(P) L2: The Global Economy (Transes-based)

Question 1

defined as a historical process representing the result of human innovation and technological progress (according to IMF)

Answer 1

Economic Globalization

Question 2

also known as world economy or global economy

Answer 2

Economic Globalization

Question 3

refers to the expanding interdependence of world economies

Answer 3

Economic Globalization

Question 4

Characterized by integration of economies through the movement of goods, services, and capital which are products of people, organizations, institution, and technologies

Answer 4

Economic globalization

Question 5

refers to those which are made and sold

Answer 5

Goods

Question 6

refers to jobs offered by other people

Answer 6

Services

Question 7

It is the market value of all finished goods and services produced within a country in a year.

Answer 7

Gross Domestic Product

Question 8

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

Answer 8

Silk Road

Question 9

Connected Manila and Acapulco in 1571; The first time that the Americans were directly connected to Asian trading routes

Answer 9

Galleon Trade

Question 10

Galleon trade was part of this; a system of global trade with multiple restrictions; mainly imposed by monarchies

Answer 10

Age of Mercantilism

Question 11

Before, this means the power of one the nation depends on its quantities of gold and silver; it is better to have gold and silver

Answer 11

Mercantilism

Question 12

refers to taxes or duties to be paid on a particular class of imports and exports

Answer 12

Tarrifs

Question 13

refers to more than just money or currencies; it also reflects economic power and interests, as money is inherently political, and integral part of “high politics” of ‘diplomacy

Answer 13

International Monetary System

Question 14

IMS means it needs to provide assistance to how many countries?

Answer 14

190

Question 15

one of the least reactive chemical elements and is solid under standard conditions

Answer 15

Gold

Question 16

What year did Britain abandon Gold Standard?

Answer 16

1931

Question 17

What year did US abandon Gold Standard?

Answer 17

1971`

Question 18

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

Answer 18

Fiat currencies

Question 19

This is when countries were forced to abandon the gold standard after depleting their gold reserves to fund their enemies

Answer 19

World World I (1914 - 1918)

Question 20

Happened after WWI; everything was high and global economic crisis during the 1920s to 1930s

Answer 20

The Great Depression

Question 21

refers to price increase

Answer 21

Inflation

Question 22

refers to inflation lasted for 6 months

Answer 22

Recession

Question 23

refers to recession which lasted for more than 9 months

Answer 23

Depression

Question 24

A global economic system that would ensure a longer-lasting global peace; a network of global financial institutions that would promote economic interdependence and prosperity

Answer 24

The Bretton Woods System

Question 25

During the Bretton Woods System, the only currency that can be converted to gold is _____ so it was later on abandoned (ended in 1973)

Answer 25

USD

Question 26

When was Bretton Woods System inaugurated?

Answer 26

1944 during UN Monetary and Financial Conference

Question 27

British economist who believed that economic crises occur not when a country does not have enough money, but when money is not being spent and, thereby not moving

Answer 27

John Maynard Keynes

Question 28

believes that as prices increase, companies would earn more and hire workers; applied by different nations as strategy to make their GDP or economy profitable

Answer 28

Keynes

Question 29

High point came in the mid-1940s to the early 1970s

Answer 29

Global Keynesianism

Question 30

This organization imposed an embargo in response to the decision of the United States and other countries to resupply the Israeli military with the needed arms during the Yom Kippur War/ October War/ Ramadan War

Answer 30

Organization of Arab Petroleum Exporting Countries (OAPEC)

Question 31

A new form of economic thinking started from 1980s onwards

Answer 31

Neoliberalism

Question 32

Became the codified strategy of the United States Treasury Department, World Bank, IMF, and eventually the World Trade Organization

Answer 32

Neoliberalism

Question 33

refers to high inflations (lasts for a long period and causes recession) results to low GDP

Answer 33

Stagnation

Question 34

refers to combination of inflation and stagnation

Answer 34

Stagflation

Question 35

Came out also during the era of neoliberalism; this follows the neoliberalism ideology. Minimal gov’t spending to reduce gov’t spending.

Answer 35

Washington Consensus

Question 36

Called for the privatization of gov’t-controlled services

Answer 36

Washington Consensus

Question 37

Consensus known to pressure the developing countries to reduce its tariff but there were those who disagree leading to the creation of local policies

Answer 37

Washington Consensus

Question 38

Theorizes that sudden, dramatic changes in nat’l economic policy can turn a state-controlled economy into a free market economy

Answer 38

Shock Therapy

Question 39

Intended to cure economic maladies such as hyperinflation, shortages, and other effects of market controls to jumpstart economic production, reduce unemployment, and improve living standards

Answer 39

Shock Therapy

Question 41

Happened due to the United States’ systematic decision to remove various banking and investment restrictions on 2008 to 2009

Answer 41

The Global Financial Crisis

Question 42

Who discovered America and when?

Answer 42

Christopher Columbus in 1942

Question 43

oh Mickey you're

Answer 43

supine

Question 44

Who discovered the direct sea route to India and when?

Answer 44

Vasco De Gama, 1498

Question 45

refers to a 30-year long process that began at the end of the 1960s as a form of monetary cooperation; intended to reduce the excessive influence of the US dollar

Answer 45

European Monetary Integration

Question 46

This organization was launched in 1995 and has became an official forum for trade negotiations

Answer 46

World Trade Organization

Question 47

This aims to promofe trade and cooperation between the developing and developed nations

Answer 47

United Nations Conference on Trade and Development

Question 48

The central tenet of glovalization

Answer 48

International economic integration