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Globalisation, Growth of trade and Trading blocs Flashcards | StudBud
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Globalisation, Growth of trade and Trading blocs
Globalisation, Growth of trade and Trading blocs
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Answers
1
What is weighted average?
the middle number
the average of numbers
numbers that appear most often
a set of values where some values have more importance than others
2
What are real values?
Not fake numbers
Values with the price of inflation taken into account
Really accurate numbers
Values which can be turned into index numbers
3
Specialisation is:
land, labour, capital and enterprise
difference between training and natural abilities
none of these
business people concentrating on what the worker is best at
4
Term referring to the interconnectedness of world economies
Globalisation
Free Enterprise
Offshoring
Surplus Value
5
Tariffs:
Increase domestic competition
Increase tax revenues for government
Promote free trade
Decrease prices in the domestic market
6
What is technology transfer?
taking knowledge of one field and bringing it to another
taking knowledge from two fields to create an invention
taking knowledge and disposing of it
going from gas vehicles to electric vehicles
7
What is trade diversion?
When joining a trading bloc results in a fall in trade
When trade is increased as a result of increased tariffs
When joining a trading bloc shifts trading patterns
When trade shifts from a developed to less developed nation
8
What is national competitive advantage?
you have larger area of land in your nation
aspects that differ you from economies you compete with
a competition like the olympics but w/ business
a nation's government
9
These are downsides of economic growth except for...
Increase in pollution and congestion
Often entails increasing carbon footprint
Life expectancy deteriorates
Higher levels of intra-national inequality
10
Purchasing Power Parity measures...
The PPP and exchange rate compared to USA
The power of exchange rates in McDonalds
The global price for burgers
The exchange rate against buying power across countries.
11
Which of the following issues was most responsible for the financial crisis of 2008?
Stock Market
Oil Industry
Housing Market
Automotive Industry
12
What is the definition of economic growth?
When there is growth in the economy
The increase in production of goods & services in an economy
When the economy gets bigger or smaller
A measure of the amount of goods & services produced
13
What do index numbers do?
Complicate everything beyond repair
It tells us what pages information can be found
Show relative changes so that we can make comparisons
Make it equal 100
14
Which of these are not trading blocs?
ASEAN
YMCA
NAFTA
EU
15
What is harmonisation
Singing in a similar tone
Having similar international standards
establishing diplomacy
Reducing tariffs
16
Removal of trade barriers...
All of the above
Creates more variation in the market
Creates more competitive prices for consumers
Increases competition
17
What does CPTPP mean?
Comprehensive and Progressive Agreement for Transatlantic Partnership
Continued professional Investment Partnership
Transpacific Trade+ Investment Partnership
Colourful Transatlantic Trade+ Internal Partnership
18
Dynamic markets are...
Markets that are small
Markets that are unique
Markets that rarely change
Markets that are constantly changing
19
What is Protectionism?
Taxing other countries
Creating a strong border around a country
Protecting your soverignty by practicing gov. intervention
protecting a countries domestic industries by taxing others
20
High levels of productivity would enable businesses
meet high levels of demand from the public
to trade and become more internationally competitive
All of these
to employ more people
21
Trading blocs can create opportunities for businesses such as.......
Resources may be easier to source and labour to recruit
Inefficient producers may be protected from competition
May lead to trade diversion rather than creation
Possible retaliation
22
What is a Competitive Advantage?
Arguing with another business for more customers
Competition with neighbours to see who will make more profit
Advantage over competitors gained by offering better value
Giving lower prices to customers to win their favour
23
What is the meaning of Liberalisation?
Giving countries some democracy
Increase of restrictions on trade between countries.
Decrease of trade between countries.
Decrease of restrictions on trade between countries.
24
Emerging economies generally have...
High Economic Growth
Stable Economic Growth
Low Economic Growth
Fluctuating Economic Growth
25
What are the costs of globalisation?
All of the above
Workers in unproductive industries lose their jobs
Environment can suffer
People from developing countries can be exploited
26
Which of the following is an example of FDI?
Merger between 2 TNCs in different countries
Purchase of mixed portfolio shares
Brain drain of labour from Aus
Trading of financial instruments
27
'Creative destruction' is a term associated with the economist...
Joseph Schumpeter
A W Phillips
Milton Friedman
Arthur Laffer
28
What are austerity measures?
Extreme Budget Cuts
Saving for a rainy day
Extra funds for all citizens
A strict diet for all citizens
29
Which grouping was formed to give a voice to emerging economies?
FIFA
G20
G8
G417
30
What are trading blocs?
Trade barriers between countries in a region
Free trade agreement between countries in a region
Pay to trade blocs
Walls that stops the trade ships from trading
