question

What drives gobalization

answer

military force, trade opportunities and wealth creation technological enhancement, public awareness of the globe. alexandrian empire, roman, current age

question

The age of globalism ushered in by alexander the great was primarily led by conquest whereas today's globalism is primarily led by trade and communication

answer

TRUE

question

The definition of comparative advantage in economic terms is when one country is more efficient than another in a type of product of service

answer

FALSE

question

in general, corporation tend to be more for free trade and unions tend to be more aligned with protectionist policies. However, the exception are numerous

answer

TRUE

question

A free trade area includes not only the free exchange of goods and service but also the free movement of factors of production

answer

FALSE free movement of factors and production is common market

question

CAFTA 2005

answer

US, el salvador, nicaragua, guatemala, honduras, costa rica, DR

question

NAFTA 1993

answer

canada, US, Mexico

question

1988 CUSFTA

answer

canada and US

question

NAFTA may still have its critics, but there is no doubt that the treaty was very successful in expanding trade among the partners

answer

TRUE

question

Critical theory (marxism and its variants)

answer

capitalism gives too much power to a few rich people. The power of the state should be used to equalize opportunities, wealth, and social structure

question

Dependence theory (Dependencia theory)

answer

capitalism is too tilted toward the historically advantaged countries who essentially "rig" the system in their favor

question

Some religious teaching (monasticism to theocracy)

answer

placing the pursuit of money first tends to ignore our soul and potentially our humanity

question

Which school of thought criticized neoliberalism as being too focused on money?

answer

the religious school of thought

question

What school of throughout criticized neoliberalism as being to rigged toward those individuals who have great wealth

answer

Dependencia school of thought

question

When determining income distribution, the lower the coefficient or percentage, the more equal the income level across the population

answer

FALSE

question

What is the proper order of income distribution of the following large countries, going from the lowest gini coefficient to the highest coefficient

answer

norway, france, US

question

someone argues that economic policies should reflect efforts to reduce property and design policies to protect the vulnerable about the world. Which term best describes their global trading perspective

answer

Fair trade

question

What is the correct historically of these men from earliest to most recent

answer

Ying zheng, Puyi, Dr. Sun yat sen, Chiang kai shek, mao zedong, deng Xiaping

question

What chinese leader created the socialist market economy and brought china back into the global economy?

answer

Deng Xiaping

question

In china, the highest political individual body is?

answer

politburo

question

The body the carries out policies (administration) in china is:

answer

State council

question

China economic is not as large as the US and EU, but it is larger than the nest two economies combined.

answer

TRUE

question

The new market economy has lifted the overall standard of living, but many are as poor or poorer than under communism

answer

TRUE

question

With the advent of a market economy, china has worked hard and been successful at increasing its environmental record

answer

FALSE

question

On one hand, regional trade blocs increase free trade goals in select areas, but on the other, they may lose some sovereignty and control over some domestic issues

answer

true

question

What is the correct order of access to the EU from earliest to most recent

answer

1951: Belgium, france, west germany, italy, luxembourg, netherlands, rome, GB, ireland, denmark, greece, spain, portugal, austria, findland, sweden, romania, bulgaria, croatia

question

Which of the following is an EU member?

answer

Candidates Serbia, turkey, macedonia, montenegro, iceland Affiliates: switzerland, norway

question

Germany is called the conic powerhouse of europe because its economy is nearly three times the size of the next largest economy

answer

FALSE

question

In western europe, two of the poorer regions are portugal and southern italy

answer

TRUE

question

Which of the following economies is not in the 'red zone' in terms of national debt.

answer

Romania

question

What is the Executive branch of the EU?

answer

European commission Legislative branc - european parliament and european council Judicial financial branch - european court of justice and auditors

question

Which of the following is not a continuing problem or challenge for the EU?

answer

concerns about integrating weaker currencies in the euro

question

which of the following statement is true?

answer

GATT was incorporated into the WTO in 1995

question

With the inclusion of china in 2001 and russia in 2012, the WTO now now incorporates 98% of the world economy

answer

TRUE

question

as the GATT and WTO have evolved, the trade round have become:

answer

longer in length of negotiating time

question

under WTO rules, you may only treat your own national domestic goods differently. The goods of al other countries in the WTO must be treated similarly

answer

FALSE

question

because of the importance of the WTO in todays global economy, The director - General the WTO is considered more powerful than the presidents of countries

answer

TRUE

question

what fundamental type of bank is the IMF

answer

central bank

question

The executive board of the IMF has 24 members. The weight of members voting is based primarily on

answer

None of the above

question

The WTO seeks to promote economic stability and prevent crises; to help resolve crises when they do occur; to promote growth and alleviate property; and monitor national monetary systems (surveillance)

