Question 1

Globalization has resulted in which of the following?
A) Contraction of time and space
B) Exploitation of time and space
C) Prolongation of time and space
D) Evolution of time and space
E) Subordination of time and space

Accepted Answer

Globalization has led to a "contraction" of time and space, meaning that distances and time differences have become less significant barriers to communication, trade, and travel, due to advances in technology and transportation.

Question 2

Fernando Henrique Cardoso, president of Brazil from 1994-2002, was a founding member of which school of thought?
A) Modernization
B) Neoliberalism
C) Dependency
D) World systems
E) Post-development

Accepted Answer

Fernando Henrique Cardoso was a founding member of the Dependency school of thought, which critiques the development strategies and impacts of developed countries on developing ones, arguing that economic progress in the latter is constrained by their dependence on the former.

Question 3

Foreign direct investment refers to which of the following?
A) Investment in foreign goods and services
B) Investment that has a physical presence and is made across borders
C) Investment in foreign stock markets
D) Bank deposits in foreign countries
E) Loans for structural adjustment

Accepted Answer

Foreign direct investment (FDI) involves establishing a lasting interest and a significant degree of influence in a foreign enterprise. This typically means investing in a way that grants control over, or a significant degree of influence on, the management of a foreign business. It often involves not just the transfer of funds, but also the provision of technology, management, and expertise. This is distinct from portfolio investments where the investor merely purchases equities of foreign-based companies. The key aspect of FDI is the element of control and the establishment of a physical presence or operations in the foreign country, such as through the creation of subsidiaries, acquisition of a controlling interest in a foreign company, or through a merger or joint venture.

Question 4

What types of policies have been associated with the Washington Consensus?
A) Neoliberalism
B) Monetarism
C) Keynesian economics
D) Supply side management
E) Marxism

Accepted Answer

The Washington Consensus is associated with neoliberal policies, which emphasize free-market principles, deregulation, and reduction in government spending.

Question 5

What country has emerged out of the 2008 crisis as the "workshop of the world"?
A) Brazil
B) Russia
C) India
D) China
E) South Africa

Accepted Answer

China has emerged as the "workshop of the world" after the 2008 crisis, significantly expanding its manufacturing and export sectors.

Question 6

Four developing countries have received the majority of FDI flows. Which of the following is NOT one of those four?
A) China
B) India
C) Brazil
D) Egypt
E) South Africa

Accepted Answer

Egypt is not among the top four developing countries receiving the majority of Foreign Direct Investment (FDI) flows. The top recipients typically include China, India, Brazil, and South Africa due to their large markets, growing economies, and investment-friendly policies.

Question 7

Who argued the "invisible hand" of the market will help countries find their comparative advantage?
A) Amartya Sens
B) David Dollar
C) Adam Smith
D) Emmanuel Wallerstein
E) Martin Gaal

Accepted Answer

Adam Smith is the economist who argued that the "invisible hand" of the market would help countries find their comparative advantage, a concept he discussed in relation to his broader theories on economics and free markets.

Question 8

For David Dollar, an economist at the World Bank, which of the following proves globalization works?
A) That the amount of people living on less than a dollar a day is lower
B) That tariffs on goods has been reduced to a nominal rate of 0 per cent over the last decade
C) That inequality between states has been reduced by over 50 per cent since 2008
D) That poor-country growth rates are higher than rich-country growth rates for the first time
E) That the triad basis of trade has been over turned by a multi-polar governance model

Accepted Answer

The answer of For David Dollar, an economist at the...

Question 9

Walden Bello argues that the income gap between "rich" and "poor" countries ______________.
A) has begun to shrink
B) continues to grow
C) continues to shrink
D) has recently begun to grow
E) has remained consistent despite new economic policies driven by globalization

Accepted Answer

Walden Bello, a critic of globalization, argues that the income gap between rich and poor countries continues to grow, highlighting the negative impacts of global economic policies on developing nations.

Question 10

Africa accounts for approximately what percentage of the world's GDP?
A) Less than 1 per cent
B) 3 per cent
C) 10 per cent
D) 15 per cent
E) 20 per cent

Accepted Answer

Africa accounts for less than 1 per cent of the world's GDP.

Question 11

The term "globalization" has been associated with ____________ first adopted by the United States and Britain in the early 1980s and later promoted by the World Bank and the IMF in developing countries.
A) import substitution industrialization policies
B) Keynesian policies
C) neoliberal policies
D) Both B & C
E) None of the above

Accepted Answer

The term "globalization" is most closely associated with neoliberal policies, which emphasize deregulation, free trade, and the reduction of government intervention in the economy. These policies were first adopted by the United States and Britain in the early 1980s and were later promoted by international institutions like the World Bank and the International Monetary Fund (IMF) in developing countries.

Question 12

How is contemporary globalization different than the capitalism experienced by Marx?
A) The diversity in range of economic production
B) The flattening of the world economy
C) The establishment of a hub and spoke economy
D) The speed and intensity of interconnections
E) The democratization of economic production

Accepted Answer

Contemporary globalization is characterized by the rapid and intense interconnections facilitated by technology, which were not present during Marx's time.

