T/F Flashcards
The General Agreement on Tarrifs (GATT) was replaced by the World Trade Organization to regulate international trading system.
TRUE
The World Bank primarily focuses on promoting economic development by making low interest loans to poor nations.
FALSE
The World Trade Organization (WTO) was established to maintain order in the international monetary system.
FALSE
The United Nations (UN) was created to promote economic development and provide low interest loans to cash strapped governments.
FALSE
The case of Harwood Industries closing its US operations and shifting manufacturing to Honduras is an example used by critics for Free trade to support their argument.
FALSE
Outsourcing of services to low wage countries has led to higher unemployment and lower living standards in developed nations.
FALSE
Rising income levels in developing countries led to demands for greater environment protection and ultimately lower pollution levels.
TRUE
according to critics of globalization adhering to labor and environmental regulations increases the costs of manufacturing enterprises and put them at a competitive disadvantage
true
in a collectivist society individuals are encouraged to prioritize the well-being of the community over their personal interests. when a community faces a crisis, such as natural disaster, individuals willingly cooperate, contribute resources, and work together to rebuild and support those affected.
true
karl marx a renowned philosopher and economist, believed that in a capitalist society, workers were exploited by capitalists who profited from their labor. he argued for the abolition of private ownership of the means of production and advocated for the state to control of businesses. marks believed that this would ensure fair distribution of wealth and benefit the entire society.
true
democracy refers to a political system in which one person or political party exercises absolute control over all spheres of human life.
false
when it comes to contract law, common law jurisdictions require contracts to be very detailed, while civil law jurisdictions have shorter and less specific contracts.
false
when facing a contract dispute in a state with a civil law system, it is advisable to approach it as if it had a common law system to ensure a fair resolution.
false
democracy refers to a political system in which one person or political party exercises absolute control over all spheres of human life.
false
the CISG automatically applies to all contracts for the sale of goods between different firms based in countries that have ratified the convention.
true
