Globalization- The Beginning

When did the global economic system that exists today begin?

• After WWI

• After WWII

• After the Revolutionary War

• After the Civil War

A tariff is a form

• Cooperation

• Free Trade

• Protectionism

Before World War II, what kind of economic policies did many countries have?

• free trade

• protectionist

Why do people in Scotland “grow” sheep?

• They like the animals

• To keep their fields clear

• Because their climate gives them comparative advantage for raising sheep

• because they don't like wine

Spain and France's comparative advantage makes it easier for them to make what?

• sheep

• lumber

• pineapples

• wine

Compared with bigger countries, smaller countries are more dependent on trade.

• True

• False

After World War II, US leaders began to advocate (push for) what?

• less trade

• more trade

• more trade barriers

• less trade barriers

All of the problems The Great Depression caused include everything except-

• Increased international trade

• High unemployment

• hunger

• loss of homes

By 1964, the United States became the world's strongest economy

• True

• False

Globalization can be defined as…

• isolation from other countries by cutting off trade.

• being free to travel wherever you want to in the world.

• the worldwide movement of money, goods, ideas, and pretty much anything else.

• the world being ruled by the same government.