9.4 ECONOMICS in a Global Age, 1900 to present

What trend did many states reject in favor of free market policies in the 1980s?

• Keynesian economics

• Protectionism

• Mercantilism

• Neoliberalism

Under whose leadership did the US economy undergo liberalization?

• Augusto Pinochet

• Ronald Reagan

• Bill Clinton

• Margaret Thatcher

Which country's economy did the 'Chicago Boys' influence?

• United States

• India

• United Kingdom

• Chile

What is a key characteristic of the knowledge economy?

• Emphasis on intellectual capabilities

• High tariffs on imports

• Labor-intensive manufacturing

• Agricultural focus

Which country became a world leader in the knowledge economy by focusing on banking and IT?

• Finland

• Japan

• Germany

• India

What significant change did globalization bring to the geographical distribution of economic activity?

• Decrease in global trade

• Concentration of manufacturing in developed countries

• Shift of manufacturing to developing countries

• Elimination of the knowledge economy

What organization exists to regulate global trade?

• World Trade Organization

• International Monetary Fund

• World Bank

• United Nations

What is the European Union an example of?

• A knowledge economy

• A regional trade agreement

• A global economic institution

• A multinational corporation

What defines a multinational corporation?

• A non-profit organization operating globally

• A company incorporated in one country but operates in several

• A company that trades exclusively in the stock market

• A company that only operates in its home country

Which company is known for manufacturing automobiles and farm equipment?

• Mahindra and Mahindra

• Microsoft

• Nestle

• Toyota