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​Quiz on Contemporary World (Selected Topics)

Multiple Choice

Which of the following groups plays a leading role in ensuring the efficient and profitable operation of capitalist globalization?

• Global Institutions

• Global or Multinational Corporations (MNCs)

• Governments

• International Monetary Systems

Multiple Choice

The passage states that the oldest known international trade route was the:

• Spice Route

• Trans-Saharan Trade Network

• Silk Road

• Maritime Silk Route

Multiple Choice

Contemporary economic globalization has its roots in the institutionalization of:

• Global corporations

• International monetary systems

• Global trade agreements

• Governments' policymaking

Fill in the Blanks

Write CRIS if the statement is true and TINE if it is false.

Governments function as leading policymakers and implementers of globalization's tenets.

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The Silk Road was named because it was a network of pathways that ran exclusively through China.

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Gold and silver were used as a de facto currency in many parts of the world even before modern times.

Fill in the Blanks

Which empire closed the operation of the Silk Road?

Multiple Choice

According to historians Dennis O. Flynn and Arturo Giraldez, the age of true globalization began when:

• The Silk Road reached its maximum profitability.

• All important populated continents began to continuously exchange products.

• Ocean routes were established to reach Asia from Europe.

• The American continent became fully independent.

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Write CRIS if the statement is true and TINE if it is false.

The passage argues that the Silk Road was not truly "global" because it did not involve continuous product exchange with the American continent via ocean routes.

Multiple Choice

The Bretton Woods system was largely influenced by the ideas of which British economist, who advocated for active government spending to stimulate slowed-down markets?

• Adam Smith

• David Ricardo

• Milton Friedman

• John Maynard Keynes

Multiple Choice

What was the broad goal of adopting the gold standard in 1867?

• To return to the ancient system of using gold and silver as de facto currency.

• To boost a country's income by compelling it to sell more goods (mercantilism).

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

• To immediately establish floating currencies no longer redeemable in gold.

Multiple Choice

This is the global lender of last resort to prevent individual countries from spiraling into a credit crisis.

• International Bank for Reconstruction and Development (IBRD) or World Bank

• International Monetary Fund (IMF)

• General agreement on Tariffs and Trade (GATT)

• None of the choices

Multiple Choice

This reduces tariffs and other hindrances to free trade.

• International Bank for Reconstruction and Development (IBRD) or World Bank

• International Monetary Fund (IMF)

• General agreement on Tariffs and Trade (GATT)

• None of the choices

Multiple Choice

This is responsible for funding postwar reconstruction projects.

• International Bank for Reconstruction and Development (IBRD) or World Bank

• International Monetary Fund (IMF)

• General agreement on Tariffs and Trade (GATT)

• None of the choices

Multiple Choice

Modern-day global corporations can trace their lineage to the era of colonialism primarily because colonizers viewed colonies as:

• Independent markets for competitive trade.

• Cheap sources of raw materials and markets for surplus goods.

• Allies in establishing a unified international monetary system.

• Sources of financial capital for European banks.

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Write CRIS if the statement is true and TINE if it is false.

The passage argues that the term “free” trade in the colonial context referred to the mutual, unhindered exchange of goods where all parties equally benefited.

Multiple Choice

The operations of colonial-era corporations like the East India Companies, which maintained a multinational reach, validate Immanuel Wallerstein's description of a world of:

• Transoceanic commerce

• Incipient globalization

• The gold standard

• Core and peripheries

Multiple Choice

What does historian Jan Aart Scholte call the transoceanic commerce networks and trading posts maintained by prototypical “global corporations” like the East India Companies?

• The Silk Road's expansion

• Global Keynesianism

• Incipient globalization

• The World Bank

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Write CRIS if the statement is true and TINE if it is false.

According to Arthur Cotterell's account mentioned in the text, the Dutch East India Company's operations in colonial Indonesia provides insight into the link between colonialism and trade.

Multiple Choice

What are the two emphasized goals of the World Bank Group (WBG)?

• Promote exchange stability and facilitate international trade expansion.

• To end extreme poverty and promote shared prosperity in a sustainable way.

• Make resources available to members experiencing trade deficits and fund industrialization.

• Establish a multilateral system of payments and enforce trade liberalization policies.

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Write CRIS if the statement is true and TINE if it is false.

The debt trap, as described by critics like Alejandro Lichauco, refers to the inability of developing countries to free themselves from debts due to loans that structurally bind them to policies like privatization and premature trade liberalization.

Multiple Choice

One of a few institutions that dominate the system of "global governance without global government.

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• World Bank (WB)

• None of the choices

Multiple Choice

A forum for governments to negotiate trade agreements and settle trade disputes.

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• World Bank (WB)

• None of the choices

Open Ended

In your own opinion, what is the most pressing concern that developing countries should address under globalization? How should it be addressed? Answer in 3 sentences only.

Multiple Choice

Which group is often relegated to the sidelines and left almost voiceless in the decision-making "board rooms" of global powerhouses?

• Bureaucrats, diplomats, and economists

• Finance, commerce, and trade ministers

• Farmers, workers, indigenous people, and migrants

• Mainstream economists like Stiglitz

Multiple Choice

Economically, the Global North is characterized as:

• Africa, Latin America, and developing countries of Asia

• Nations with a GDP per capita below the world's GDP per capita

• The rich and developed parts of the world

• Peripheral countries undergoing austerity measures

Multiple Choice

Which of the following regions/countries is explicitly included in the Global North?

• Latin America

• Southwest Asia (Middle East)

• South Korea

• Developing countries of Asia

Open Ended

What is cyclical roadblocks? Answer in one sentence only.

Open Ended

Compare the conditions of Latin America and the Philippines under Globalization. Answer in three sentences only.