importing nations in bringing their goods to other countries is most likely to be lessen.
• promotes efficient use and allocation of world sources.
• increase Capital Flow.
• Allows developing countries accessed to heavily protected markets of the developed world, thus helping promote development.
• It encourages specialization among countries by maximizing their capabilities whether to manufacture foods or provide services.
• It can lead to higher efficiency of producers.
• It can attract foreign investments.

Question 9

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 9

Economic Globalization

Question 10

describes the advancement of the global integration of the economy, culture and political structures.

Answer 10

Economic Globalization

Question 11

The concept of ____________was described by the 1987 ______________as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Answer 11

• sustainable development
  **Bruntland Commission Report

Question 12

The __________________, also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.

Answer 12

Sustainable Development Goals (SDGs)