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Chapter 5 Test Review
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- 1What is globalization?Refers to the growth and spread of interactive international economies and business around the world.
- 2What is the G20?It is an international forum of finance ministers and central bank governors from 20 countries, the European Union, the International Monetary Fund, and the World Bank.
- 3What does the G20 do?The G20 is designed to complement the activities of other international organizations, and, unlike larger organizations such as the World Bank, has a size and structure that allow informal exchange and consensus-building.
- 4What is happening to the Canadian Goose clothing company and why?-Their business is on a steady decline due to the removal of tariff barriers in 2003
-The tariff removed allowed imports from 49 countries
-Like Bangladesh
-This made it next to impossible to manufacture in Canada and remain competitive - 5What does the Textile Labeling Act do?The Act governs the labeling, sale, importation, and advertising of consumer textiles.
- 6How can a product get "made in Canada" on it?At least 51% of the total direct costs of producing or manufacturing the goods-such as labour in sewing and stitching-must take place in Canada.
- 7How can a product get "Product of Canada" on it?The label or stamp is legal if only 98% of the total direct costs of producing or making the goods have occurred in Canada.
- 8What is the World Trade Organization?The principal international organization that deals with the rules of trade between and among nations.
- 9What are some negatives about the G20?-More than 4/5s of the world's countries aren't apart of the G20
-No permanent secretariat, so no formal mechanisms to follow on a countries commitments
-Lack of domestic legitimacy within member countries
-Needs to be more transparent for citizens
-Need to develop mechanisms that include public intervention - 10What is wrong with the EU band on seal products?-Decision affects hunters in Atlantic outposts and Inuit Communities who say the embargo discriminates against Canadian Seal products.
-This ban can essentially wipe out European Markets. - 11How does the article "I, Pencil" represent globalization?It acknowledges where each part was made around the world and how each part came together to create the final product
- 12What is the process of a pencil? (Use the article "I, Pencil" to help)-Cedar tree that grows in Northern California and Oregon.
-Logs are shipped to a mill in San Leandro, California.
-The writing part of the pencil is graphite mined in Ceylon, Sri Lanka.
-Graphite is mixed with clay from Mississippi.
-Then treated with a hot mixture which includes Candelilla Wax from Mexico. - 13What is wealth?Wealth is calculated by subtracting a person's debts from their assets
- 14What is an income?Income refers to the money or assets a person makes or receives over a period of time
- 15What does wealth do that income doesn't?Wealth offers security of which income doesn’t always do
- 16The _____ richest Canadians have the same amount of ______ as the poorest ____ of the country combined.-Two
-Wealth
-30% - 17The world’s ______ richest people have as much _______ as the poorest _____ of the world’s population.-Eight
-Wealth
-50% - 18What has China and Russia been doing with gas?-China bought $400 Billion worth of three decades of Natural Gas from Russia
-Development of massive gas field with 4000 km of pipelines (cost $55 Billion)
-3.7 Billion cubic feet of gas per day - 19Why is Russia's natural gas deal with China considered a bad situation?-Loss of money deal for Canada
-Russia isn't trustworthy due to past situations with China (get example please) - 20What is trade protectionism?The want to protect industries in one Country
- 21How does trade protectionism relate to Donald Trump?Trump is using trade protectionism to influence the U.S. economy in a positive way. For example, he threatened to use tariffs against China on goods. This would encourage American companies to create their own production lines, and as a result, the economy would grow.
- 22ALL NEEDED TO ADD NOW IS WTO VIDEO STUFF AND MADE IN THE WORLD VIDEOALL NEEDED TO ADD NOW IS WTO VIDEO STUFF AND MADE IN THE WORLD VIDEO
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- - International Business Fichas sobre Chapter 5 Test Review, creado por Jonathan Bugeya Miller el 05/05/2017.
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- Jonathan Bugeya Miller
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