answer

TRUE

question

The world bank tends to focus on assisting developing countries on a project by project basis, rather than providing support for central government

answer

TRUE

question

some of the harshest critics of organization such as the WTO, MF, and WB have been european, wall street and neoliberals

answer

FALSE

question

most experts agree that iris such as the WTO, IMF, and WB have improve accountability in some ways such as greater transparency, more sensitivity to local needs, and updating proportional representation, but that has not changed the fundamental structures of these economies entities

answer

TRUE

question

According to kirk berchtold, the largest source of water in southern california comes from

answer

local sources

question

a customs union has a higher degree of economic integration than a common market

answer

FALSE

question

The definition of comparative advantage is where a country can produce something with a low marginal and opportunity cost

answer

TRUE

question

a popular economic theory is "trickle down" economic innovation and hard working wealthy people create jobs and opportunity for their community and countries

answer

Marxist

question

which of the following is a principle of are principles of the WTO trading systems

answer

ALL of the above

question

what 2 makes up the legislative branch of european union

answer

european parliament and the council of the european union

question

According to keith alex of D.R. Horton, impact fees in developing land tracts for residential development are as large as land acquisition fees on average

answer

FALSE

question

the 'infant industry' argument points out that small children are extremely vulnerable and it is necessary to regulate it

answer

FALSE

question

NAFTA may still have its critics, but there is no doubt that the treaty was very successful in expanding trade among patners

answer

TRUE

question

one argument for regional trading blocs is that integration is easy to achieve and sustain, bc all countries are aware the potential economic benefits of closer economic integration

answer

FALSE

question

unlike almost all other countries in the world, the fed give. provides almost no assistant to promote foreign trade

answer

FALSE

question

the world bank primarily loans money to countries that need short term credit to shore up their economies

answer

false

question

IMF is major development bank

answer

false

question

state council of china is the highest admin body, and roughly equivalent to our executive branch

answer

FALSE

question

According to the text, the de facto governing powers of the global market place are the iMF, the WTO, WB, and government and representative to those organization

answer

TRUE

question

globalization, according to the text, is a specific term used by academics to refer to the blending of world culture due solely to communication technology

answer

FALSE

question

because globalism and neoliberalism are antagonistic concepts, it has provided great political instability around the world

answer

FALSE

question

the competing economic systems between 1945 and 1990 were capitalism and communism

answer

TRUE

question

the rise of the market is the philosophical regime that now dominates the world economy

answer

true

question

which of the following organization is not a part of the core of the washington consensus

answer

united nation

question

free trade, advanced by neoliberalism, refers to a policy by which governments do not discriminate against imports or exports

answer

true

question

a weakness is Adam smiths original theory is that if one country had no absolute advantage in anything, trade was not beneficial and should no occur.

answer

TRUE

question

by introducing the idea of absolute advantage, david ricardo expanded smiths idea of comparative advantage and expanded the resins for trade in a variety of circumstances

answer

TRUE

question

comparative advantage holds that if one country has an advantage over another country in the production of several goods, it should produce the good in which it has the greatest advantage and buy the good in which it had the least advantage from the other country

answer

true

question

the senior representative in trade negotiations for the president of the united states is in

answer

US trade representative

question

protectionism refers to the economic policies that restrain trade between nations in an attempt to protect domestic industries from foreign take over or competition

answer

true

question

since colonial times, countries have been aware of the trade balance advantage generally available when exporting finished goods as opposed to raw materials

answer

FALSE

question

tariffs place limits on the amount of a product

answer

FALSE

question

sugar is an example of a product that has both a quota and a tariff combined

answer

true

question

because of the efficiency of american agriculture, subsidies had almost been entirely eliminated by 2000, putting american farming at a major disadvantage

answer

FALSE

question

what is the proper order of these economic pacts in terms of integration, going from most integrated to least

answer

political union economic union common market custom union free trade area preferential trading area

question

the european free trade association is the treaty for trading issues for EU members

answer

true

question

a customs union (CU) is an FTA that goes beyond removing trade barriers among themselves, and attempts to set a common level of trade barriers against outsiders as well

answer

TRUE

question

the definition of an economic union is a treaty that removes trade barriers between members, sets up common external trade policy, and allows not only the free exchange of goods and service, but also the free movement of other factors of production among members

answer

false

question

in addition to NAFTA and CAFTA the US currently has 47 FTAs

answer

FALSE

question

typical of democratic presidents, president bill clinton strongly opposed NAFTA which is why george h. bush rushed its passage through during the end of his administration

answer

false

question

the country or countries does CAFTA-DR include

answer

none of the above

question

it took over twenty years for the free trade agreement of the americans to be passed

answer

FALSE

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