9.4 Economics in the Global Age

Question 1

Free markets

Answer 1

Economic systems based on supply and demand with as little governmental involvement as possible.

Question 2

Economic liberalization

Answer 2

When a country relaxes restrictions on trade, allowing it to participate in the global economy.

Question 3

In the early 1980’s, this woman was the prime minister of the U.K. and an ally of Ronald Reagan’s market-oriented economic policies

Answer 3

Margaret Thatcher

Question 4

In 1973, this U.S. backed Chilean politician took power by a military coup

Answer 4

Augusto Pinochet

Question 5

Augusto Pinochet, guided by U.S. economists, moved Chile’s economy from state control to this

Answer 5

A free market economy

Question 6

What were the two big problems with Chile’s new, free market economy

Answer 6

1. Nothing was done to address widespread poverty
2. Reforms were enacted with violence and repression

Question 7

Deng Xiaoping

Answer 7

Chinese leader who moved China toward economic growth by backing away from China’s committment to economic growth

Question 8

In 1989, what happened in Tianamen Square in Bejing?

Answer 8

A large, peaceful student-led demonstration was broken up by force with tanks and guns. Hundreds died.

Question 9

Knowledge Economy

Answer 9

A knowledge economy creates, distrubutes and uses knowedge and information

Question 10

What four countries made up The Asian Tigers?

Answer 10

Taiwan
South Korea
Singapore
Hong Kong

Question 11

NAFTA

Answer 11

The North American Free Trade Agreement - an agrement between Mexico, the U.S. and Canada for tariff-free trade.

Question 12

Maquiladoras

Answer 12

Factories in Mexico that use low-wage Mexican labor

Question 13

Protective tariffs

Answer 13

taxes on foreign imports

Question 14

WTO

Answer 14

The World Trade Organization - formed to regulate global trade amoung its members. Members of the WTO represent about 90 percent of global trade.

Question 15

Multinational Corporation

Answer 15

A business that is legally incorporated in one country but does business in others.

Question 16

These two tech giants are multinational corporations that significantly invested in the Indian economy.

Answer 16

Microsoft and Google

Question 17

Mahindra & Mahindra

Answer 17

An Indian based multinational corporation that produces vehicles and other motarized equipment that does business in the United States, Autrailia, Africa and a lot of other countries.

Question 18

Nestle

Answer 18

A Swiss based multinational corporation that does evil across the world.