Deck 10: Global Political Economy: Protecting Wealth in the Global North

Question 1

Populist, anti-globalist uprisings are happening in all of these places except for_________________.

A) United Kingdom
B) Italy
C) Singapore
D) United States

Answer 1

Singapore

Question 2

The economic crisis that engulfed the globe in ______ became the longest recession since the Great Depression of the 1930s.

A) 2000
B) 2010
C) 2008
D) 2003

Answer 2

2008

Question 3

"America First" economic policies are attributed to ___________ foreign policies.

A) President Obama's
B) President Tump's
C) President Nixon's
D) President Ragan's

Answer 3

President Tump's

Question 4

In 2018 the Trump administration began a trade war with ___________________.

A) Norway
B) China
C) Brazil
D) Russia

Question 5

Trump's approach to foreign policy is challenging the value of liberal economic order, the core of the global economic system that has been in place for over ___________.

A) 100 years
B) 70 years
C) 50 years
D) 45 years

Question 6

Internationalism is largely associated with _____________.

A) Constructivism
B) World System Theory
C) Liberalism
D) Realism

Question 7

Which of the following theories are the least likely to be used by scholars to explain the interaction between politics and economics?

A) Feminism
B) Economic nationalism
C) Internationalism
D) the World Systems Approach

Question 8

_______________ is the dominant economic school underlying the Bretton Woods system.

A) Constructivism
B) Socialism
C) Internationalism
D) Realism

Question 9

____________________ is the realpolitik belief that the state should use its economic strength to further national interests.

A) Globalization
B) Economic nationalism
C) Internationalism
D) Socialism

Question 10

Economic gain by directly controlling another land, its people, and its resources could best described as __________________.

A) materialism
B) colonialism
C) liberalism
D) nationalism

Question 11

According to ________________ economic structure is a primary factor in shaping political relationships and the power they engender.

A) the World Systems Approach
B) Economic nationalism
C) Internationalism
D) Liberalism

Question 12

Dependency theory is derived from a_____________________.

A) Feminist perspective
B) Realist perspective
C) World Systemsperspective
D) Liberalist perspective

Question 13

According to internationalism, the international economy is ___________.

A) a non-zero-sum game
B) a zero-sum game
C) a balance of power game
D) an imperialist power game

Question 14

At the core of internationalism, there is the liberal belief that states should engage in trade according to their _____________.

A) enough advantage
B) comparative advantage
C) direct advantage
D) absolute advantage

Question 15

Economic nationalists equate roughly with _________________ perspectives.

A) Realist
B) Constructivist
C) Liberalist
D) Feminist

Question 16

An economic nationalist would support all of the following except _________________.

A) tariff barriers
B) free flow of currency
C) sanctions
D) foreign aid

Question 17

The origins of economic liberalism are rooted in _________________.

A) transnationalism
B) capitalism
C) socialism
D) regionalism

Question 18

Gross national product (GNP) is the ________________________________.

A) is the amount of products produced in the country
B) the value of all domestic and international economic activity by a country's citizens and business
C) the value of a national economy
D) the value of trade in a country

Question 19

Gross domestic product (GDP) is the _____________.

A) the total value of goods and service within a country by its citizens
B) the total of goods produced in a country
C) is the value of all economic activity within a country by its own and foreign individuals and companies
D) the total value of manufactured goods produced in a country

Question 20

_____________ is most frequently associated with imports and exports.

A) Free Trade
B) Wholesale trade
C) Merchandise trade
D) Manufactured Trade

Question 21

Current dollars _________________________________.

A) is the level of disposable income
B) is the strength of the circular flow of income
C) report values in terms of the worth of the currency in the year being reported
D) is the total savings in any given year

Question 22

The Wealth of Nations was written by ________________.

A) Milton Friedman
B) Adam Smith
C) John Bates Clark
D) Thomas Robert Malthus

Question 23

Real dollars ____________________________________.

A) is the total value of currency in a given year
B) is the total value of disposable income
C) is the total savings in any given year
D) express value of currency in terms of a base year adjusted for inflation

Question 24

The revenue that U.S. trucks get from carrying goods into Mexico or Canada would be considered a _____________.

