Lession 1-3 (reset 2)

Question 1

Challenges of the 21st century includes 8

Answer 1

1. emerging technologies
2. health care
3. overpopulation
4. climate change
5. poverty
6. illiteracy
7. disease
8. migration

Question 2

_______ are more interdependent today than they used to be; they have more social, economic, political and cultural relationships.

Answer 2

Societies

Question 3

Studying the outside world is a cure to ____ or an _____ that is limited to one’s immediate community

Answer 3

parochialism
outlook

Question 4

A person who is concerned only with his/her family, village, or even country is _____

Answer 4

parochial

Question 5

The _______ immemorial.person is, thus, close-minded

Answer 5

parochial

Question 6

Much has changed since time _______

Answer 6

immemorial.

Question 7

Human beings have encountered many changes over the last century in their ________ and ______

Answer 7

social relationships
social structures

Question 8

The reality and ______of globalization makes us see ourselves as part of what we refer to as the global age

Answer 8

omnipresence

Question 9

The ____, allows a person from the Philippines and even outside the world to know what is happening to the rest of the world simply by browsing Google

Answer 9

internet

Question 10

The _______ also allows for connections among people, communities, and countries all over the world.

Answer 10

mass media

Question 11

_____ is a trans-planetary process or set of processes involving increasing liquidity and the growing multidirectional flows of people, objects, places and information as well as the structures they encounter and create that are barriers to, or expedite, those flows.

Answer 11

Globalization

Question 12

Globalization is a ________or set of processes involving increasing_______ and the growing_______ of people, objects, places and information as well as the ______ they encounter and create that are barriers to, or expedite, those flows.

Answer 12

trans-planetary process
liquidity
multidirectional flows
structures

Question 13

The ______is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.

Answer 13

Globalization

Question 14

Countries have built______ to facilitate these movements over many centuries

Answer 14

economic partnerships

Question 15

But the term gained popularity after the ____ War in the early ____positive phenomenons, as these cooperative arrangements shaped modern everyday life

Answer 15

Cold
1990

Question 16

some view globalization as a _______

Answer 16

positive phenomenon

Question 17

Swedish Journalist ____saw globalization as the process of world shrinkage, of distance getting shorter, things moving closer.

Answer 17

Thomas Larsson

Question 18

In order for us to better understand the concept of globalization, we will utilize _______.

Answer 18

metaphors

Question 19

_____ make use of one term to help us better understand another term

Answer 19

Metaphors

Question 20

There are 2 state of Metaphors:

Answer 20

solid and liquid

Question 21

______ refers to barriers that prevent or make difficult movement of things.

Answer 21

Solidity

Question 22

____ can either be natural or man-made.

Answer 22

solids

Question 23

Man-made barriers include the Great Wall of China and the Berlin Wall. An imaginary line such as the nine-dash line used by the People’s Republic of China in the claim to the South China Sea is an example of modern man-made ____.

Answer 23

solid

Question 24

____ as state of matter, takes the shape of its container

Answer 24

Liquid

Question 25

Moreover, liquids are not ___.

Answer 25

fixed

Question 26

______ , therefore, refers to the increasing ease of movement of people, things, information, and places in the contemporary world

Answer 26

Liquidity

Question 27

______ ideas were the ones that have much to say about the characteristic of liquidity

Answer 27

Zygmunt Bauman’s

Question 28

This means that ____and____ are crucial elements of globalization

Answer 28

time space

Question 29

For example, videos uploaded on YouTube or Facebook are unstoppable once they become viral. This is an ecample of?

Answer 29

Liquid/ Liquidity

Question 30

This brings us to what ____ (2015) regarded as the most important characteristics of liquid: “it tends to melt whatever stands in its path (especially solids).

Answer 30

Ritzer

Question 31

_____ are the movement of people, things, places and information brought by growing “porosity” of global limitations .

Answer 31

Flows

Question 32

Think of different foreign cuisines being patronized and consumed by the Filipinos. Aside from local dishes, many of us are fond of eating sushi, ramen, hamburger and French fries- foods introduced by us by foreign cultures. Clearly, foods are being globalized. This is an example of?

Answer 32

Flow

Question 33

. As ______, (2008) put it:” global financial system, national borders are porous.” This means that a financial crisis in a given country can bring ramifications to other regions in the world.

Answer 33

Landler

Question 34

The International Monetary Fund (IMF) regards “________” as a historical process representing the result of human innovation and technological progress

Answer 34

economic globalization

Question 35

It is characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders.

