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Irish economy > Topic 1&2 > Flashcards

Topic 1&2 Flashcards

1
Q

Which of the following is a key factor contributing to the pressure on globalisation today?
A) Increased trade agreements
B) Rising tariffs and protectionism
C) Expansion of multinational corporations
D) Technological advancements

A

B) Rising tariffs and protectionism

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2
Q

What is the primary concern regarding globalisation’s current state?
A) Decreased global trade
B) Increased foreign direct investment (FDI)
C) Enhanced global cooperation
D) Improved economic conditions worldwide

A

A) Decreased global trade

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3
Q

Which of the following does NOT indicate a decline in globalisation?
A) Increase in regional trade agreements
B) Heightened nationalism
C) Rise in global supply chains
D) Increased tariffs

A

C) Rise in global supply chains

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4
Q

Why does the current pressure on globalisation matter?
A) It enhances local industries.
B) It may lead to economic isolation.
C) It reduces competition.
D) It improves trade balances.

A

B) It may lead to economic isolation.

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5
Q

What aspect of globalisation is affected by climate-driven policies?
A) Economic integration
B) Near-shoring
C) Technology transfer
D) Cultural exchange

A

B) Near-shoring

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6
Q

How has Ireland’s economic development historically been connected to globalisation?
A) Isolationist policies leading to growth
B) Increased emigration during global crises
C) Integration into global markets post-EU membership
D) Protectionist trade policies

A

C) Integration into global markets post-EU membership

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7
Q

What significant event marked a shift in Ireland’s economic policies towards globalisation?
A) The Great Famine
B) The 2008 financial crisis
C) Joining the European Union
D) The independence from Britain

A

C) Joining the European Union

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8
Q

Which sector has particularly benefited from Ireland’s openness to global markets?
A) Agriculture
B) Manufacturing
C) Information Technology
D) Tourism

A

C) Information Technology

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9
Q

What is a potential risk for Ireland associated with a reversal of globalisation?
A) Increase in agricultural exports
B) Reduced foreign direct investment (FDI)
C) Decrease in tariffs
D) Strengthened global partnerships

A

B) Reduced foreign direct investment (FDI)

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10
Q

Which of the following represents a potential benefit of a reversal of globalisation for Ireland?
A) Decreased competition from global firms
B) Increased reliance on local resources
C) Strengthened national identity
D) All of the above

A

D) All of the above

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11
Q

What is a significant challenge that Ireland faces due to geo-fragmentation?
A) Increased tourism
B) Greater access to foreign markets
C) Pressure on traditional sectors
D) Rise in exports

A

C) Pressure on traditional sectors

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12
Q

How might a reversal of globalisation impact Ireland’s labor market?
A) Increased job opportunities in tech
B) More jobs in manufacturing
C) Potential job losses in export-oriented sectors
D) None of the above

A

C) Potential job losses in export-oriented sectors

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13
Q

What is one of the main concerns regarding Ireland’s dependence on FDI?
A) It enhances local entrepreneurship.
B) It makes Ireland vulnerable to global market changes.
C) It fosters technological innovation.
D) It reduces unemployment.

A

B) It makes Ireland vulnerable to global market changes.

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14
Q

Which term describes the phenomenon of relocating supply chains closer to home markets?
A) Offshoring
B) Near-shoring
C) Onshoring
D) Outsourcing

A

B) Near-shoring

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15
Q

What economic condition might Ireland face if globalisation continues to retreat?
A) Decreased economic growth
B) Increased economic collaboration
C) Greater global investment
D) Enhanced competitive advantage

A

A) Decreased economic growth

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16
Q

In the context of globalisation, what does Rodrik’s trilemma refer to?
A) The balance between trade, immigration, and democracy
B) The balance between economic growth, sustainability, and equality
C) The balance between globalisation, democracy, and national sovereignty
D) The balance between employment, inflation, and interest rates

A

C) The balance between globalisation, democracy, and national sovereignty

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17
Q

How might state aid relaxation in the EU impact Ireland?
A) It could level the playing field for all countries.
B) It may lead to a subsidy race disadvantaging Ireland.
C) It will increase foreign investment.
D) It will reduce competition among EU countries.

A

B) It may lead to a subsidy race disadvantaging Ireland.

18
Q

Which of the following could be a positive effect of geo-fragmentation for Ireland?
A) Enhanced trade relations with developing countries
B) Increased focus on local industries and job creation
C) Strengthened ties with other EU nations
D) Greater dependence on global supply chains

A

B) Increased focus on local industries and job creation

19
Q

What challenge might arise from increased protectionism in global markets for Ireland?
A) More opportunities for local businesses
B) Increased costs for imported goods
C) Strengthened international relationships
D) Decreased regulatory burdens

A

B) Increased costs for imported goods

20
Q

Which economic strategy is essential for Ireland to thrive amidst a reversal of globalisation?
A) Emphasizing self-sufficiency
B) Focusing solely on agricultural exports
C) Strengthening local innovation and entrepreneurship
D) Reducing investments in education and training

A

C) Strengthening local innovation and entrepreneurship

21
Q

Which of the following is a significant factor causing pressure on globalisation today?
A) Increase in global trade agreements
B) Heightened geopolitical tensions
C) Decreased technological advancements
D) Expansion of multinational corporations

A

B) Heightened geopolitical tensions

22
Q

What is the primary economic concern associated with the reversal of globalisation?
A) Increased consumer choice
B) Reduced international trade and economic growth
C) Strengthened global supply chains
D) Enhanced economic cooperation

A

B) Reduced international trade and economic growth

23
Q

How does rising protectionism typically affect global markets?
A) It encourages free trade among nations.
B) It leads to increased tariffs and trade barriers.
C) It promotes global economic integration.
D) It results in lower prices for consumers.

