Quiz 3 - Reviewer

Question 1

3 components of globalization

Answer 1

• Economic
• Cultural/Social
• Political

Question 2

• would oversee the international monetary fund

Answer 2

The International Monetary Fund (IMF)

Question 3

• would provide loans for European reconstruction but later expanded its activities to the developing world

Answer 3

World Bank

Question 4

• would oversee multilateral trade agreeements

Answer 4

World Trade Organization (1992)

Question 5

refers to the transmission of ideas, meanings, and values across national borders

Answer 5

Cultural Globalization

Question 6

(under CG) central to the growth of similar styles between countries

Answer 6

Converging Global Consumption Patterns

Question 7

(under CG) everyone sharing similar physiological characteristics and cultural behavior

Answer 7

Homegeneity

Question 8

(under CG) where the governments make sure that every citizen of their country enjoys high-level living standards

• North Korea is an example of this.

Answer 8

Financial Homogeneity

Question 9

(under CG) individuals and countries now more directly plugged into the news from the outside world - some events unfolding in real-time in front of a global audience

Answer 9

The global Village/Global Consciousness

Question 10

He argued that one consequence of globalization is detraditionalization

Answer 10

Anthony Giddens

Question 11

This is where people question their traditional beliefs about religion, marriage, gender-roles, and so on.

Answer 11

Detraditionalization

Question 12

___ argues that a fundamental feature of globalization is the development of a global risk consciousness

e.g. terrorism, nuclear war, global pandemics

Answer 12

Ulrich Beck (1992)

Question 13

Refers to the absence of the absolute sovereignty of a state’s political borders over a certain area as well as increased interaction on the basis of democracy, etc.

Answer 13

Political Globalization

Question 14

• is a political and economic union of 27 european countries that have chosen to cooperate closely in various areas of

Answer 14

European Union

Question 15

___ primary goal is to contain Russian aggression by creating a military pact, If one NATO nation is attack, then the rest will come to defense

Answer 15

NATO

Question 16

• is a trade initiative established by China designed to spread China’s sphere of influence across Asia and the Middle East

Answer 16

Belt and Road Initiative

Question 17

Many allied nations engage in yearly _________ in a bid to strengthen military ties and protect their interests

Answer 17

War Games

Question 18

• was a significant trade agreement between the US, Canada and Morocco, aimed to reducing trade barriers

Answer 18

NAFTA

Question 19

• is a historical process representing the result of human innovation and technological process.

Answer 19

Economic Globalization

Question 20

• this refers to new ideas, methods, products, or processes that people come up with to solve problems or improve conditions

Answer 20

Human innovation

Question 21

• this refers to ideas that may help the economy advance by utilizing technology

Answer 21

Technological advancement

Question 22

• refers to the growing interconnectedness and interdependence among different countries’ economies

Answer 22

Integration

Question 23

It emphasizes the increase in transactions and interdependencies among different countries. (includes exchange of ideas, goods, money, investments, and people across borders)

Answer 23

Globalizations as Internationalization

Question 24

Refers to the process of opening up national economies to global markets, typically through policies that reduce trade barriers, deregulate industries, and privatize state-owned companies.

Answer 24

Globalization as Liberalization

Question 25

--- are government-imposed restraints on the flow of international goods or services

Answer 25

Trade barriers

Question 26

--- involves removing or reducing government regulations in certain industries

Answer 26

Deregulation

Question 27

--- refers to the process of transferring ownership of a government enterprise to the private sector

Answer 27

Privatization

Question 28

This perspective suggests that different aspects of culture, economy, legal systems, and politics are converging and becoming more similar worldwide.

Answer 28

Globalization as Universalization

Question 29

A perspective that views globalization as the spread of Western Culture, values, and social structures, often at the expense of local cultures

Answer 29

Globalization as Westernization

Question 30

Refers to the interconnected worldwide economic activities that take place between multiple countries. Can have positive and negative impacts

Answer 30

Global Economy

Question 31

Due to the global economy and globalization, domestic economies have become cohesive, leading to an improvement in their performances.

Answer 31

Globalization

Question 32

It refers to the exchange of goods and services between different countries, and it has also helped countries to specialize in products which they have a comparative advantage. - an economic theory that refers to an economy's ability to produce goods and services at a lower opportunity cost than its trade partners

Answer 32

International Trade

Question 33

Money can be transferred at a faster rate between countries compared to goods, services, and people; making international finance one of the primary features of a global economy. - CURRENCY EXCHANGE AND MONETARY POLICY

Answer 33

International Finance

Question 34

This refers to an investment strategy that is not constrained by geographical boundaries. Global investment mainly takes place via foreign direct investment (FDI)

Answer 34

Global Investment

Question 35

Why is global economy important? Give three.

Answer 35

- Economic growth and development - Consumer benefits - Innovation and Technology - Job creation and economic opportunities - economic stability

Question 36

Who controls the global economy?

Answer 36

Big countries/Big banks.

Question 37

- occurs when prices among different locations or related goods follow similar patterns over a long period of time (kapag less sales sa toothbrush, less sales sa toothpaste ganern)

Answer 37

Market Integration

Question 38

It is the whole system of human interactions - INTERNATIONAL RELATIONS

Answer 38

Global Interstate System