The organization that monitors trade around the world is known by what acronym?
A) GATT
B) IMF
C) WTO
D) WB
Adam Smith proposed almost no government oversight in a quest for efficient markets.
Indicate whether this statement is true or false.
Economist Jeffrey Sachs has argued for enlightened globalization which refers to ______.
A) globalization that focuses on the environment
B) globalization that focuses on the spread of democracy
C) globalization that is based on rules set by governments, not companies
D) globalization that is designed to meet basic needs
E) all of the above
To receive foreign loans, countries must agree to reduce government spending and to privatize government programs in a process that is called ________.
A) corporate takeover
B) structural adjustment
C) co-prosperous spheres
D) all of the above
Free trade is based on the principle ________.
A) trade free from regulations and tariffs
B) trade free from competition
C) trade free from national borders
D) all of the above
The International Monetary Fund (IMF) was created to ________.
A) regulate the world's currencies
B) eliminate the domestic complexity of tariffs
C) monitor the World Bank's practices
D) reduce comparative advantages
In demonstrating the chain of production around the world, Sernau uses each of the following industries, EXCEPT:
A) automobiles
B) toys
C) textiles
D) food
E) electronics
Sernau discusses the darker side of comparative advantage as being all of the following, EXCEPT:
A) countries competing over providing a docile work force that won't demand change
B) countries competing over who has the weakest environmental protections
C) countries competing over lowering taxes so there is no money for infrastructure
D) countries competing over weaker laws governing labor
According to Ricardo, if each country in the world does what it does best, it will have a ________ over other countries.
A) competitive realm
B) monopoly
C) comparative advantage
D) all of the above
The largest majority of children working today work in ________.
A) agricultural, fishing, and forestry jobs
B) manufacturing jobs
C) sweatshops
D) prostitution and pornography
Quick Reply