A

B) It leads to increased tariffs and trade barriers.

24
Q

What social implications may arise from the current pressures on globalisation?
A) Increased cultural exchange
B) Heightened inequality and regional disparities
C) Greater economic collaboration
D) Strengthened international relationships

A

B) Heightened inequality and regional disparities

25
Q

Why is the current pressure on globalisation considered a significant issue?
A) It reduces access to international markets.
B) It only affects developed countries.
C) It leads to increased consumer spending.
D) It promotes economic stability globally.

A

A) It reduces access to international markets.

26
Q

How has Ireland’s economic growth historically been influenced by globalisation?
A) It led to greater agricultural dependence.
B) It resulted in isolation from global trade.
C) Integration into global markets facilitated rapid economic growth.
D) It diminished the role of foreign investment.

A

C) Integration into global markets facilitated rapid economic growth.

27
Q

What significant role has foreign direct investment (FDI) played in Ireland’s economy?
A) It has reduced domestic job opportunities.
B) It has attracted multinational corporations, driving growth.
C) It has isolated Ireland from global markets.
D) It has led to agricultural dependency.

A

B) It has attracted multinational corporations, driving growth.

28
Q

Which of the following is a potential consequence of a reversal of globalisation for Ireland?
A) Increased agricultural exports
B) Decreased reliance on international supply chains
C) Job losses in export-oriented sectors
D) Strengthened local businesses

A

C) Job losses in export-oriented sectors

29
Q

What might be a potential benefit for Ireland if globalisation reverses?
A) Increased dependency on foreign markets
B) Enhanced focus on local industry and job creation
C) Decreased costs for imports
D) Strengthened global competition

A

B) Enhanced focus on local industry and job creation

30
Q

Which factor is essential for Ireland to manage the potential risks from geo-fragmentation?
A) Increasing reliance on FDI
B) Building domestic capabilities and innovation
C) Promoting agricultural exports
D) Reducing trade relations with the EU

A

B) Building domestic capabilities and innovation

31
Q

What has been a historical motivation for Ireland’s push for independence?
A) To adopt protectionist policies
B) To improve economic performance
C) To increase reliance on the UK
D) To promote foreign investment

A

B) To improve economic

32
Q

How does Ireland’s dependency on multinational corporations impact its economy?
A) It creates economic independence.
B) It leads to stability and low unemployment.
C) It makes the economy vulnerable to global market fluctuations.
D) It fosters competition among local firms.

A

C) It makes the economy vulnerable to global market fluctuations.

33
Q

What challenge does Ireland face concerning EU state aid policies?
A) Enhanced funding for local industries
B) Increased competition due to relaxation of state aid rules
C) Total independence from EU regulations
D) Decreased foreign investment

A

B) Increased competition due to relaxation of state aid rules

34
Q

What economic trend is illustrated by near-shoring in the context of Ireland?
A) Relying on distant suppliers
B) Moving production closer to home markets
C) Strengthening international supply chains
D) Reducing domestic production

A

B) Moving production closer to home markets

35
Q

Which of the following is a significant concern for Ireland regarding climate-driven policies?
A) Increased foreign investments
B) Pressure on inward foreign direct investment
C) Greater integration with EU markets
D) Strengthened trade relationships

A

B) Pressure on inward foreign direct investment

36
Q

What does Rodrik’s trilemma suggest about the relationship between globalisation and national policy?
A) Countries can achieve unlimited growth without consequences.
B) Countries can balance globalisation, democracy, and national sovereignty simultaneously.
C) Only two of the three goals can be achieved at the same time.
D) National sovereignty should always come before globalisation.

A

C) Only two of the three goals can be achieved at the same time.

37
Q

How might a reversal of globalisation impact consumer choice in Ireland?
A) It will likely increase the variety of products available.
B) It may limit consumer access to global goods.
C) It will have no significant effect on consumer choice.
D) It will reduce prices for all imported goods.

A

B) It may limit consumer access to global goods.

38
Q

What effect could a shift towards protectionism have on Ireland’s export-driven economy?
A) Increased growth of the export sector
B) Reduced competitiveness in international markets
C) Greater job security in export industries
D) Enhanced global partnerships

A

B) Reduced competitiveness in international markets

39
Q

What type of policy might Ireland adopt to mitigate the risks of globalisation’s reversal?
A) Increased tariffs on imports
B) Investment in local industries and innovation
C) Isolation from EU markets
D) Promotion of agricultural exports

A

B) Investment in local industries and innovation

40
Q

In terms of economic strategy, how can Ireland potentially benefit from a reversal of globalisation?
A) By reducing its reliance on FDI
B) By fostering innovation and local entrepreneurship
C) By maintaining the status quo
D) By enhancing international trade agreements

A

B) By fostering innovation and local entrepreneurship

Irish economy (13 decks)

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