Question 1

According to the economic theory of mercantilism, ______.

Accepted Answer

A)  trade is about absolute advantage ; tariffs should be used to maintain economic superiority 
B)  trade is zero-sum ; under certain circumstances, countries shouldn't trade even if it is inefficient 
C)  trade is about efficiency ; by trading what both partners produce most efficiently, both countries benefit 
D)  trade is all about power ; by maintaining trade relations, larger colonial powers could control less developed countries 
A)  trade is about absolute advantage ; tariffs should be used to maintain economic superiority 
B)  trade is zero-sum ; under certain circumstances, countries shouldn't trade even if it is inefficient 
C)  trade is about efficiency ; by trading what both partners produce most efficiently, both countries benefit 
D)  trade is all about power ; by maintaining trade relations, larger colonial powers could control less developed countries B

Question 2

From the list below, identify the most fitting definition of Pax Britannica.

Accepted Answer

A)  the period in British history when challenges to the monarchy resulted in a parliamentary system of government 
B)  the period of Britain's global dominance when Britain's interest in dominating international trade led to decreased economic cooperation between major countries 
C)  the period of instability, as a result of Britain and France's conflict over global dominance 
D)  the period of Britain's global dominance when Britain's interest in increasing international trade allowed for economic cooperation between major countries 
A)  the period in British history when challenges to the monarchy resulted in a parliamentary system of government 
B)  the period of Britain's global dominance when Britain's interest in dominating international trade led to decreased economic cooperation between major countries 
C)  the period of instability, as a result of Britain and France's conflict over global dominance 
D)  the period of Britain's global dominance when Britain's interest in increasing international trade allowed for economic cooperation between major countries D

Question 3

Under Bretton Woods, most of the currencies, other than the U.S. dollar, ______.

Accepted Answer

A)  pegged their values against the value of an ounce of gold 
B)  pegged their values against the value of the dollar 
C)  allowed their currencies to float 
D)  pegged their values against the value of the ruble 
A)  pegged their values against the value of an ounce of gold 
B)  pegged their values against the value of the dollar 
C)  allowed their currencies to float 
D)  pegged their values against the value of the ruble A

Question 4

The Gold Standard ______.

Accepted Answer

A)  failed because it sparked massive hyperinflation in the postwar German economy 
B)  while tremendously stable for international prices, was eventually deemed ineffective and detrimental to market stability because of newly independent colonies' ability to build wealth through mining 
C)  is similar to today's system in which exchange rates of the world's currencies generally float, meaning the value of currencies goes up and down according to the world's demand for gold 
D)  allowed, in the participating major economies, for the exchange of currencies based on their value in relation to a specific amount of gold 
A)  failed because it sparked massive hyperinflation in the postwar German economy 
B)  while tremendously stable for international prices, was eventually deemed ineffective and detrimental to market stability because of newly independent colonies' ability to build wealth through mining 
C)  is similar to today's system in which exchange rates of the world's currencies generally float, meaning the value of currencies goes up and down according to the world's demand for gold 
D)  allowed, in the participating major economies, for the exchange of currencies based on their value in relation to a specific amount of gold

Question 5

Which of the following scenarios can be classified as an unintended consequence of the Gold Standard ?

Accepted Answer

A)  Countries were unable to change the value of their currency, which inherently affected their ability to trade competitively. 
B)  Latin American countries were forced to turn away from the global economy and subsequently relied on state-sponsored economic policies. 
C)  The League of Nations imposed unreasonable economic standards, which sparked the Great Depression. 
D)  Colonial economies, which had been developed to export raw materials for industrial centers in the Global North, saw their export-driven economies collapse. 
A)  Countries were unable to change the value of their currency, which inherently affected their ability to trade competitively. 
B)  Latin American countries were forced to turn away from the global economy and subsequently relied on state-sponsored economic policies. 
C)  The League of Nations imposed unreasonable economic standards, which sparked the Great Depression. 
D)  Colonial economies, which had been developed to export raw materials for industrial centers in the Global North, saw their export-driven economies collapse.

