Midterms Identification

Question 1

Refers to the merging of historically distinct and separate national markets into one huge global marketplace.

Answer 1

Globalization

Question 2

Established to maintain order in the international monetary system. Often seen as the lender of last resort.

Answer 2

IMF
International Monetary Fund

Question 3

In return for loans, requires nation-states to adopt specific economic policies aimed at returning their economies to stability and growth.

Answer 3

IMF
International Monetary Fund

Question 4

a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

Answer 4

GATT

Question 5

Promotes peace through international cooperation and collective security with 193 member countries.

Answer 5

United Nations

Question 6

predicts that the power of microprocessor technology doubles and its cost of production falls in half every 18 months.

Answer 6

Moore’s Law

Question 6

Finance ministers and central bank governors of the 19 largest economies in the world, plus representatives from the European Union and the European Central Bank.

Answer 6

G20
Group of Twenty

Question 7

Sourcing goods to take advantage of differences in cost and quality of factors of production.

Answer 7

Globalization of Production

Question 8

IMF

Answer 8

International Monetary Fund

Question 8

business that has productive activities in two or more countries.

Answer 8

Multinational Enterprise

Question 9

Institutions needed to help manage, regulate, and police global marketplace.

Answer 9

Global Institutions

Question 10

GATT

Answer 10

General Agreement on Tariffs and Trade

Question 11

Factors of production include:

Answer 11

labor, energy, land, capital.

Question 12

Represents 90 percent of global GDP and 80 percent of international global trade.

Answer 12

Group of Twenty