MODULE 1

Question 1

This term refers to the international exchange of goods and services that is expressed in monetary units of money

Answer 1

Global economy

Question 2

_____________________ is concerned on the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labor.

Answer 2

global economy or economic globalization

Question 3

is a situation in which separate markets for the same product become one single market, for example when an import tax in one of the market is removed.

Answer 3

Market Integration

Question 4

____________ wherein international trade left to its natural course without tariffs and non-tariff trade barriers such as quotas, embargoes, sanctions or other restrictions.

Answer 4

Free Trade

Question 5

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

Answer 5

Tariffs

Question 6

a government-instituted prevention of exports to a certain country. Official ban on trade or other commercial activity.

Answer 6

Embargo

Question 7

commercial and financial penalties applied by one or more countries against a targeted country, group, or individual

Answer 7

Economic sanctions

Question 8

a group of countries within which tariffs and nontariff trade barriers between the members are generally abolished but with no common trade policy toward non-members.

Answer 8

Free Trade Areas

Question 9

What is NAFTA?

Answer 9

North American Free Trade Agreement (NAFTA)

Question 10

• Free trade between the three member nations, Canada, the US and Mexico
• Effective on January 1, 1994 –Although tariffs weren’t fully abolished until 2008

Answer 10

North American Free Trade Agreement (NAFTA)

Question 11

What is AFTA?

Answer 11

Association of Southeast Asian Nations Free Trade Area (AFTA)

Question 12

• The original members were Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. Four countries have subsequently joined: Vietnam, Laos, Myanmar and Cambodia
• It has also entered into agreements with a number of other nations, including China, eliminating tariffs on around 90% of imported goods.

Answer 12

Association of Southeast Asian Nations Free Trade Area (AFTA)

Question 13

What is MERCOSUR?

Answer 13

Southern Common Market (MERCOSUR)

Question 14

• a Latin American single market, its full members are Argentina, Brazil, Paraguay and Uruguay.

Venezuela is a full member but has been suspended since December 1, 2016.
Meanwhile, Bolivia obtained its full membership on July 7, 2015.

• Established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994

Answer 14

Southern Common Market (MERCOSUR)

Question 15

What is COMESA?

Answer 15

Common Market of Eastern and Southern Africa (COMESA)

Question 16

• The member States of ______ are: Burundi, the Comoros, the Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Sudan, Swaziland, Seychelles, Uganda, Zambia and Zimbabwe
• Formed in December 1994

Answer 16

Common Market of Eastern and Southern Africa (COMESA)

Question 17

Whatt is EU?

Answer 17

European Union (EU)

Question 18

• is a single market, which is similar to a free trade area in that it has no tariffs, quotas or taxes on trade

Answer 18

European Union (EU)

Question 19

What is TPP?

Answer 19

Trans-Pacific Partnership (TPP)

Question 20

is chartered by more than one country and therefore are subjects to international law.

Answer 20

International Financial Institution (IFIS)

Question 21

• Multinational financial institution established at the end of World War II (1944) to help provide long-term capital for the reconstruction and development of member countries.
• It provides much of the planning and financing for economic development projects involving billions of dollars

Answer 21

World Bank

Question 22

What is IBRD?

Answer 22

International Bank for Reconstruction and Development (IBRD)

Question 23

What is IDA?

Answer 23

International Development Association(IDA)

Question 24

was formed in 1960 as a part of the World Bank Group to provide financial support to LDCs and has 137 member countries, although all members of the IBRD are free to join this.

Answer 24

International Development Association (IDA)

Question 25

What is IFC?

Answer 25

International Finance Corporation(IFC)

Question 26

What is IMF?

Answer 26

INTERNATIONAL MONETARY FUND(IMF)

Question 27

A _______________ is an **artificial being** created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence

Answer 27

corporation

Question 28

__________________ has both an **aspirational and analytic inflection**, referencing the possibility of more just and democratic ordering of an increasingly integrated world

Answer 28

Global governance

Question 29

__________ is a movement towards political cooperation among transnational actors, negotiating, and responses to problems that affect more than one state or region.

Answer 29

Contemporary Global Governance (World Governance)

Question 30

- which we take to refer not only to the intensification of global economic integration but also the increasing volume and rapidity of flows of people, ideas, and cultures across the traditional territorial boundaries of **nation-state**— is typically used as a **catch-all** for describing the erosion of our ability to govern human societies effectively and fairly.

Answer 30

Globalization