Quiz 6 Part 3

1.

1 point

Globalization began with the "Voyages of Discovery" that were initiated by western European nations in the late 1400s and early/mid 1500s. Initial efforts at globalization can best be characterized as:

culturally neutral

colonial/imperial

free market economies

bilateral trade agreements

Neo-McDonaldism

2.

1 point

Adam Smith`s classical development of the science and role of economics in human affairs saw the state as:

having no role in a free market economy

responsile to ensure the balance of trade was a favorable as possible

the mechanism that produced market efficiency

responsible to ensure a strong free market economy

b and c

3.

1 point

Karl Marx saw capitalism as:

the natural order of civilized man

a necessary step in the evolutionary development of world communism

a necessary evil because both property and capital are necessary for commerce

creating a class struggle between workers and capitalists and property owners

c and d

4.

1 point

In Canada, most government revenue comes mainly from:

a positive balance of trade with other nations

taxes on corporate earnings

non-progressive taxes such as HST, user-pay fees, fuel taxes

personal income tax

royalties from oil and gas (mostly Alberta oil and gas)

5.

1 point

Trade is always beneficial for nations that do trade

True

False

6.

1 point

Trade is always equally beneficial for nations that do trade.

True

False

7.

1 point

Ultimately, an independent nation`s economy must derive come from:

Domestic Production and Service

Foreign Assistance Grants and World Bank and IMF loans

Foreign Trade ( Goods and Services)

Conquest and Expropriation

a, c, and d

8.

1 point

IMF stands for

Independent McDonalds Franchise

International Marxist Foundation

Intergovernmental Monetary Fund

Interim Measures Facilitators

none of the above

9.

1 point

The first industrialized country/countries was/were:

China

Spain/Portugal

England

United States

Germany

10.

1 point

A crucial and enabling development that gave rise to the second wave of industrial revolution was:

gunpowder

the flintlock

internal combustion engine

railroads

a and b

11.

1 point

The main contribution of the Bretton Woods Confrence in July of 1944 was the deve

United Nations

World Trade organization

international monetary system on gold standard

international monetary system based on American currency

Marshall Plan to rebuild Europe

12.

1 point

The three main institutions of the modern international economy are:

G7, OECD, UN

World Bank, IMD, OECD

OECD, Worlld Bank, G7

IMF, World Bank, WTO

G7, G20, G30

13.

1 point

Currently (since about 2001) most international trade agreements have been:

global agreements developed by the WTO

brokered by financial institutions like the World Bank and IMF

bilateral or multilaterl FTAs

mandated by the IMF as conditions required to secure loans

curtailed because of rising nationalism and the 2008 subprime

14.

1 point

World Systems Theory is:

a post-colonial theory that development is best guided by local (indigenous forces) rather than colonial development models or theory

a linear time series theory of series theory development that proposes that economies can divided into primary, secondary, and tertiary/quaternary sectors

a structural change model that explains how labor transfers in a dual economy. For Lewis, growth of the industrial sector drives economic gowth

a system in which the semi-periphery lies between the core and periphery, and is exploied by the core and also exploists the pheriphery

a neoliberal theory that a nation`s economy is intertwined with its politics and therefore the take-off period in development s unique to each country

15.

1 point

Canada`s total government national debt in 2013 as a fraction of its Gross Domestic Product is about:

25%

40%

60%

85%

120%

16.

1 point

The precentage of world income received by the wealthiest 20% of the world`s people is about:

99%

90%

80%

75%

55%

17.

1 point

I 2010 the US trade balance was about:

+173 trillion dollars

+73 trillion dollars

+244 trillion dollars

about even (no net difference)

-500 billion dollars

18.

1 point

Canada`s balance of trade:

is usually positive (~60 billion/year)

depends on the competitiveness of Canada`s Industrial Sector

was severely curtailed by NAFTA regulations

was recently negative because of the subprime loan recession

a and d

19.

1 point

Match the name to photograph: Guy pointing
Ronald Regan

A

B

C

D

E

20.

1 point

Match the name to photograph: Old man with glasses
Milton Friedman

A

B

C

D

E

21.

1 point

Match the name to photograph: Skinny guy with mustache
John Keynes

A

B

C

D

E

22.

1 point

Match the name to photograph: White guy
Franklin Roosevelt

A

B

C

D

E

23.

1 point

The European Economic Community (EEC) was established in:

1944

1949

1956

1967

1981

24.

1 point

By 1973, the Marshall Plan and Bretton Woods Agreement had resulted in

restoring global annual exports to pre-WWI levels

increasing global annual exports to > WWI levels

world-wide acceptance of the "Washington Concensus"

formation of the United Nations

restoring the gold standard

25.

1 point

Match the best definition to the term:
US, Canada, Japan, Britain, France, Germany, Italy, China

G8

77

G20

G30

none of these

26.

1 point

Match the best definition to the term:
US, Russia, Canada, Japan, Britain, France,Germany, Italy

G8

G77

G20

G30

none of these

27.

1 point

Match the best definition to the term:
G-8 + Australia & EU

G8

G77

G20

G30

none of these

28.

1 point

Match the best definition to the term:
US, China, Britain, France, Germany, India, Pakistan, Japan

G8

G77

G20

G30

none of these

29.

1 point

Match the best definition to the term:
NGO composed of policy makers from high-level positions in international institutions.

G8

G77

G20

G30

none of these

30.

1 point

Match the best definition to the term:
UN organization for developing nations that now has 133 nations as members.

G8

G77

G20

G30

none of these

31.

1 point

Canada currently has free trade agreements with all of the following except:

Jordan

Brazil

European Union

Israel

Panama

32.

1 point

In the last decade, the Chinese yuan has

been placed on the hold standard

replaced the US dollar as the world reserve currency

has increased in value against the Canadian dollar

has declined in value against Euro

has experienced a period of hyper-inflation after the 2008 subprime loan crisis and is only accepted in Asia

33.

1 point

The theory of trade termed "absolute advantage" is associated with Adam Smith.

True

False

34.

1 point

The theory of trade termed "competitive advantage" is associated with David Hume

True

False

35.

1 point

An RTA is always a PTA but sometimes falls short of an FTA.

True

False