Question 6

When you buy something made in the EU on Amazon, a currency trade occurs to allow you to pay in dollars and for the seller to get paid in Euros. This is an example of ______.

Accepted Answer

A)  the Internet economy 
B)  technological advances 
C)  financial globalization 
D)  international transactions 
A)  the Internet economy 
B)  technological advances 
C)  financial globalization 
D)  international transactions

Question 7

The ideological belief that free markets are desirable in an economy and in society as a whole refers to which type of philosophy?

Accepted Answer

A)  Keynesianism 
B)  liberalism 
C)  neo-structuralism 
D)  neoliberalism 
A)  Keynesianism 
B)  liberalism 
C)  neo-structuralism 
D)  neoliberalism

Question 8

The initial trend of global inequality which came before the Second Global Age was spurred on by which of the actions?

Accepted Answer

A)  the unequal development spurred on by the Industrial Revolution, which benefitted mostly the Western and European countries 
B)  rapid development of the industrial revolution and the growth of strong states in the Eastern world 
C)  spread of colonialism, in which these decreasingly wealthy countries retarded the progress of societies that had weak economic and political systems 
D)  a breakout period for a minority of the world's population, with some 750 million people living in industrializing countries and the remaining 4-plus billion left behind 
A)  the unequal development spurred on by the Industrial Revolution, which benefitted mostly the Western and European countries 
B)  rapid development of the industrial revolution and the growth of strong states in the Eastern world 
C)  spread of colonialism, in which these decreasingly wealthy countries retarded the progress of societies that had weak economic and political systems 
D)  a breakout period for a minority of the world's population, with some 750 million people living in industrializing countries and the remaining 4-plus billion left behind

Question 9

Of the following options, which force shaped political globalization at the turn of the 20th century?

Accepted Answer

A)  scientific advances in medicine, which allowed people to live longer 
B)  the growth of nation-states and the spread of colonial rule, which brought many societies into production for global markets and organizations 
C)  scientific advances such as the manufacturing of steel and other metals, which made construction of buildings, ships, and railways possible 
D)  advances in shipping and travelling, which allowed people to communicate much faster than before 
A)  scientific advances in medicine, which allowed people to live longer 
B)  the growth of nation-states and the spread of colonial rule, which brought many societies into production for global markets and organizations 
C)  scientific advances such as the manufacturing of steel and other metals, which made construction of buildings, ships, and railways possible 
D)  advances in shipping and travelling, which allowed people to communicate much faster than before

Question 10

The Lost Decade refers to ______.

Accepted Answer

A)  the period between the Great Depression and the start of World War II 
B)  the decade immediately following World War I 
C)  a period during the 1980s in which Latin America experienced tremendous economic turmoil 
D)  a period during the 1980s in which the Soviet Union experienced rapid political decline 
A)  the period between the Great Depression and the start of World War II 
B)  the decade immediately following World War I 
C)  a period during the 1980s in which Latin America experienced tremendous economic turmoil 
D)  a period during the 1980s in which the Soviet Union experienced rapid political decline

Question 11

Financial globalization refers to ______.

Accepted Answer

A)  the creation of the Bretton Woods Monetary System 
B)  massive amount of money exchanged daily on global markets 
C)  exchanging of currencies at set rates 
D)  the free movement of goods and currency 
A)  the creation of the Bretton Woods Monetary System 
B)  massive amount of money exchanged daily on global markets 
C)  exchanging of currencies at set rates 
D)  the free movement of goods and currency

Question 12

Select which definition best describes the Bretton Woods System.

