Economics Term 1

Question 1

globalisation

Answer 1

the increasing economic integration between different countries and emergence of a global market.

Question 2

economic integration

Answer 2

a process of eliminating restrictions on international trade, payments, and factor mobility between two or more countries’ economies

Question 3

economic growth

Answer 3

increasing the economy’s production of goods and services over a period of time measured by increases in real GDP.

Question 4

economic development

Answer 4

improvement of human living standards beyond income levels.

Question 5

global resource mining boom years

Answer 5

2003-2008

Question 6

event 3 Global Financial Crisis

Answer 6

2007-2008

Question 7

how did the global recovery happen from 2009-2010

Answer 7

lowering interest rates, fiscal stimulus packages, g20S stimulus package made up 2% of world GDP in 2009

Question 8

event 6 second mining investment boom year

Answer 8

2004-2012, stimulated economic growth during gfc

Question 9

event 10 USA China trade tensions

Answer 9

2018-2019, started with trump protection increases to supposedly prevent dumping

Question 10

what caused the 2019 global slowdown

Answer 10

event 10 the trade war between usa and china involving tariffs on certain goods, paris agreement forced changes in major industries

Question 11

event 11 global financial pandemic year and major impact

Answer 11

2019-2020, 2019 global gdp growth was 3.8% and in 2020 went down to -9%

Question 12

1980s china open door policy

Answer 12

decreased protection barriers to allow for fdi and imports, allowed tncs to enter sezs for lax regulations cheap labour

Question 13

fixed exchange rate 1994

Answer 13

fixing exchange rates to make costs of borrowing for tncs lower

Question 14

made in china 2025

Answer 14

aims for china to lead in manufacturing of telcommunications and electricity equipment, plans to increase protection to achieve 70% dometically manufactured components and basic materials by 2025

Question 15

education reforms

Answer 15

introduced in 1980s making education compulsory and investing to improve quality of education to improve future workers, adult literacy rate 65% in 1982 to 96% in 2015

Question 16

employment policy

Answer 16

introduced in 1980s to improve workforce and decrease unemployment by investing in special funds for training for individuals and providing loans with interest subsidies to support SMEs development to increase employment

Question 17

agricultural policy

Answer 17

introduced in 1978 and continued till 1994 with land being distributed to farmers based on how many people in the household and they could surplus in free market, lead to extreme poverty reducing by 400 million in the following 3 decades.

Question 18

china 2008 stimulus package

Answer 18

in response to GFC Chinese government spent 4 trillion dollars on infrastructure and social welfare to avert massive unemployment and major recession that affected the rest of the the world