Try 2

Question 1

• it regards “economic globalization” as a historical process representing the result of human innovation and technological progress
• characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders

Answer 1

International Monetary Fund (IMF)

Question 2

• An international development organization owned by 189 countries
• its role: reduce poverty by lending money to the governments of its poorer members so that they can improve their economies and the standard of living of their people

Answer 2

World Bank

Question 3

In _____, the world bank has funded over ______ development projects via traditional loans, interest-free credits, and grants.

Answer 3

1947; 12,000

Question 4

Increased trade means?

Answer 4

Investments are moving all over the world at faster speeds

Question 5

Meaning of UNCTAD

Answer 5

United Nations Conference on Trade and Development

Question 6

Process wherein supercomputers can execute millions of stock purchases and sales between different cities in a matter of seconds

Answer 6

High-frequency trading

Question 7

• oldest known international trading route
• not global; does not connect to america
• connected different parts of ancient world&raquo_space;> china - middle east - europe
• most profitable products traded through this network was silk

Answer 7

Silk road

Question 8

“When did full economic globalization start?” – who were the historians that addressed this

1571

Answer 8

Dennis O. Flynn
Arturo Giraldez

Question 9

Started during mecantilism

Answer 9

Galleon trade

Question 10

Global trading system that had multiple restrictions — bc of high tariffs

Answer 10

Mercantilism

Question 11

New system in 1867 with fixed exchange rate system

Answer 11

Gold standard

Question 12

When was countries forced to use their gold reserves to support their armies thus, abandoning the gold standard?

Answer 12

WORLD WAR 1

Question 13

Global economic crisis during 1920s - 1930s in the west (europe)

Answer 13

Great depression

Question 14

The economic historian that stated that the US began to recover when it abandoned the gold standard

Answer 14

Barry Eichengreen

Question 15

What kind of currency we have today?

Answer 15

Fiat currencies

Question 16

This system allows governments to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit.

Answer 16

Fiat currency

Question 17

• it was inaugurated during the 1944 united nations monetary and financial conference
• its goal is to prevent past catastrophes from happening again and impacting international connections

Answer 17

Bretton Woods System

Question 18

• He stated that when money is not spent, economic crises happens because economies slow down
• He is the one who influenced Bretton Woods system

Answer 18

John Maynard Keynes

Question 19

The system that’s been created due to the foundation of the active participation of governments in managing economic crises

Answer 19

Global Keynesianism

Question 20

The two financial institutions that the delegates at bretton woods created

Answer 20

1.) world bank or international bank for reconstruction and development (IBRD)
2.) international monetary fund (IMF)

Question 21

Other term for world bank (IBRD)

Answer 21

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

Question 22

• Financial institution that is responsible for funding postwar reconstruction projects
• it was a critical institution at the time when many of the world’s cities had been destroyed by the war

Answer 22

World bank OR International Bank for Reconstruction And Development (IBRD)

Question 23

• Financial institution that is the global lender of last resort to prevent individual countries from spiraling into credit crises
• it will step in if economic growth in a country slowed down bc there was not enough money to stimulate the economy

Answer 23

International Monetary Fund (IMF)

Question 24

In 1947, its main goal was to reduce tariffs and other hindrances to free trade

Answer 24

General Agreement on Tariffs and Trade (GATT)

Question 25

What year is the global Keynesianism’s pinnacle?

Answer 25

Mid-1940s - early 1970s

Question 26

What year did the price of oil rise?

Answer 26

Early 1970s

Question 27

OAPEC

Answer 27

Organization of Arab Petroleum Exporting Countries

Question 28

OPEC

Answer 28

Organization of Petroleum Exporting Countries

Question 29

The reason why Oil Price rose is because OAPEC imposed to resupply the Israeli Military with the needed arms during ________

Answer 29

Yom Kippur War

Question 30

It affected the Western economies that were reliant on oil

Answer 30

“Oil Embargo”

Question 31

Why did the Bretton Woods System end in 1973-1974?

Answer 31

The US stopped linking the dollar to gold

Question 32

Decline in economic growth and employment

Answer 32

Stagnation

Question 33

Sharp increase in prices

Answer 33

Inflation

Question 34

Decline in economic growth and employment that takes place alongside a sharp increase in prices

Answer 34

Stagflation

Question 35

They argued that the way the government is pouring money in economics distorts the proper functioning of the market

Answer 35

Friedrich Hayek & Milton Friedman

Question 36

How did the US relatively recovered quickly from the housing loan debt?

Answer 36

President Barack Obama pushed for a large Keynesian-style stimulus package

Question 37

Political upheaval in France wherein they unjustly blame immigrants for their troubles

Answer 37

Marine Le Pen’s Front National

Question 38

The WTO-led reduction of trade barriers that altered the dynamics of the global economy

Answer 38

Trade liberalization

Question 39

Economic globalization is an ______ process

Answer 39

Uneven

Question 40

Protectionists

Answer 40

Countries does not let imports from developing countries in

Question 41

TNC

Answer 41

Transnational corporations