Module 1-2: Globalization

Question 1

Define Globalization

Answer 1

the process of increasing traditional trade and interconnnectivity

Question 2

What are the advantages of trade?

Answer 2

• the exploitation of a country’s comparative advantage
• increases competition and lowers world prices
• improve employement

Question 3

• to further regulate world trade to aid in the economy
• reduce barriers to international trade
• lower trade barriers and restriction

Answer 3

Roles and Purpose of the General Agreement on Tariffs and Trade

Question 4

The conference that gathered 44 nations

Answer 4

Bretton Woods Conference

Question 5

Bretton Woods Conference

Answer 5

a series of new rules for the post-WW2 international monetary system and marked the birth of a new international economic framework.

Question 6

What organization do these countries belong to; Mexico, Canada and United States

Answer 6

NAFTA

Question 7

A country that can produce the commodity more efficiently than the other country can

Answer 7

Absolute Advantage

Question 8

Countries specialize in and export those goods and services where they have a ________ advantage and import those commodities where they do not have a ________ advantage.

Answer 8

Comparative Advantage

Question 9

Settle legal dispute as the security council

Answer 9

International Court of Justice

Question 10

The leading institutions of global governance as ASEAN is regional cooperation

Answer 10

United Nation

Question 11

Improvements in machinery, equipment, method and, techniques that help achieve goods and services with higher efficiency

Answer 11

Technological advances

Question 12

Political isolationism

Answer 12

a foreign policy that isolates the country from military and political alliances with other nations

Question 13

The practice of people in from different cultures interacting and sharing cultural expression

Answer 13

Cultural Exchange

Question 14

Who explain the pattern of international trade that we observe in the world economy?

Answer 14

Heckscher-Ohlin Theory

Question 15

The interplay between the proportions of production factors (such as land, labor, and capital) available in different countries and the proportions in which they are needed for producing particular goods.

Answer 15

Heckscher-Ohlin Theory

Question 16

Formally known as the United Nations Monetary and Financial Conference

Answer 16

Bretton Wood Conference

Question 17

What date did the Bretton Woods Conference happen?

Answer 17

July 1994

Question 18

known as the Bretton Woods Institutions

Answer 18

International Monetary Fund and World Bank or the International Bank for Reconstruction and Development.

Question 19

Provide short-term loads to aid aid countries facing balance-of-payments deficits

Answer 19

World Bank or International Bank

Question 20

Grant long-term loans for the economic development of less developed countries and the reconstruction of war-torn countries in Europe.

Answer 20

International Bank for Reconstruction and Development

Question 21

Often considered as the major beneficiary of globalization

Answer 21

China

Question 22

One of the potential drawbacks of globalization

Answer 22

Income Inequality

Question 23

It is a trade pact between the United States, Mexico, and Canada created on January 1, 1994

Answer 23

NAFTA

Question 24

Established on 8 August 1967 in Bangkok by the five original member countries: Indonesia, Malaysia, Philippines, Singapore, and Thailand

Answer 24

ASEAN

Question 25

Made up of 28 member states. Most members in the Eurozone adopted the euro as a basic currency except Great Britain, Sweden, and Denmark.

Answer 25

European Union

Question 26

BRICS

Answer 26

stands for Brazil, Russia, India, China and South Africa.

Question 27

Its key purpose is to enhance growth, competitiveness, and profits by leveraging global opportunities through an integrated worldwide business organization.

Answer 27

Multinational Corporations (MNCs)

Question 28

Globalization as a ‘process’

Answer 28

viewed as a multidimensional set of social processes that generated, and increased worldwide interdependencies

Question 29

Characterized by trans-planetary connectivity and supra-territoriality

Answer 29

Globalization as a ‘condition’

Question 30

Explains the globalization exists in people conscience

Answer 30

Globalization as an ‘ideology’

Question 31

Who proposes this definition “intensification of worldwide social relations”

Answer 31

Giddens

Question 32

Who proposes this definition “ both to the compression of the world and the intensification of consciousness of the world as a whole…”

Answer 32

Robertsons

Question 33

What year Brunei Darussalam join the ASEAN?

Answer 33

January 8, 1984

Question 34

What year Vietnam join the ASEAN?

Answer 34

July 18, 1995

Question 35

What year Laos and Myanmar join the ASEAN?

Answer 35

July 23, 1997

Question 36

What year Cambodia join the ASEAN?

Answer 36

April 30, 1999

Question 37

Refers to a series of processes and companies involved producing and distributing a specific product or service

Answer 37

Supply chain