MCQ given by lecturers topic 1

Question 1

In broad terms, the Covid pandemic likely had the following effect on globalisation:
a. It helped globalisation advance, through increased co-operation between
countries on public health.
b. Globalisation suffered set-backs, especially as countries sought to protect
domestic supply chains
c. Very little: the pandemic had little or no economic impact
d. Globalisation advanced much faster as labour mobility increased

Answer 1

b. Globalisation suffered set-backs, especially as countries sought to protect
domestic supply chains

Question 2

The Economist newspaper and others are worried about threats to globalisation mainly
arising from US policy in respect of
a. Increasing migration
b. The upsurge in green subsidies, policies which seek to relocate manufacturing
‘back home’, and protectionist measures generally
c. The role of the US budget deficit
d. Increasing US support for the World Trade Organisation WTO

Answer 2

b. The upsurge in green subsidies, policies which seek to relocate manufacturing
‘back home’, and protectionist measures generally

Question 3

A key concern about current US industrial policy is that:
a. It tends to favour non-US countries in respect of trade
b. Too little support is being offered to clean energy
c. The policy tends to open up the US domestic market to competition
d. US policy may encourage other countries to adopt similar protectionist policies

Answer 3

d. US policy may encourage other countries to adopt similar protectionist policies

Question 4

A key problem with current policy moves against globalisation, highlighted in the
Economist article of (12th January 2023) is said to be that
a. Such policies will help resolve the problem of inequality
b. Such policies tend to make the US better off relative to its allies
c. Those policies tend to undermine the global co-operation needed to solve global
problems like climate change.
d. Those policies will undermine US leadership in semi-conductors

Answer 4

c. Those policies tend to undermine the global co-operation needed to solve global
problems like climate change.

Question 5

Adam Tooze discusses one possible future for globalisation as a new ‘cold war’, meaning
that:
a. Climate change goes into reverse
b. Confrontation/tensions, particularly in respect of economic policy, between the
US and China
c. There will be military conflict between the US and China
d. Globalisation will continue much as before

Answer 5

b. Confrontation/tensions, particularly in respect of economic policy, between the
US and China

Question 6

A key concern of the World Trade Organisation (WTO) is that a reversal of globalisation
will lead to
a. Greater flows of exports and imports
b. Increased poverty, because historically trade has tended to raise living
standards
c. Increased cross-border flows of labour
d. Excessive growth in average income in poorer countries

Answer 6

b. Increased poverty, because historically trade has tended to raise living
standards

Question 7

Martin Wolf of the Financial Times (and others) argue that, given the rapid growth of
many developing countries
a. US and Western dominance of the global economy must continue
b. China is in serious decline as an economic power
c. That the dominance of the US and the G7 is over, and new models of governance
must be found.
d. That the G20 group is destined to continue be the key forum for global
governance

Answer 7

c. That the dominance of the US and the G7 is over, and new models of governance
must be found.

Question 8

Gillian Tett and others think it useful to revisit Keynes’ writings in the early 20th century
particularly because
a. Keynes warned that reversals of globalisation could lead to global conflict
b. Keynes stressed the important of reducing public expenditure
c. Keynes argued for confrontation between economic competitors
d. Keynes sought to reverse globalisation

Answer 8

a. Keynes warned that reversals of globalisation could lead to global conflict