Accepted Answer

A)  an economic order among industrialized nations after World War Two, providing for lower barriers to trade and investment while safeguarding the ability of member states to manage their economies even at the expense of international economic activity 
B)  international economic system that would disincentivize countries managing their own economies while simultaneously avoiding the protectionism and anti-free trade policies of the 1930s 
C)  an economic order among mostly Western industrialized nations after World War Two, providing for lower barriers to trade and investment while safeguarding the ability of member states to manage their economies even at the expense of international economic activity 
D)  economic policies based on the Keynesian notion that during bad times, governments should increase spending and keep interest rates low in order to keep the economy moving 
A)  an economic order among industrialized nations after World War Two, providing for lower barriers to trade and investment while safeguarding the ability of member states to manage their economies even at the expense of international economic activity 
B)  international economic system that would disincentivize countries managing their own economies while simultaneously avoiding the protectionism and anti-free trade policies of the 1930s 
C)  an economic order among mostly Western industrialized nations after World War Two, providing for lower barriers to trade and investment while safeguarding the ability of member states to manage their economies even at the expense of international economic activity 
D)  economic policies based on the Keynesian notion that during bad times, governments should increase spending and keep interest rates low in order to keep the economy moving

Question 13

Formed after World War II, which alliance was created with the intent of bringing together Western states as a counter to the Warsaw Pact?

Accepted Answer

A)  UN, the United Nations 
B)  NATO, the North American Trade Organization 
C)  NATO, the North Atlantic Treaty Organization 
D)  the Marshall Plan 
A)  UN, the United Nations 
B)  NATO, the North American Trade Organization 
C)  NATO, the North Atlantic Treaty Organization 
D)  the Marshall Plan

Question 14

When the Bretton Woods System ended, its institutions also shuttered.

Accepted Answer

A) True 
 B)False

Question 15

With the newly found independence of European colonies in the 1950s and 1960s, for many the state, rather than the market, played a major role in their plans because dominant political thinking held that global markets and trading with wealthy countries were actually what held poor countries back. This is an example of which theory?

Accepted Answer

A)  Marxist theory 
B)  dependency theory 
C)  independence theory 
D)  industrialization theory 
A)  Marxist theory 
B)  dependency theory 
C)  independence theory 
D)  industrialization theory

Question 16

Discuss how Keynesian and neoliberalism influenced the global economy during the 20th century.

Accepted Answer

Keynesian economics and neoliberalism ar

Question 17

Unlike NATO or the Warsaw Pact, the UN was inclusive of all countries.

Accepted Answer

A) True 
 B)False

Question 18

The failure of global cooperation on things like the exchange rate is blamed for the rise of fascism in Germany and the rise of communism in the Soviet Union.

Accepted Answer

A) True 
 B)False

Question 19

Mao's Great Leap Forward intended to ______.

Accepted Answer

A)  move China from a rural, agrarian economic into a modern, urban society 
B)  enforce liberalization and modernize the Chinese economy 
C)  establish a series of economic reforms that continue today 
D)  imitate the industrialization in Europe 
A)  move China from a rural, agrarian economic into a modern, urban society 
B)  enforce liberalization and modernize the Chinese economy 
C)  establish a series of economic reforms that continue today 
D)  imitate the industrialization in Europe

Question 20

The growth achieved during Pax Britannica (between 1815 and 1914) was the equivalent of ______ previous years of growth.

Accepted Answer

A)  500 
B)  300-400 
C)  1,000 
D)  100 
A)  500 
B)  300-400 
C)  1,000 
D)  100

According to the economic theory of mercantilism, ______.

From the list below, identify the most fitting definition of Pax Britannica.

Under Bretton Woods, most of the currencies, other than the U.S. dollar, ______.

The Gold Standard ______.

Which of the following scenarios can be classified as an unintended consequence of the Gold Standard ?

When you buy something made in the EU on Amazon, a currency trade occurs to allow you to pay in dollars and for the seller to get paid in Euros. This is an example of ______.

The ideological belief that free markets are desirable in an economy and in society as a whole refers to which type of philosophy?

The initial trend of global inequality which came before the Second Global Age was spurred on by which of the actions?

