COWORLD MCQ

• Trade liberalization


  Removal or reduction of restrictions or barriers on the free exchange of goods between nations
• Protectionism


  Policy of systematic government intervention in foreign trade with the objective of encouraging domestic production
• Economic globalization


  Increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital, and wide and rapid spread of technologies
• Bretton Woods System


  Responsible for the expression of currency in terms of gold or gold value to establish a par value
• World Bank and IMF


  Designed to help countries in trouble after the World War II and can not obtain money by any means
• Fair trade


  Concern for the social, economic, and environmental well-being of marginalized producers
• Multiplier effect


  Increase in one economic activity can lead to an increase in other economic activities
• The Bretton Woods system has four key elements.


  False
• Economic systems vary from one society to another.

  False
• Every economic revolution comes with economic casualties.

  True
• World economies have been brought closer together by globalization.


  True
• IMF and World Bank were designed to complement each other.

  True
• Technology has reduced the role of human labor and shifted it from a manufacturing-based economy to one that is based on service work and the production of ideas rather than goods.

  True
• The European Union excluded United Kingdom of Great Britain from the very beginning of its conception.


  False (members sila until 2020)
• The international trade agreements often benefit private industries the most.

  T
• Latvia is the latest member of OECD.


  False (Costa Rica @ 2021, Latvia @ 2016)
• Socialism emphasizes public ownership of factors of production. 

  True
• The major economies in the world had suffered because of World War I, the Great Depression in the 1930s and World War II. 


  True
• Capitalism was the only economic model that sprung up during the Industrial Revolution.

  False (Socialism and Capitalism)
• The second major economic revolution is the Industrial Revoultion of 1800s. 

  True
• The European Union is made up of 48 member states.


  F 28
• The OPEC was organized in1960s in order to increase the price of oil in the world market.

  T
• During the Cold War, Western capitalist countries were labeled as

  Third World

  First

  Second World

  First
• An example of fair trade is done by American coffee chain that acquires coffee from South, this chain is known as 

  Tim Hortons

  SB

  Seattle's Best

  SB
• The sector of the economy that gains the raw materials and transforms them into manufactured goods. 

  Tertiary

  Primary

  Secondary

  Secondary
• One way of lessening inequities in global world is through

  debt trap

  diplomacy 

  fair trade

  foreign loans

  fair trade
• Globalization has deeply altered North-South relations in agriculture. 

  T
• The organization that became responsible for trade in services, non-tariff related barriers to trade, and other broader areas of trade liberalization.

  General Agreement on Tariffs and Trade

  World Trade Organization

  Bretton Wood System

  World Trade Organization
• The organization that exists as legal entities and have liabilities that are separate for its members.

  WTO

  GATT

  Corporations

  Corporations
• The organization formed to increase the price of oil in the world market. 

  OPEC

  NAFTA

  OECD

  OPEC
• Primary labor market jobs  provide fewer benefits and include lower-skilled jobs and lower-level service sectors jobs.

  False secondary dpt
• It is the removal or reduction of restrictions or barriers on the free exchange of goods between nations.

  Barter trade

  Trade restrictions

  Trade liberalization

  Trade liberalization
• Using more plastics contributes to global sustainability. 

  F
• It is a type of economic inequality that speaks about the distribution of assets.

  Social inequality

  Wealth inequality

  Income inequality

  Wealth inequality
• It means a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production.

  Economic embargo

  Protectionism

  Legal actions

  Protectionism
• The organization goal is to help countries in trouble after the World War II and can not obtain money by any means.

  WTO

  World Bank

  IMF

  IMF
• Sustainable development focus more on earth’s resources and the preservation of such resources for the future.

  T
• It is defined as concern for the social, economic, and environmental well-being of marginalized producers.

  Trade protectionism

  Trade liberalization

  Fair trade

  Fair trade