Economic Globalization Review

Question 1

The Red Cross is a(n) ____________which focuses on humanitarian efforts after natural disasters

Accepted Answer

non government organization

Question 2

__________ looked at the Great Depression and said unrestricted capitalism had failed

Accepted Answer

John Keynes

Question 3

____________ is the general well-being of individuals and societies

Accepted Answer

Quality of Life

Question 4

John Keynes thought that the government should do what during a recession and depression?

Accepted Answer

Lower taxes, lower interest rates and create social programs

Question 5

Adam Smith would not want the government to interfere, as the market will naturally readjust

Accepted Answer

True

Question 6

Governments should not help out in tough times as people needed to learn to adapt

Accepted Answer

Milton Friedman

Question 7

Sustainable Living Assets: Land and water would be a __________ asset.

Accepted Answer

Natural

Question 8

_______ is the state of flourishing, thriving, good fortune and /or successful social status.

Accepted Answer

Prosperity

Question 9

Support from non-government organizations, government programs and family are _______assets

Accepted Answer

Social

Question 10

_____is the result of more countries relying on each other and impacting each other financially

Accepted Answer

economic globalization

Question 11

Government needs to make rules and laws, these shouldn't interfere with competition

Accepted Answer

Friedrich Hayek

Question 12

Local government, legal systems, property rights, and agricultural subsides are all...

Accepted Answer

policies, institutions and processes

Question 13

The market naturally has a self-regulating mechanism

Accepted Answer

Invisible hand

Question 14

Crops, animals, money and access to credit/loans are _____________ assets

Accepted Answer

Financial

Question 15

Education, Labour skills, and family are ______________ assets

Accepted Answer

Human

Question 16

Vehicles, roads and local markets are _____________ assets

Accepted Answer

Physical

Question 17

Adam Smith's belief that the economy would work best without government intervention.

Accepted Answer

"laissez faire"

Question 18

Canada sharing resources and products openly with the United States is an example of _________

Accepted Answer

Free Trade

Question 19

In the 1980's, both Britain (Margaret Thatcher) and the USA (Reagan)leaders were influenced by

Accepted Answer

Friedrich Hayek & Milton Friedman

Question 20

The strength of a country’s economy can be measured by its ____________________

Accepted Answer

GDP

Question 21

Which 3 organizations emerged at the end of WWII (UN sponsored a meeting with 44 countries)

Accepted Answer

IMF, World Bank, GATT

Question 22

Vulnerabilities and shocks are...

Accepted Answer

all are correct

Question 23

Government should help to level out the peaks and valleys in order to create a smooth economy

Accepted Answer

John Keynes

Question 24

Keynes also thought that gov'ts should curb excessive spending during prosperity/depression by?

Accepted Answer

all are correct

Economic Globalization Review

Questions 24

Economic Globalization Review

Questions 24