SOCSCI 032 (Global Economy)

Question 1

It is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in
monetary units of account.

Answer 1

Global Economy

Question 2

The global economy is ___

Answer 2

World Economy, it is one big entity

Question 3

Is about the extension of economic activities of nation states across borders.

Answer 3

Internationalization

Question 4

Is functional integration between internationally dispersed
activities.

Answer 4

Economic globalization

Question 5

What type of transformation is Economic Globalization?

Answer 5

A qualitative transformation, not a quantitative change

Question 6

What continents does the silk road connect?

Answer 6

Asia, Africa, Europe

Question 7

When did Christopher Columbus discover America?

Answer 7

1492

Question 8

Who discovered the direct sea route to India?

Answer 8

Vasco de Gama

Question 9

What were the first MNC’s?

Answer 9

British and Dutch East India Companies.

Question 10

What does MNC’s mean?

Answer 10

Multinational Corporation

Question 11

What was the worst economic downturn in the history of the industrialized world?

Answer 11

Great Depression from 1929-39

Question 12

What is (economic) Depression?

Answer 12

Is a sustained, a long-term downturn in economic activity in on or .more economies.

Question 13

What do economists consider Depression to be?

Answer 13

A rare and extreme form of recession

Question 14

By 1933 how many of the nation’s banks have failed?

Answer 14

11,000 out of 25,000

Question 15

What is buying on margin?

Answer 15

Paying a small % of a stock’s price and borrowing the rest.

Question 16

What caused the Great Depression?

Answer 16

1. Over Production
2. Decrease in Customer Spending
3. Overspeculation

Question 16

When did WW2 occur?

Answer 16

1939-1945

Question 17

What is the formal name of the Bretton Woods Conference?

Answer 17

United Nations Monetary and Financial Conference

Question 18

It was the gathering of delegates from all Allied nations to regulate the international monetary and financial order after the conclusion of World War II.

Answer 18

Bretton Woods Conference

Question 19

How many delegates appeared and how many Allied nations were there?

Answer 19

730 delegates from all 44 Allied Nations

Question 20

Where did the Bretton woods conference take place?

Answer 20

New Hampshire, USA

Question 21

When did the US send invitations to the Allied Countries?

Answer 21

May 25, 1944

Question 21

What does the following acronyms mean?
IMF
IBRD
GATT
WTO

Answer 21

International Monetary Fund
International Bank for Reconstruction and Development
General Agreement on Tariffs and Trade
World Trade Organization

Question 22

When was “A Joint Statement by Experts on the Establishment of an International Monetary Fund” Published?

Answer 22

April 21, 1944

Question 22

The 2 VIP's in the Bretton Woods Conference

Answer 22

John Maynard Keynes Harry Dexter White

Question 23

What is the IMF?

Answer 23

is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Question 24

When was the IMF conceived and formally introduced?

Answer 24

Conceived on July 1944 and came into formal existence on December 27 1945

Question 25

How many members did the IMF have by the end of 1946?

Answer 25

39

Question 26

When did the IMF begin operations?

Answer 26

March 1, 1947

Question 27

Who was the first borrower of the IMF?

Answer 27

France on May 8, 1947

Question 28

He foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time.

Answer 28

Harry Dexter White

Question 29

He imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises.

Answer 29

John Maynard Keynes

Question 30

How does the IMF get its resources?

Answer 30

Member Quotas

Question 30

IMF's Fundamental Mission

Answer 30

1. Economic Surveillance 2. Lending 3. Capacity Development

Question 31

What is a Member Quota?

Answer 31

It broadly reflects the size and position in the world economy. A members country’s quota determines its maximum financial commitment to IMF, voting power, and access to IMF financing.

Question 32

This was designed to finance projects that enhance the economic development of member states.

Answer 32

World Bank

Question 33

When was GATT signed?

Answer 33

1947

Question 34

When was WTO created?

Answer 34

1994

Question 35

Examples of Neo Liberalism

Answer 35

Liberalization Deregulation Privatization

Question 35

What is Neo-liberalism?

Answer 35

Free market policies

Question 35

What is Neo-mercantilism?

Answer 35

Interventionist, protectionist policies

Question 36

Examples of Neo-mercantilism?

Answer 36

Subsidies Tariffs Import Quotas

Question 37

Reduction of restrictions or barriers on the free exchange of goods between nations.

Answer 37

Liberalization

Question 38

Reduction and elimination of government power in a particular industry, usually enacted to create more competition within the industry.

Answer 38

Deregulation

Question 39

The transfer of ownership, property or business from the government to the private sector.

Answer 39

Privatization

Question 40

These are restrictions imposed on movement of goods between countries.

Answer 40

Tariff and Non-tariff Barrier Imposition

Question 41

What's the difference between Tariff and Non-tariff Barrier Imposition?

Answer 41

Tariff Barrier is a barrier to international trade. Non-tariff Barrier includes quotas, embargoes, sanctions, levies, and other restrictions.

Question 42

Refers to rules that limit who can enter a business and what prices they may charge

Answer 42

Economic Regulation

Question 43

Refers to the abroad category of rules governing how any business or individual carries out its activities, with a view to correcting one or more "market failures".

Answer 43

Social Regulations

Question 44

Funds provided by a government to enable firms to reduce prices and encourage an increase price and demand.

Answer 44

Subsidies

Question 45

These are "non-tariff barriers" used to limit imports of a particular products.

Answer 45

Import Quotas

Question 45

This is the branch of public health concerned with all aspects of the natural and build environment affecting human health.

Answer 45

Health and Environment Standardization

Question 46

A trade and economic policy which advocates replacing foreign imports with domestic production.

Answer 46

Import Substitution