Quiz
Globalization - Phase 3
This quiz has question types that open in the usual player.
Questions in this quiz (20)
1What was the main trigger of Phase 3 of globalization beginning around 1820?
- AAgglomeration and increased trade
- BIndustrial/Steam Revolution and trade liberalization
- CMore advanced transportation and new factories
- DEconomies of scale and trade liberalization
2The end of the Napoleonic Wars sparked industrialization, and the Pax Brittanica and Congress of Vienna in 1820 allowed for international relationships to stabilize , which led to a change in mindset about international trade.
- ATrue
- BFalse
3How did the First Unbundling begin to occur Pre-WWI (1820-1913)?
- ALower cost of transportation with the creation of the steam engine
- BFree trade policies beginning in Britain
- CManufacturing occurring in rural areas
- DInternational price differences making trade profitable
- EStagnating incomes in A7 nations
4What is an internal economy of scale?
- AWhen quantity produced at firm level increases, costs at firm level increase
- BWhen quantity produced at all firms in a region increases, costs of all firms in a region decrease
- CWhen quantity produced at firm level increases, costs at firm level decrease
- DWhen quantity produced at all firms in a region increases, costs at firm level decrease
5What is an external economy of scale?
- AWhen quantity produced at all firms in a region increases, costs of all firms in a region increase
- BWhen quantity produced at firm level increases, costs of all firms in a region decrease
- CWhen quantity produced at firm level increases, costs at firm level decrease
- DWhen quantity produced at all firms in a region increases, costs of all firms in a region decrease
6High [blank_start]communication[blank_end] costs did not allow for innovation fostered in [blank_start]G7[blank_end] industrial districts/factories to be transferred to [blank_start]A7[blank_end] nations, resulting in the Great [blank_start]Divergence[blank_end].
- Acommunication
- BG7
- CA7
- DDivergence
7The Great Divergence occurred when there was very large growth in G7 economies while there was very low growth in A7 economies.
- ATrue
- BFalse
8The Rebundling period from 1914-1945 resulted from [blank_start]protectionist[blank_end] policies, tariff [blank_start]increases[blank_end], and [blank_start]nationalist[blank_end] politics.
- Aprotectionist
- Bincreases
- Cnationalist
9A/an [blank_start]ad valorem[blank_end] tariff is a tax on an import expressed as a percentage of the purchasing price, and a/an [blank_start]specific[blank_end] tariff is a tax on an import expressed as dollar per unit.
- Aad valorem
- Bspecific
10After WWII from 1945-1990, trade liberalization occurred:
- AAll at once
- BOver a short period of time (10-20 years)
- CIn waves/rounds
- DNear the end of the period
11How did comparative advantage create trade patterns during the First Unbundling?
- ANations exported goods that they could produce at a lower opportunity cost than other nations and thus could specialize in
- BNations produced equal amounts of goods in sectors they were both efficient and inefficient in
- CNations could shift productive resources out of the sectors which the were less efficient at producing and would import these goods from other nations
- DNations would export what they are good at, and import what they were not good at
- ENations tried harder to improve and specialize in sectors they were inefficient in and tried to export these goods
12What year was the General Agreement on Tariffs and Trade signed in?
- A1945
- B1947
- C1986
- D1995
13Which is NOT a principle of the GATT charter?
- APrinciple of nondiscrimination
- BPrinciple of transparency
- CPrinciple of binding tariff schedules
- DPrinciple of reciprocity
- EPrinciple of sustainable development
- FPrinciple of flexibility/safeguarding
14The [blank_start]most favoured nation[blank_end] clause of the GATT charter states that tariffs applied/lowered must be applied/lowered for all GATT nations.
- Amost favoured nation
15The [blank_start]national treatment[blank_end] clause of the GATT charter states that taxes and regulations on domestic goods must also apply to imported goods
- Anational treatment
16In which manner does the reciprocity principle of the GATT charter cause a snowball effect?
- ATariffs become applied to import-competing sectors to thus protect these domestic sectors
- BReciprocal tariff cuts realign pro-tariff vs. pro-liberalization policies toward liberalization
- CReciprocal protection of import-competing sectors does not allow for a shift towards export sectors
- DReciprocal liberalization allows for increased imports and thus a downsize of import-competing sectors and increase in export interests
17Why is it politically optimal to lower tariffs in most cases?
- AAllows for all nations involved to experience the gains of trading goods and strengthens exporting sectors multilaterally
- BIt eases the concerns of import-competing sectors
- CIt is more important to protect the well-being of the nation
- DIt is important for nations to act in their best interests unilaterally and let other nations worry about themselves
18Regional trade agreements spread as a [blank_start]domino[blank_end] effect internationally, and remained mostly between [blank_start]developed[blank_end] nations.
- Adomino
- Bdeveloped
19In cases of trade diversion, nations which engage in RTAs begin trading with less efficient producers of goods and the most efficient producer outside of the RTA loses out on trade opportunities.
- ATrue
- BFalse
20In cases of trade creation, RTAs oblige member nations to trade with outside nations to create new opportunities for imports and exports.
- ATrue
- BFalse
Information
- Description
- Quiz on Globalization - Phase 3, created by Cheyenne Desjarlais on 08/12/2018.
- Author
- Cheyenne Desjarlais
- Language
- English
- Views
- 4
- Tags
- Rating
- No ratings yet Rate this quiz