A) Wholesale trade
B) Merchandise trade
C) Manufactured Trade
D) Service Trade

Question 25

During 2018, there were about __________ foreign students studying in U.S. colleges.

A) 2.3 million
B) 1.1 million
C) 5.6 million
D) 3.7 million

Question 26

For the U.S. economy, trade amounted to _____________ in 1900.

A) a little over $2 billion
B) about $6 billion
C) a little less than $10 billion
D) about $8 billion

Question 27

The Industrial Revolution began in _________________.

A) 19th-century Europe
B) 17th-century Europe
C) 18th-century Europe
D) 16th-century Europe

Question 28

Trade in raw materials imported by the industrialized European countries peaked during the ________________.

A) 19th-century
B) 17th-century
C) 18th-century
D) 16th-century

Question 29

Today, primary products account to about ___________ of all goods in international trade

A) one-half
B) one-third
C) one-fifth
D) one-quarter

Question 30

All of these factors have helped an increase in trade except for ______________________.

A) improved production technology
B) materialism
C) protectionism
D) free trade philosophy

Question 31

Which of the following was an early advocate of free trade?

A) Adam Smith
B) Raúl Prebisch
C) Jean Piaget
D) Marie Dentière

Question 32

The 1930s is well known for which of the following?

A) Prohibition in the United States
B) World War II
C) Word War I
D) the Great Depression

Question 33

Many scholars have blamed _______________ for the Great Depression.

A) free trade
B) economic nationalist policies
C) military intervention
D) agriculture surplus

Question 34

Americans had just over _____________ in direct investment abroad in 2017

A) $4 trillion
B) $8 trillion
C) $6 trillion
D) $10 trillion

Question 35

For the U.S. economy, trade amounted to _____________ in 2017.

A) about $2.1 trillion
B) about $7 trillion
C) about $4.5 trillion
D) about $6.3 trillion

Question 36

___________ account for the lion's share of global foreign investment.

A) MNCs
B) IGOs
C) NGOs
D) nation states

Question 37

MNCs date back at least to the Dutch East India Company in _____________.

A) 1612
B) 1625
C) 1630
D) 1602

Question 38

Currently there are over ___________ MNCs in existence.

A) 90,000
B) 100,000
C) 60,000
D) 70,000

Question 39

The U.S. has flagged which of these companies has as a national security threat?

A) Deutsche Telekom
B) Huawei
C) Motorola
D) Nokia

Question 40

Foreigners had about _______________ directly invested in the United States.

A) $2.5 trillion
B) $4.4 trillion
C) $3.3 trillion
D) $5.1 trillion

Question 41

In 2017 an estimated amount of ____________ flowed through the world economy.

A) $3.2 quadrillion
B) $2.4 quadrillion
C) $1.2 quadrillion
D) $5.3 quadrillion

Question 42

________ is when rates are held constant or allowed to fluctuate within very narrow bands.

A) flat rate
B) fixed rate
C) system rate
D) currency rate

Question 43

The Chinese government is moving away from a fixed currency to a ____________.

A) direct rate
B) fluctuating rate
C) managed floating system
D) flat rate

Question 44

A situation in which the home currency's value is fixed to a foreign currency is known as ________.

A) flat rate
B) pegged exchange rate
C) fixed rate
D) system rate

Question 45

The trade currency market is valued at over ____________a day.

A) $8 trillion
B) $3 trillion
C) $5 trillion
D) $2 trillion

Question 46

The top three largest banks as defined by assets are all based in _______________.

A) China
B) the EU
C) the U.S.
D) Russia

Question 47

_____________ American banks were among the top 10 banks globally in 2019.

A) three
B) five
C) four
D) six

Question 48

The U.S. Smoot-Hawley Tariff Act was enacted in ___________.

A) 1934
B) 1930
C) 1923
D) 1929

Question 49

Cordell Hull was the Secretary of State to ______________________________.

A) President Woodrow Wilson
B) President Franklin Roosevelt
C) President Herbert Hoover
D) President Dwight D. Eisenhower

Question 50

The Bretton Woods conference was held in ________________.

A) 1944
B) 1945
C) 1940
D) 1943

Question 51

How many countries attended the Bretton Woods conference?

