Chapter 3: The economic dimension of globalization

1. Contemporary economic globalization cannot be traced back to the gradual emergence of a new international economic order assembled at an economic conference held towards the end of World War II in the sleepy New England town of Bretton Woods.

• A. True

• B. False

2. Under the leadership of the United States of America and Great Britain, the major economic powers of the global North did not reverse their protectionist policies of the interwar period (1918-39).

• A. True

• B. False

3. In what year was the World trade Organization founded as the successor organization to GATT.

• A. 1994

• B. 1995

• C. 1996

• D. 1997

4. The ensuring decade was ____ by global economic instability in the form of high inflation, low economic growth, high unemployment, public sector deficits, and two unprecedented energy crises due to OPEC’s ability to control a large part of the world’s oil supply.

• A. identified

• B. characterized

• c. classified

• D. mixed up

5. The Bretton Woods system collapsed in the early 1970s.

• A. True

• B. False

6. What are the international Organizations most mentioned in the context of economics globalization?

• A. WTO, World Bank, and WHO

• B. World Bank, WTO, IMF

• C. WTO, WHO, SAPs

7. “The Washington Consensus policy” contains

• A. 10 points

• B. 11 points

• C. 12 points

• D. 13 points

8. Where was Nokia established?

• A. Finland

• B. Switzerland

• C. Japan

• D. New Zealand

9. IMF and World Bank officials held up Argentina as a...

• A. Model least developing country

• B. Model developing country

• C. Not a model country

• D. Most developing country

10. Washington Consensus was devised and codified by.....

• A. Adam Smith

• B. John Lock

• C. John Williamson