Question 1

The key concept in neo-Fordist production systems is

Accepted Answer

Neo-Fordism is characterized by a high level of flexibility in production systems, allowing for quick and efficient response to changes in consumer demand or market conditions. This flexibility is achieved through a range of strategies, including modularization, outsourcing, and lean production techniques, all of which aim to create a more adaptable and responsive production system.

Question 2

A shift from agriculture to manufacturing would be an example of

Accepted Answer

A shift from agriculture to manufacturing indicates an increase in the value-added activities in the economy leading to economic development. Manufacturing typically has higher productivity, higher wages and provides more opportunities for innovation and growth compared to agriculture.

Question 3

Secretive and hidden from taxation,as much as 60% of the world's money lies in offshore financial centers distributed throughout the world's

Accepted Answer

Offshore financial centers are often located in small microstates and islands, which have more lenient tax laws and regulations. Therefore, choice A is the best option.

Question 4

The goal of the Fair Trade movement is to

Accepted Answer

The Fair Trade movement aims to achieve all of the above goals, including encouraging sustainable production, promoting social justice, ensuring living wages for producers, and valuing women's work.

Question 5

According to our text,the greatest single obstacle to sustainable development is

Accepted Answer

This is the best choice as the lack of proper political and economic systems hinders the implementation of sustainable development policies and actions. Without the integration of political and economic institutions, sustainable development cannot be achieved as the different approaches and strategies required for achieving sustainable development cannot be coordinated and implemented effectively. Population growth and reliance on fossil fuels are also obstacles to sustainable development, but they can be addressed through proper policy and technological interventions, which require the cooperation of effective political and economic structures. The disruptive involvement of NGOs and the traditional economy are also relevant factors, but they are not the primary obstacle to achieving sustainable development.

Question 6

Localization economies are cost savings that a firm achieves by

Accepted Answer

Localization economies refer to the cost savings achieved by firms when they locate near other similar firms, also known as clustering. By doing so, the firms can share resources, infrastructure, and knowledge, which leads to reduced costs and increased efficiency. Using local labor (A) or locating in rural areas (C) may result in some cost savings but would not necessarily create localization economies. Locating in multiple areas (D) may increase the firm's reach but does not necessarily lead to cost savings through localization economies. Avoiding globalization (E) may not be a practical option for most firms and does not relate directly to localization economies.

Question 7

A combination of innovations,including solar energy,robotics,microelectronics, biotechnology,and digital telecommunications and information systems,is known as

Accepted Answer

The term "new technology system" refers to the combination of several technological innovations, such as solar energy, robotics, microelectronics, biotechnology and digital telecommunications and information systems, working together to create new opportunities and possibilities. This term is commonly used in discussions about the impact of technology on the economy and society.

Question 8

The "traditional" economy

Accepted Answer

The "traditional" economy does not place much emphasis on the significance of place, rather it sees it as just a physical location where economic activities take place.

Answer: B
 In the traditional economy, the use of natural resources and the environment is often undervalued or not priced, leading to their exploitation.

Answer: D
 The traditional economy may view space and place from a cultural perspective, but this is not a defining characteristic. It is not the main focus.

Therefore, the best choices are A and B.

Question 9

According to our text,________ is/are currently associated most with political-economic power and the negative cultural consequences of globalization.

Accepted Answer

Wal-Mart is often associated with political-economic power and the negative cultural consequences of globalization due to its global reach, influence on local economies, and impact on labor practices.

Question 10

__________ is the world's largest owner of retail property.

Accepted Answer

McDonald's is not just a fast-food chain but also the world's largest owner of retail property, leveraging its significant real estate portfolio as a major part of its business strategy.

Question 11

With over half of the total,________ the world's main tourist destination.

Accepted Answer

Europe is the most visited continent in the world, with over half of the world's international tourist arrivals.

Question 12

________ over the last 30 years has been caused by four important and interrelated factors: a new international division of labour,a new technology system,a homogenization of international consumer markets,and an internationalization of finance.

