Module 1

Question 1

This encompasses the socio-economic reform process of eliminating trade, investment, cultural, information technology, and political barriers across countries.

Answer 1

Globalization

Question 2

True or False: Globalization and international trade and investment are interlinked.

Answer 2

True

Question 3

What flow of business is generally implied by globalization prior to the 2000s?

Answer 3

Business expansion from developed countries to developing countries

Question 4

What does BRIC stand for?

Answer 4

Brazil, Russia, India, China

Question 5

This refer to fluctuations in prices over a short period. It is a normal market function that although seen as generally negative, it can stem from positive causes like economic growth.

Answer 5

Market volatility

Question 6

This refers to a fundamental global shift in which developing economies that were once dependent upon industrialized countries for economic advancement begin to solidly grow based on their own underlying economic strengths.

Answer 6

Decoupling

Question 7

Which kind of world will decoupling eventually lead to?

Answer 7

Multipolar world

Question 8

This is an international system where power is distributed among three or more major states or power centers rather than being dominated by one or two superpowers.

Answer 8

Multipolar world

Question 9

This is a world economy in which the engines of growth could comprise the US, the EU, China, India, Brazil, Russia, and South Africa

Answer 9

Multipolar world

Question 10

From after which World War did globalization gain momentum?

Answer 10

World War II

Question 11

What are the 3 major international organizations?

Answer 11

IMF, WB, WTO

Question 12

When were IMF and WB conceived?

Answer 12

July 1944

Question 13

Where were IMF and WB conceived?

Answer 13

Bretton Woods, New Hampshire, USA

Question 14

How many representative were there when IMF and WB conceived?

Answer 14

44 countries

Question 15

This is an institution charged with overseeing the international monetary system and providing global financial stability.

Answer 15

International Monetary Fund

Question 16

When was the start of IMF’s formal existence?

Answer 16

December 1945

Question 17

When was the start of IMF’s operations?

Answer 17

March 1, 1947

Question 18

Where was the start of IMF’s operations?

Answer 18

Washington, DC

Question 19

How many member countries of IMF are there as of now?

Answer 19

191 countries

Question 20

What was the primary role of the WB?

Answer 20

To aid the reconstruction of Europe after the war

Question 21

What is the primary role of the WB today?

Answer 21

To provide financial and technical assistance to developing countries to reduce poverty.

Question 22

When did the WTO officially commence?

Answer 22

January 1, 1995

Question 23

What agreement did the WTO commence under?

Answer 23

Marrakesh Agreement

Question 24

The official commencement of the WTO was signed by how many countries?

Answer 24

123 countries

Question 25

When did the WTO began?

Answer 25

1948

Question 26

What agreement did the WTO began under in 1948?

Answer 26

GATT or General Agreement on Tariffs and Trade

Question 27

This is the culmination of the Uruguay Round of trade negotiations which lasted for 8 years.

Answer 27

Marrakesh Agreement

Question 28

Where was the Marrakesh Agreement held?

Answer 28

Marrakesh, Morocco

Question 29

How many years did the Uruguay Round of trade negotiations last for?

Answer 29

8 years

Question 30

This was the last and most extensive round of multilateral trade negotiations under the GATT, leading to the creation of the World Trade Organization (WTO).

Answer 30

Uruguay Round

Question 31

Where is the WTO based in?

Answer 31

Geneva, Switzerland

Question 32

How many members does the WTO have?

Answer 32

166 members as of today

Question 33

This is the WTO agreement on trade in goods.

Answer 33

GATT or the General Agreement on Tariffs and Trade

Question 34

This is the WTO agreement on trade in services.

Answer 34

GATS or the General Agreement on Trade in Services

Question 35

What does TRIPS stand for?

Answer 35

Trade Related Aspects of Intellectual Property Rights

Question 36

This is the WTO agreement that sets minimum IP standards for global trade, covering patents, copyrights, trademarks, and more, balancing innovation incentives with public access and establishing enforcement rules to prevent trade distortions from IP issues like counterfeiting.

Answer 36

TRIPS or the Trade Related Aspects of Intellectual Property Rights

Question 37

These are the rules, enforcement mechanisms, and organization that support market transactions.

Answer 37

Institutions

Question 38

What are the 3 important roles of successful institutions?

Answer 38

1. Channel information about market conditions 2. Define property rights 3. Promote competition and innovation

Question 39

These are government organizations that create strong incentives or private investment and operate under a system of checks and balances.

Answer 39

Adaptive institutions

Question 40

These are national laws aimed at maintaining competition in all sectors of the economy and preventing monopolistic behavior of firms.

Answer 40

Antitrust laws

Question 41

This has become the fastest-growing part of household expenditures since 1993.

Answer 41

Communication

Question 42

This described the perceives IT gap between developed and developing countries.

Answer 42

Digital divide

Question 43

True or False: The fall in prices of digital IT equipment and services decelerated globalization and widened the digital gap.

Answer 43

False. It accelerated globalization and narrowed the digital gap.

Question 44

What does FDI stand for?

Answer 44

Foreign Direct Investment

Question 45

This is the development that meets the needs of the present without compromising the ability of the future to meet theirs.

Answer 45

Sustainable development

Question 46

True or False: Globalization has promoted civil liberties by proliferating information and increasing choices.

Answer 46

True