Of the following options, which force shaped political globalization at the turn of the 20th century?

The Lost Decade refers to ______.

Financial globalization refers to ______.

Select which definition best describes the Bretton Woods System.

Formed after World War II, which alliance was created with the intent of bringing together Western states as a counter to the Warsaw Pact?

When the Bretton Woods System ended, its institutions also shuttered.

Discuss how Keynesian and neoliberalism influenced the global economy during the 20th century.

Unlike NATO or the Warsaw Pact, the UN was inclusive of all countries.

The failure of global cooperation on things like the exchange rate is blamed for the rise of fascism in Germany and the rise of communism in the Soviet Union.

Mao's Great Leap Forward intended to ______.

The growth achieved during Pax Britannica (between 1815 and 1914) was the equivalent of ______ previous years of growth.

States: Shapers and Subjects of Global Interactions

Intergovernmental Organizations: Sites of Global Governance

Civil Society: Agents of Change in Global Interactions

Social Identities and Culture: Shaping Interactions at the Individual and Societal Levels

Money: Propelling Global Interactions

Democracy and Representation: Struggles for Freedom and Efforts to Restrict It

Human Rights: The Challenge of Setting and Enforcing Global Norms

Development: The Challenge of Global Poverty

Civil Wars and Terrorism: New Global Security Challenges and Efforts to Manage Them

Migration: Confronting the Myths of Human Movement

Global Health: Addressing Inequalities in Outcomes

Global Environment: Confronting the Challenge of Climate Change

Global Food: How Can We Solve World Hunger

Understanding the Key Concepts of International Studies and Globalization

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Exam 1: The Making of Our Global Age: Forces, Interactions, and Tensions Since 1800

According to the economic theory of mercantilism, ______.

From the list below, identify the most fitting definition of Pax Britannica.

Under Bretton Woods, most of the currencies, other than the U.S. dollar, ______.

The Gold Standard ______.

Which of the following scenarios can be classified as an unintended consequence of the Gold Standard ?

When you buy something made in the EU on Amazon, a currency trade occurs to allow you to pay in dollars and for the seller to get paid in Euros. This is an example of ______.

The ideological belief that free markets are desirable in an economy and in society as a whole refers to which type of philosophy?

The initial trend of global inequality which came before the Second Global Age was spurred on by which of the actions?

Of the following options, which force shaped political globalization at the turn of the 20th century?

The Lost Decade refers to ______.

Financial globalization refers to ______.

Select which definition best describes the Bretton Woods System.

Formed after World War II, which alliance was created with the intent of bringing together Western states as a counter to the Warsaw Pact?

When the Bretton Woods System ended, its institutions also shuttered.

Discuss how Keynesian and neoliberalism influenced the global economy during the 20th century.

Unlike NATO or the Warsaw Pact, the UN was inclusive of all countries.

The failure of global cooperation on things like the exchange rate is blamed for the rise of fascism in Germany and the rise of communism in the Soviet Union.

Mao's Great Leap Forward intended to ______.

The growth achieved during Pax Britannica (between 1815 and 1914) was the equivalent of ______ previous years of growth.

States: Shapers and Subjects of Global Interactions

Intergovernmental Organizations: Sites of Global Governance

Civil Society: Agents of Change in Global Interactions

Social Identities and Culture: Shaping Interactions at the Individual and Societal Levels

Money: Propelling Global Interactions

Democracy and Representation: Struggles for Freedom and Efforts to Restrict It

Human Rights: The Challenge of Setting and Enforcing Global Norms

Development: The Challenge of Global Poverty

Civil Wars and Terrorism: New Global Security Challenges and Efforts to Manage Them

Migration: Confronting the Myths of Human Movement

Global Health: Addressing Inequalities in Outcomes

Global Environment: Confronting the Challenge of Climate Change

Global Food: How Can We Solve World Hunger

Understanding the Key Concepts of International Studies and Globalization

Filters