Answer 35

economic globalization

Question 36

The _______ refers to the interconnected worldwide economic activities that take place between multiple countries

Answer 36

global economy

Question 37

The global economy comprises several characteristics, such as (4):

Answer 37

1. Globalization 2. International Trade 3. The Bretton Wood System 4. Neoberalism

Question 38

________ describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration, and transportation

Answer 38

Globalization

Question 39

Due to the_______ and _______, domestic economies have become cohesive, leading to an improvement in their performances.

Answer 39

global economy globalization

Question 40

______ is considered to be an impact of globalization.

Answer 40

International trade

Question 41

It refers to the exchange of goods and services between different countries, and it has also helped countries to specialize in products which they have a comparative advantage in

Answer 41

International Trade

Question 42

This is an economic theory that refers to an economy's ability to produce goods and services at a lower opportunity cost than its trade partners

Answer 42

International Trade

Question 43

The oldest known international trade route was the _______

Answer 43

Silk Road

Question 44

_______ isglobaa network of pathways in the ancient world that spanned from China to what is now Middle East and to Europe

Answer 44

Silk Road

Question 45

However, while the Silk Road was international, it was not truly “_____” because it had no ocean routes that could reach the American continent

Answer 45

global

Question 46

A more open trade system emerged in ______when, following the lead of the United Kingdom, the United States and other European nations adopted the gold standard at an international monetary conference in Paris

Answer 46

1867

Question 47

The countries thus established a common basis for currency prices and a fixed exchange rate system-all based on the value of _____

Answer 47

GOLD.

Question 48

Despite facilitating simpler trade, the gold standard was still a very ______World War I,, as it compelled countries to back their currencies with fixed gold reserves

Answer 48

restrictive system

Question 49

During ______ when countries depleted their gold reserves to fund their armies, many were forced to abandon the gold standard

Answer 49

World Wat 1

Question 50

Since European countries had low gold reserves, they adopted _____ currencies that were no longer redeemable in gold

Answer 50

floating

Question 51

Returning to a pure standard became more difficult is the global economic crisis called _______ started during the 1920s and extended up to the 1930s, further emptying government coffers

Answer 51

THE GREAT DEPRESSION

Question 52

Today, the world economy operates based on what are called ____ currencies

Answer 52

fiat

Question 53

____ are currencies that are not backed up by precious metals and whose value is determined by their cost relative to other currencies

Answer 53

Fiat

Question 54

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

Answer 54

FIAT currencies

Question 55

Approximately 730 delegates representing 44 countries met in________in July 1944 with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth

Answer 55

Bretton Woods

Question 56

Approximately 730 delegates representing 44 countries met in Bretton Woods in _______ with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth

Answer 56

July 1944

Question 57

The Bretton Woods Agreement also created two important organizations

Answer 57

1. International Monetary Fund (IMF) 2. World Bank

Question 58

The primary designers of the Bretton Woods System were the famous British economist ________ and American Chief International Economist of the U.S. Treasury Department _________.

Answer 58

John Maynard Keynes Harry Dexter White

Question 59

_____ hope was to establish a powerful global central bank to be called the ______ and issue a new international reserve currency called the ______.

Answer 59

Keynes’ Clearing Union bancor

Question 60

White’s plan envisioned a more ________and a greater role for the U.S. dollar, rather than the creation of a new currency. In the end, the adopted plan took ideas from both, leaning more toward White’s plan

Answer 60

modest lending fund

Question 61

_________ is a policy model that encompasses both politics and economics and seeks to transfer the control of economic factors from the public sector to the private sector.

Answer 61

Neoliberalism

Question 62

Many ________policies enhance the workings of free market capitalism and attempt to place limits on government spending, government regulation, and public ownership.

Answer 62

Neoliberalism

Question 63

Neoliberalism is related to_______, a school of thought that prescribes a minimal amount of government interference into the economic issues of individuals and society

Answer 63

laissez-faire economics

Question 64

Neoliberalism is sometimes confused with ________

Answer 64

libertarianism

Question 65

However, ______ typically advocate for more government intervention into the economy and society than _______

Answer 65

neoliberals libertarianism.

Question 66

________ usually favor progressive taxation, _____shocky therapyoften eschew this stance in favor of schemes like a flat tax rate for all taxpayers.

Answer 66

neoliberals libertarians

Question 67

Russia’s case was just one example of how the “_______” of neoliberalism did not lead to the ideal outcomes predicted by economists who believed in perfectly free markets.

Answer 67

shocky therapy

Question 68

The beneficiaries of global commerce have been mainly _______ and not governments

Answer 68

TRANSATIONAL CORPORATIONS (TNCs)

Question 69

The term “________” refers to countries lowering their labor standards, including the protection of workers’ interests, to lure in foreign investors seeking high profit margins at the lowest cost possible.

Answer 69

race to the bottom

Question 70

______ is the exchange of goods and services integrated into a huge single global market

Answer 70

Global economy