Accepted Answer

The factors mentioned in the statement are the key characteristics of globalization, which has been the dominant force shaping economics and international trade in the last 30 years. Taylorism and Fordism are outdated concepts related to industrial work management, economic growth can be a result of various factors, and fair trade is a movement promoting ethical and sustainable economic practices.

Question 13

The Fair Trade movement is designed to fairly compensate farmers -mostly in the periphery - for their efforts.In this way,he or she gets ________ of an average fairly traded 100-gram chocolate bar sold for $3.10 CND.

Accepted Answer

The Fair Trade movement is designed to fairly compensate farmers -mostly in the periphery - for their efforts.In this way,he or she gets 9 cents of an average fairly traded 100-gram chocolate bar sold for $3.10 CND.

Question 14

Countries whose economies are dominated by primary-sector activities tend to have a relatively low per capita GDP.The exceptions are

Accepted Answer

Oil-rich countries such as Saudi Arabia and Qatar have a dominant primary sector (extracting and exporting oil) and yet have high per capita GDP due to the high value of their primary commodity.

Answer: B 
 Tourism-based countries such as Jamaica, Kenya, and Thailand have a dominant service sector (catering to tourists) and yet have relatively high per capita GDP due to the profitability of their tourism industry.

Answer: E 
 Primary commodity-producing countries such as Mexico, China, and Turkey have a dominant primary sector (producing and exporting commodities such as agriculture, minerals, and metals) and yet have a relatively high per capita GDP due to the high demand and value of their primary commodities in the global market.

Question 15

The fourth,most recent,and still evolving phase in the 200-year history of our current economic system has been labeled the ________ economy.

Accepted Answer

The fourth, most recent, and still evolving phase in the 200-year history of our current economic system has been labeled the experience economy. This phase emphasizes offering memorable experiences to consumers, beyond the mere provision of services or goods, marking a shift from the service economy that preceded it.

Question 16

The concentration of haute couture fashion in a district of Paris is an example of a(n)

Accepted Answer

The concentration of haute couture fashion in a district of Paris is an example of a localization economy or geographic concentration of economic activity. This occurs when businesses or industries cluster in a particular geographic area, allowing for shared resources and knowledge spillovers, which lead to increased efficiency and productivity.

Question 17

Containerization requires a heavy investment

Accepted Answer

Containerization requires investment not only in vessels but also in dockside handling equipment, such as cranes and forklifts, to efficiently move the containers on and off the ships. Therefore, option B is the correct choice. Option A is only partially correct as vessels are important, but not the only investment required. Option C is incorrect as skilled seamen are required for all types of shipping, not just containerization. Option D is incorrect as manual labor is not required in containerization. Option E is incorrect as containerization requires an integrated global transport infrastructure.

Question 18

Its growth and development strategy made it an expert in logistics - the movement and storage of goods and the management of the entire supply chain.

Accepted Answer

Wal-Mart's growth and development strategy has been focused on logistics and supply chain management, which has made it an expert in these areas. The company has invested heavily in technology and infrastructure to improve its logistics efficiency, which has helped it to become a dominant force in the retail industry.

Question 19

The Bahamas,Bahrain,Liechtenstein and Luxembourg all specialize in discreetly run

Accepted Answer

The countries mentioned are known for their financial services, particularly for offshore banking and wealth management. They are known for their discretion and confidentiality in handling clients' financial affairs.

Question 20

If fracking in North America and Europe is indeed blocked by public opposition,this would make the world economy increasingly dependent on OPEC governments,which control over ________ of all proven oil reserves,most of them in the politically unstable Middle East.

Accepted Answer

OPEC countries control over 70 percent of the world's proven oil reserves, making them a dominant force in the global oil market. This concentration of control in the Middle East, where many OPEC members are located, underscores the potential impact of geopolitical instability on oil supply and prices.

Quiz 7: Geographies of Economic Development