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Irish economy > Globalisation topic 1 > Flashcards

Globalisation topic 1 Flashcards

1
Q

What characterized the First Wave of globalisation in the 19th Century?
A) Establishment of international institutions
B) Expansion of trade and migration dominated by industrialisation and colonialism
C) Rise of digital technology
D) Global interconnectedness

A

B) Expansion of trade and migration dominated by industrialisation and colonialism

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2
Q

Which of the following is a primary concern regarding the rise of nationalism in the context of globalisation?
A) Increased trade agreements
B) Strengthened international cooperation
C) Prioritising domestic interests over global collaboration
D) Enhanced global market access

A

C) Prioritising domestic interests over global collaboration

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3
Q

The 2008 financial crisis was attributed to which of the following factors?
A) Over-regulated financial institutions
B) Weak oversight of deregulated financial practices
C) Strong capital market integration
D) Increased government spending

A

B) Weak oversight of deregulated financial practices

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4
Q

Which major geopolitical event in 2022 had significant impacts on energy markets?
A) The COVID-19 pandemic
B) Brexit
C) The Russian invasion of Ukraine
D) The U.S.-China trade war

A

C) The Russian invasion of Ukraine

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5
Q

What is a significant economic challenge facing many countries post-pandemic?
A) Surplus public debt around 50% of GDP
B) Decreased military spending
C) Increased public debt levels averaging around 100%+ of GDP
D) Stabilisation of inflation rates

A

C) Increased public debt levels averaging around 100%+ of GDP

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6
Q

What is meant by “decoupling” in the context of globalisation?
A) Strengthening international supply chains
B) Reducing reliance on global supply chains by building domestic capabilities
C) Increasing foreign direct investment
D) Enhancing global trade agreements

A

B) Reducing reliance on global supply chains by building domestic capabilities

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7
Q

Which policy aims to boost domestic production capabilities, particularly in semiconductors?
A) The Inflation Reduction Act
B) The Chips and Science Act
C) The Brexit Agreement
D) The Paris Agreement

A

B) The Chips and Science Act

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8
Q

What economic model does the IMF acknowledge as crucial for countries reliant on trade and foreign direct investment?
A) Socialism
B) Globalisation
C) Nationalism
D) Protectionism

A

B) Globalisation

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9
Q

What is the primary concern regarding public health security highlighted during the COVID-19 pandemic?
A) Excessive spending on healthcare
B) Vulnerabilities in global supply chains
C) Overproduction of medical supplies
D) Decreased vaccine efficacy

A

B) Vulnerabilities in global supply chains

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10
Q

Which of the following is a potential consequence of rising inflation due to energy price shocks and supply chain bottlenecks?
A) Decrease in wage-price spirals
B) Stagflation
C) Reduced interest rates
D) Economic growth

A

B) Stagflation

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11
Q

What effect did the COVID-19 pandemic have on globalisation?
A) It strengthened global supply chains.
B) It accelerated retreats from globalisation.
C) It had no significant impact.
D) It led to increased foreign investment.

A

B) It accelerated retreats from globalisation.

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12
Q

What is one of the significant consequences of the geopolitical tensions with China?
A) Enhanced trade agreements with the EU.
B) Concerns regarding semiconductor supply chains.
C) Decreased military spending in NATO countries.
D) Increased foreign direct investment in China.

A

B) Concerns regarding semiconductor supply chains.

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13
Q

Which group is seen as a challenger to G7/G20 dominance?
A) NATO
B) ASEAN
C) BRICS
D) OPEC

A

C) BRICS

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14
Q

What is the “balancing act” that Ireland faces regarding its economy?
A) Increasing trade with non-EU countries.
B) Balancing foreign investment with local needs.
C) Prioritising domestic industries over international markets.
D) Reducing public expenditure significantly.

A

B) Balancing foreign investment with local needs.