A) 64
B) 50
C) 55
D) 44

Question 52

Which of the following was not one of the institutions created by the Bretton Woods conference?

A) International Monetary Fund
B) the International Bank for Reconstruction and Development
C) the International Finance Corporation
D) the International Trade Organization

Question 53

Currencies under the original IMF structure had fixed values and were pegged ___________.

A) the Japanese yen
B) the U.S. dollar
C) the British pound
D) to gold

Question 54

The fixed exchange rate system of the IMF fell apart in the early _____________.

A) 1960s
B) 1980s
C) 1970s
D) 1950s

Question 55

Today the IMF uses a(n) ________________________.

A) indirect currency system
B) fluctuating currency system
C) floating currency system
D) direct currency system

Question 56

The International Bank for Reconstruction and Development was established _________________.

A) to provide infrastructure loans to the Global South
B) to provide loans for war efforts post-Vietnam
C) to provide longer-term loans to countries rebuilding their post-World War II
D) as a continuation of war by other means

Question 57

In ______________ GATT became the World Trade Organization.

A) 1992
B) 1995
C) 1999
D) 1990

Question 58

The International Trade Organization (ITO) was unsuccessful because of________________________.

A) global protest
B) a lack of compliance mechanisms
C) a lack of organization
D) Republican opposition

Question 59

When companies in the United States and others in the North are hiring workers abroad,they are ______________.

A) outsourcing
B) being internationalist
C) being innovative
D) being considerate

Question 60

About ____________________ of factory output in the United States "goes into the production of weapons sold mainly to the Defense Department for use by the armed forces".

A) 15%
B) 10%
C) 8%
D) 12%

Question 61

The WTO began with a membership of ___________ countries.

A) 41
B) 37
C) 23
D) 55

Question 62

Which of these countries is well known for administering fixed rates?

A) Tanzania
B) The U.S.
C) India
D) Saudi Arabia

Question 63

The Smoot-Hawley Tariff act imposed an effective average tariff rate of ___________ on imports.

A) 37%
B) 49%
C) 53%
D) 29%

Question 64

The average annual real GDP growth rate of the North during the 1980s was ______________.

A) 3.4%.
B) 6.1%.
C) 5.2%.
D) 8.3%.

Question 65

Most Council sessions of the EU are held in________, the principal site of the EU administration.

A) Berlin, Germany
B) Brussels, Belgium
C) Madrid, Spain
D) Paris, France

Question 66

Mercosur was established in _________________.

A) 1994
B) 2001
C) 1995
D) 1990

Question 67

The International Development Association (IDA) was created in_____________.

A) 1953
B) 1945
C) 1960
D) 1956

Question 68

When did the IMF begin financial operations?

A) in 1947
B) in 1950
C) in 1945
D) in 1949

Question 69

In ___________ Mexico pegged the peso to the U.S. dollar.

A) 1981
B) 2000
C) 1994
D) 2002

Question 70

The Asian financial crises took place in the late_______________.

A) 1990s
B) 2000s
C) 1980s
D) 1970s

Question 71

The WTO's headquarters is in _______________.

A) Bonn, Germany
B) Geneva, Switzerland
C) Paris, France
D) Washington, D.C., United States

Question 72

In recent years the WTO judicial process has been hearing an average of __________ cases annually.

A) 70
B) 80
C) 50
D) 100

Question 73

The IMF can borrow up to ________________ to meet emergency needs.

A) $30 billion
B) $20 billion
C) $15 billion
D) $25 billion

Question 74

The value of IMF resources is expressed in terms of _________________.

A) U.S. currency
B) the gold price
C) special drawing rights
D) UK currency

Question 75

The most recent WTO trade negotiation was held in _________________.

A) London
B) Sydney
C) Santiago
D) Qatar

Question 76

In 2019 the WTO has _________________ member countries.

A) 164
B) 192
C) 181
D) 173

Question 77

In 100 words, make arguments for and against economic nationalism.

Question 78

In 100 words, provide examples of the various factors that promote and expand trade.

Question 79

In 100 words, discuss the legacy of colonialism.

Question 80

Describe the role of the International Monetary Fund (IMF) in global politics.