Soc 10-2 Unit 3 Review

What is economic globalization?

• Economic globalization is solely about the movement of people across borders.
• Economic globalization is the process of reducing international trade barriers.
• Economic globalization is the process of expanding economic activities across national borders, leading to a more interconnected global economy.
• Economic globalization refers to the isolation of national economies.

Which of the following did NOT get created as a result of the Bretton Woods Agreement?

• NAFTA

• International Monetary Fund

• World Bank

• General Agreement on Tariffs and Trade

Match the following agencies to their purpose.

• Regulates international trade agreements

• International Monetary Fund

• Money for infrastructure, healthcare etc

• World Bank

• Monitor exchange rates and expands trade

• General Agreement on Tariffs and Trade

A country who requires short term financial assistance would turn to the (a)   for money.

• International Monetary Fund
• World bank
• NAFTA

A country who requires long term financial assistance may reach out to the (a)   for money. In order to receive money, they may have to work on​ (b)   .

• World Bank
• reducing government corruption
• International Monetary Fund
• NAFTA

Match the following terms with their definitions.

• Trade without restrictions or tariffs

• Trade liberalization

• Groups of countries that promote trade among themselves

• Trading blocs

• The removal of barriers to trade

• Free trade agreements

• Legal agreements between countries to facilitate trade

• Tariffs

• Taxes imposed on imported goods

• Free trade

The free trade agreement that Canada is a part of was originally called (a)   . It's new name is​ (b)   .

• NAFTA
• USMCA

NAFTA is an example of a(n) ____________

• environmental regulation
• political alliance
• economic policy
• free trade agreement

An increase in the number of free trade agreements results in an ​ (a)   in economic globalization.

• increase
• decrease

The organization that is responsible for reducing tariffs between countries and regulating international trade is the

• International Monetary Fund (IMF)
• World Trade Organization (WTO)
• United Nations (UN)
• World Bank