History of Global Economy - Revision

What were the main economic characteristics of post-WW2 Golden Age

• Economic growth, rise in inequality, reduction of consumption

• Economic recession, reduction of inequality, Welfare State

• Economic growth, reduction of inequality, consumption boom

• Economic growth, reduction of inequality, monetary instability

Which of those is not an institution created in the immediate post-WW2

• International Bank for Reconstruction and Development (IBRD)

• Federal Reserve

• World Bank

• IMF

‘The adoption of the Gold Standard after WW2 allowed for an increase in global trade’.

• True

• False

Which economist had the greatest influence during the post-WW2 Golden Age?

• John Maynard Keynes

• Friedrich Hayek

• Milton Friedman

• Karl Marx

The Marshall Plan was:

• A set of institutions for promoting global trade

• A development plan for the Third World

• A comprehensive welfare programme 

• A recovery programme for Western Europe

According to Keynes, economic crisis are a result of decrease in:

• Aggregate Demand

• Aggregate Supply

‘The Bretton Woods was an attempt to establish an international financial and monetary system’

• True

• False

‘The Bretton Woods system established a regime of free flow of capital that helped boost the economy during the Golden Age’

• True

• False

 Import Substitution Industrialisation was a development strategy adopted in:

• Singapore

• South Korea

• Brazil

• Taiwan

Import Substitution Industrialisation is characterised by:

• Adoption of free capital flow regime

• Adoption of floating exchange rate

• Predominance of a private financial system

• Use of tariffs and quotas on imports