GROUP 1 TOPICS

What is economic globalization?

• B. A process making the world economy isolated from other countries

• D. A process making the world economy focused only on one country

• A. A process making the world economy an 'organic system' by extending transnational economic processes and economic relations to more and more countries

• C. A process making the world economy closed to international trade

What was the oldest known international trade route?

• B. Silk Road

• C. Tea Route

• D. Incense Route

• A. Spice Route

What was the goal of the Gold Standard?

• D. To encourage isolationism

• C. To limit the amount of gold in circulation

• B. To create barriers to international trade

• A. To create a common system for efficient trade and prevent isolationism

What were the two financial institutions created at Bretton Woods?

• B. WTO and World Bank

• C. IMF and WTO

• D. UNCTAD and IMF

• A. World Bank and IMF

What was the main goal of the GATT at the start?

• A. To promote non-discriminatory trade liberalization

• C. To increase tariffs on imported goods

• D. To limit the number of trading partners

• B. To restrict trade between countries

What was the purpose of the International Bank for Reconstruction and Development (IBRD)?

• D. To manage global currency exchange rates

• C. To provide loans for developing countries

• A. To fund post-war reconstruction projects

• B. To regulate international trade

What was the role of the United Nations Conference on Trade and Development (UNCTAD)?

• D. To establish a new international economic order

• C. To regulate global financial markets

• B. To restrict trade between countries

• A. To promote trade and cooperation between developing and developed nations

What was the significance of the Uruguay Round (1986-1994)?

• A. Establishment of the World Trade Organization (WTO)

• B. Closure of international trade routes

• C. Increase in trade barriers

• D. Decrease in global trade volume

What was the main concern regarding the GATT's shortcomings?

• A. Lack of effective dispute resolution mechanism

• D. Limited focus on tangible goods

• B. Excessive trade liberalization

• C. Overregulation of international trade

What was the primary goal of the Bretton Woods system?

• D. To eliminate global financial institutions

• C. To restrict international trade

• B. To promote isolationism

• A. To govern monetary relations among independent states