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15
Q

What does “friend-shoring” refer to in the context of global supply chains?
A) Strengthening relationships with global suppliers.
B) Building supply chains with trusted allies.
C) Increasing reliance on distant suppliers.
D) Reducing production costs through outsourcing.

A

B) Building supply chains with trusted allies.

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16
Q

Which significant U.S. legislation aims to enhance domestic production capabilities?
A) The Affordable Care Act
B) The Inflation Reduction Act
C) The Chips and Science Act
D) The Dodd-Frank Act

A

C) The Chips and Science Act

17
Q

What challenge does the ageing population present for fiscal policy?
A) Decreased public expectations for support.
B) Increased demands on public expenditure.
C) Less need for military spending.
D) Lower tax revenues.

A

B) Increased demands on public expenditure.

18
Q

What does the term “stagflation” refer to?
A) High growth with low inflation.
B) High inflation combined with stagnant economic growth.
C) Rapid economic growth with rising unemployment.
D) Decreasing prices during a recession.

A

B) High inflation combined with stagnant economic growth.

19
Q

Why are countries moving towards “near-shoring”?
A) To rely more on international supply chains.
B) To increase production in foreign markets.
C) To build domestic supply chains for security.
D) To reduce tariffs on imports.

A

C) To build domestic supply chains for security.

20
Q

What is a major risk associated with slowing globalisation according to the IMF?
A) Increased trade opportunities.
B) Economic instability for reliant countries.
C) Reduction in corporate tax revenues.
D) Strengthening of international cooperation.

A

B) Economic instability for reliant countries.

21
Q

How has globalisation primarily affected developing countries?
A) Increased economic inequality
B) Universal access to education
C) Decreased foreign investment
D) Complete economic independence

A

A) Increased economic inequality

22
Q

What role does technology play in facilitating globalisation?
A) It limits communication
B) It reduces the speed of trade
C) It enhances connectivity and efficiency
D) It creates barriers to entry for new markets

A

C) It enhances connectivity and efficiency

23
Q

Which of the following is a cultural impact of globalisation?
A) Isolation of local cultures
B) Promotion of cultural homogenization
C) Decrease in cultural exchanges
D) Strengthening of indigenous languages

A

B) Promotion of cultural homogenization

24
Q

What is one major environmental implication of globalisation?
A) Decreased pollution due to local production
B) Increased consumption and waste generation
C) Improvement in local biodiversity
D) Global standards for environmental protection

A

B) Increased consumption and waste generation

25
Q

Which of the following best describes the relationship between globalisation and environmental sustainability?
A) Globalisation always promotes sustainability
B) Environmental concerns are secondary to economic growth in globalisation
C) Globalisation leads to better environmental policies
D) Sustainability is achieved without considering global trade

A

B) Environmental concerns are secondary to economic growth in globalisation

26
Q

Which factor is most likely to hinder the benefits of globalisation for developing countries?
A) Access to technology
B) Political stability
C) Trade barriers and protectionism
D) Investment in education

A

C) Trade barriers and protectionism

27
Q

Which technology is often credited with accelerating globalisation?
A) Renewable energy technologies
B) Communication technologies (e.g., the internet)
C) Agricultural technologies
D) Military technologies

A

B) Communication technologies (e.g., the internet)

28
Q

What is a common criticism of cultural globalisation?
A) It fosters creativity and innovation
B) It leads to cultural diversity
C) It undermines local traditions and identities
D) It enhances international cooperation

A

C) It undermines local traditions and identities

29
Q

How can globalisation contribute to environmental degradation?
A) By increasing local employment
B) By promoting sustainable practices
C) Through increased transportation and industrial activities
D) By facilitating conservation efforts

A

C) Through increased transportation and industrial activities

30
Q

What is a potential positive effect of globalisation on developing countries?
A) Decreased access to foreign markets
B) Enhanced foreign investment and technology transfer
C) Isolation from global economic trends
D) Reduced opportunities for trade

A

B) Enhanced foreign investment and technology transfer

Irish economy (13 decks)

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