SOC SCI 102; QUIZ 1 & 2

1. It is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange.

2. It is a circumstances and ideas of the present age; modern world or present times.

3. An economic idea where the people of a country are allowed to buy and sell with lesser or without restrictions.

4. It is a process or policy of removal or reduction of restrictions or barriers on the free trade between nations.

5. It is the transfer of ownership or property or even business from government to private sector.

6. What are the "four freedoms" of the European Union?

• Freedom of speech, religion, press, and assembly

• Free movement of goods, services, capital, and persons

• Freedom of trade, cultural exchange, political ideology, and investment

• Freedom of movement, education, healthcare, and employment

7. What are the three components of Globalization?

• Economic, Cultural, Political

• Economic, Technological, Cultural

• Economic, Political, Philosophical

• Economic, Technological, Political

8. Economic globalization comprises of the following except:

• Ideas

• Technology

• Institutions

• Production

9. It aims to foster global monetary cooperation , financial international stability, also provides loans.

• World Bank

• WTO

• IMF

• GATT

10. According to Michael Bordo, what was the gold standard?

• A system of international trade agreements

• A type of financial homogeneity

• A global risk consciousness

•  A commitment to fix currency prices in terms of a specified amount of gold