Quiz 2: Introduction to Globalization and World Economics

Question 1

The similarities of Filipino and Nigeria consumers is that they both prefer foreign brands, they depend on foreign products, and also both are brand conscious.

True
False

Answer 1

True

Question 2

Liberalism is a political and moral philosophy based on liberty, consent of the governed and equality before the law.

True
False

Answer 2

True

Question 3

A trade that was part of the age of mercantilism.

A. Galleon trade
B. Open trade
C. Reserves trade
D. Mercantilist trade

Answer 3

A.

Question 4

The goals of the Bretton Woods agreement includes:
*
A. creating an efficient foreign exchange system
B. preventing competitive devaluations of currencies
C. promoting international economic growth
D. all of the above
E. a and c only

Answer 4

D

Question 5

The purpose of GATT or general agreement of trade and tax was to low the tariff of trading.

True
False

Answer 5

False

Question 6

Neoliberals also ended mercantilist policies, royal monopolies and other barriers to trade, instead promoting free trade and free markets

True
False

Answer 6

False

Question 7

In 1971 the Bretton Woods collapsed.

True
False

Answer 7

False

Question 8

While the SILK ROAD was international, it was not truly “global” because it had NO OCEAN ROUTES that could reach the American continent.

True
False

Answer 8

True

Question 9

The oldest known International trade route.

A. ASEAN route
B. Global Road
C. International route
D. Silk Road

Answer 9

D

Question 10

“Economic growth and progress in today’s interdependent world is bound up with the process of globalization. Globalization provides great opportunities for the future, not only for our countries, but for all others too. Hence we are convinced that the process of globalization is a source of hope for the future.”

-claim 1
-claim 2
-claim 3
-claim 4
-claim 5
-claim 6

Answer 10

Claim 4

Question 11

_________________ refers to a system of economic and political thought that prioritizes the deregulation of national economies, the private ownership of infrastructure and the extension of marketplace ideas to many domains of life including education, healthcare and even personal relationships.

-Keynesiam Economics
-Mercantilism
-Liberalism
-Neoliberalism

Answer 11

Neoliberalism

Question 12

Steger believes that ‘globalization’ denotes NOT an ideology, but ‘a range of processes nesting under one rather unwieldy epithet’.

True
False

Answer 12

False

Question 13

Majority of the colonial countries purchase goods not only for their intended use but also to be able to communicate to people based on a particular social status.

True
False

Answer 13

True

Question 14

The process of interaction and integration among people, companies, and governments worldwide.

a. Ideology
b. Globalization
d. Neoliberalism

Answer 14

B.

Question 15

Towards the end of the Second World War, the ALLIED POWERS came together in 1944 to plan a new economic order for the post-war world which would avoid a repeat of the disastrous policy mistakes of the 1920s and 1930s.

true
false

Answer 15

True

Question 16

The flow of culture

-Ethnoscapes
-Technoscapes
-Ideoscapes
-Financescapes
-Mediascapes

Answer 16

Mediascapes

Question 17

The Age of Mercantilism was part of the Galleon Trade from the 16th to 18th century.

true
false

Answer 17

False

Question 18

Accumulating goods can be a means of gaining power.

True
False

Answer 18

True

Question 19

This person believe that one country will face economic crisis because the monies are not spent correctly or not moving.

A. Jhon Maynard Keynes
B. John Meynard Keyns
C. John Maynnard keynes
D. John maynard Keynes

Answer 19

D.

Question 20

A trade that was part of the age of mercantilism.

A. Galleon trade
B. Open trade
C. Reserves trade
D. Mercantilist trade

Answer 20

A.

Question 21

There are 3 main policies of Neoliberalism: Low taxation, Privatization, and Deregulation.

true
false

Answer 21

True

Question 22

Consumption of goods can be a maker of social distinctions particularly class distinction.

True
False

Answer 22

True

Question 23

It refers to a product or services produced in one country but sold to a buyer abroad.

export trade
import trade
free trade

Answer 23

Export trade

Question 24

GATT stands for:

Answer 24

General Agreement on Tariffs and Trade

Question 25

It came under significant strain during the global financial crisis of 2007-2008.

A. Sub-Prime Mortgages
B. Neoliberalism
C. House Pricing Loan
D. Shock Therapy

Answer 25

B

Question 26

The globalist claim is anchored in the neoliberal assertion that freedom, free markets, free trade and democracy are synonymous terms. This focus on the act of voting– in which equality prevails only in the formal sense– helps to obscure the conditions of inequality reflected in existing asymmetrical power relations in society.

-claim 1
-claim 2
-claim 3
-claim 4
-claim 5
-claim 6

Answer 26

Claim 5

Question 27

Is an economic policy through which one country attempts to remedy its economic problems by means that tend to worsen the economic problems of other countries.

-beggar-thy-neighbor policy
-globalization
-interdependency
-networking

Answer 27

Beggar-thy-neighbor policy

Question 28

The driving idea about globalization is free market capitalism. Means the more market forces rule and the more you open your economy to free trade and competition are more efficient the economy will be.

true
false

Answer 28

True

Question 29

While the SILK ROAD was international, it was not truly “global” because it had NO OCEAN ROUTES that could reach the American continent.

true
false

Answer 29

True

Question 30

The global movement of people.

-Ethnoscapes
-Technoscapes
-Ideoscapes
-Financescapes
-Mediascapes

Answer 30

Ethnoscapes

Question 31

“The globalist claim is anchored in the neoliberal assertion that freedom, free markets, free trade and democracy are synonymous terms” is claim number 2.

true
false

Answer 31

False