Self-Test

Lesson 2: The Global Economy

Name: __________________________________ Score: __________________

Schedule: _______________________________ Date: ___________________

I. Crisscross puzzle

Across
1. It means the transfer of ownership, property or business from the government to the private sector
3. Economic ideology that replaced Keynesianism in the 1980s; it advocates for expansive economic liberalization and policies that cover the rights and
abilities of the private sector over the public sector, specifically, the ending of state and government control over the economy
5. ___ globalization is a historical process resulting from human innovations and technological process; it refers also to the increasing integration of
economies around the world, specifically movements of goods, services, and capital across borders
8. The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition
9. (2 words) Another term for trade liberalization
12. First called as the International Bank for Reconstruction and Development (IBRD) with the purpose of funding postwar reconstruction projects; It
provides loans to countries and its most recent stated goal is the reduction of poverty through capital investment and the facilitation of trade
13. (Initials only) Its headquarter is based in Geneva, Switzerland and it monitors and enforces rules governing global trade
16. It refers to loosening of government controls, particularly, reducing restrictions on international trade and capital
19. A government tax on imports or exports
21. ___System refers to a set of joint agreements on international economic relations that set out the rules for commercial and financial relations among
the world's major industrial states; it was the first monetary order that organized monetary relations among independent nation-states
Down
2. (Surname only) English Prime Minister who in 1979, advocated and popularized neoliberal policies in order to neutralize economic difficulty; well-known
by her “There is no alternative” (TINA) slogan which signifyies her claim that free-market capitalism was the only possible economic theory
4. (Initials only) It was created by a multinational treaty in 1947 in order to promote trade by the reduction of tariffs and import quotas
6. John Maynard Keynes’ economic theories which advocated government monetary and fiscal programs intended to stimulate business activity and
increase employment
7. (2 words) Trade that satisfies certain criteria on the supply chain of the goods involved, usually including fair payment for producers, often, with other
social and environmental considerations
10. (Surname only) U.S president also known for popularizing neoliberalism in the 1980s
11. (Surname only) English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation
14. The act of freeing from regulation (especially from governmental regulations)
15. ___Consensus refers to a set of broadly free market economic ideas, supported by prominent economists and international organizations (IMF, World
Bank, EU , US) which advocates free trade, floating exchange rates, free markets and macroeconomic stability
17. (Initials only) An international organization that aims to promote global economic growth and financial stability, to encourage international trade, and
to reduce poverty; it was conceived during negotiations of the Bretton Woods Agreement in 1944
18. (Initials only) Also known as multinational corporations (MNCs); refers to "any enterprise that undertakes foreign direct investment, owns or controls
income-gathering assets in more than one country, produces goods or services outside its country of origin, or engages in international production”.
20. Number of nations that participated in the Bretton Woods Agreement
22. Headquarters of the International Monetary Fund and the World Bank
23. A period of slow economic growth and high unemployment while prices rise