BSME - Global Economy Quiz

It refers to international exchange of goods and services.

• Global Economy

• Globalization

• Economic System

• Trade

Global Economy is also known as Word Economy

• True

• False

Protectionism means reducing trade barriers to make international

trade easier between countries.

• True

• False

Trade Liberalization is protecting one’s

economy from foreign

competition by

creating trade barriers

• True

• False

Importation of Electric Fan from Country A to Country B. If the electric fan is worth 1200 pesos and the tariff is 500. How much will the cost of an electric fan in Country B?

• 1700 pesos
• 1000 pesos
• 2000 pesos
• 700 pesos

Importation of bag from Country A to Country B. If the bag is worth 600 pesos and the tariff is 150. How much will the cost of bag in Country B?

• 450 pesos
• 300 pesos
• 200 pesos
• 750 pesos

_________ is the trading of goods and services between two or more countries without tariffs or taces.

• Limited trade
• Taxed trade
• Restricted trade
• Free trade

_______ is manufacturing jobs transfer from developed nations to developing nations to reduce the cost of products.

• Onshoring
• Offshoring
• Nearshoring
• Outsourcing

What do you call the agreement made between governments to reduce or eliminate trade barriers?

• Environmental pact
• Trade agreement
• Trade Bloc

• Peace treaty

Who came from the Modern World System?

• Karl Marx
• Adam Smith
• Sigmund Freud
• Immanuel Wallerstein