Question 13

Since 2010, China's economy has entered a period of ______________.
A) rapid growth and industrialization
B) slow growth
C) steady growth
D) positive growth but a boom and bust economy
E) All of the above

Accepted Answer

Since 2010, China's economy has experienced steady growth, with a focus on transitioning from an export-driven model to one driven by consumption and services.

Question 14

Instead of an actual world government, there is a system of which of the following-in which a handful of institutions rule, though not democratically or accountably?
A) Global control
B) Global hegemony
C) Global finance
D) Global trade
E) Global governance

Accepted Answer

Global governance refers to the system where a collection of international institutions and agreements govern aspects of global affairs, often without direct democratic oversight or accountability, rather than a single world government.

Question 15

Which of the following three countries comprise the "triad" of economic power?
A) North America, Russia, and Western Europe
B) East Asia, South America, and Africa
C) India, Russia, and China
D) Western Europe, Japan, and North America
E) China, Japan, and Korea

Accepted Answer

The "triad" of economic power traditionally refers to the three major economic centers of the world: Western Europe, Japan, and North America. These regions are known for their significant influence on global economic policies, trade, and investment flows.

Question 16

How has the COVID-19 pandemic impacted the world economy?
A) The estimated losses for 2020 are greater than 10 per cent of the total world GDP.
B) Many African countries dependent on income generated by resource exports, could lose tens of billions of dollars.
C) Developing countries will experience substantial declines in trade, investment, and tourism, resulting in an economic recession in the Global South.
D) Both B & C
E) All of the above

Accepted Answer

The COVID-19 pandemic has had a profound impact on the world economy, affecting various sectors and regions differently. While the estimated losses for 2020 being greater than 10% of the total world GDP might be an overestimation for some analyses, the pandemic has indeed caused significant economic disruptions globally. Many African countries, which rely heavily on income from resource exports, have faced substantial financial losses. Similarly, developing countries have experienced significant declines in trade, investment, and tourism, leading to economic recessions in the Global South. Therefore, all the options provided reflect aspects of the economic impact of the COVID-19 pandemic.

Question 17

Which of the following countries is NOT a member of the BRICS?
A) Indonesia
B) China
C) India
D) South Africa
E) Russia

Accepted Answer

Indonesia is not a member of the BRICS; the BRICS consists of Brazil, Russia, India, China, and South Africa.

Question 18

In an attempt to restructure the world economy away from the traditional dominance of the G7, ________________.
A) informal alliances such as the BRICS were formed
B) regional bodies such as Mercosur and the Association of Southeast Asian Nations were encouraged
C) proposals were put forward to reform the United Nations, the World Bank, and the IMF
D) All of the above
E) None of the above, as the structure in place was too powerful

Accepted Answer

All of the options provided are correct. Informal alliances like BRICS (Brazil, Russia, India, China, South Africa), regional bodies such as Mercosur (Southern Common Market in South America) and ASEAN (Association of Southeast Asian Nations), and proposals for reforming major international institutions like the United Nations, the World Bank, and the IMF have all been part of efforts to restructure the global economy to reduce the dominance of the G7 nations.

Question 19

In 1994, which Mexican group rejected NAFTA and its globalization policies on the world stage?
A) Sandinistas
B) Zapatistas
C) Tijuana Majority
D) The Castinadas
E) Los Pollos Hermanos

Accepted Answer

The Zapatistas, a revolutionary leftist group in Mexico, publicly rejected NAFTA and its globalization policies in 1994, advocating for indigenous rights and social justice.

Question 20

When was the first anti-globalization protest in Seattle?
A) 1969
B) 1979
C) 1989
D) 1999
E) 2009

Accepted Answer

The first significant anti-globalization protest in Seattle occurred in 1999, during the World Trade Organization (WTO) Ministerial Conference. This event is often referred to as the "Battle of Seattle."

Quiz 7: Globalization and Development

Globalization has resulted in which of the following?

Fernando Henrique Cardoso, president of Brazil from 1994-2002, was a founding member of which school of thought?

Foreign direct investment refers to which of the following?

What types of policies have been associated with the Washington Consensus?

What country has emerged out of the 2008 crisis as the "workshop of the world"?

Four developing countries have received the majority of FDI flows. Which of the following is NOT one of those four?

Who argued the "invisible hand" of the market will help countries find their comparative advantage?

For David Dollar, an economist at the World Bank, which of the following proves globalization works?

Walden Bello argues that the income gap between "rich" and "poor" countries ______________.

Africa accounts for approximately what percentage of the world's GDP?

The term "globalization" has been associated with ____________ first adopted by the United States and Britain in the early 1980s and later promoted by the World Bank and the IMF in developing countries.

How is contemporary globalization different than the capitalism experienced by Marx?

Since 2010, China's economy has entered a period of ______________.

Instead of an actual world government, there is a system of which of the following-in which a handful of institutions rule, though not democratically or accountably?

Which of the following three countries comprise the "triad" of economic power?

How has the COVID-19 pandemic impacted the world economy?

Which of the following countries is NOT a member of the BRICS?

In an attempt to restructure the world economy away from the traditional dominance of the G7, ________________.

In 1994, which Mexican group rejected NAFTA and its globalization policies on the world stage?

When was the first anti-globalization protest in Seattle?