SAINT MICHAEL COLLEGE OF HINDANG LEYTE INC.

A Bonifacio St., Poblacion II, Hindang Leyte

Website: smchindang.edu.ph
E-mail: smchindang@gmail.com

Education Department
1st Semester, S.Y. 2019 - 2020

Midterm Examination in GEC 3

(The Contemporary World)

SET C
Name: ____________________________ Course &Year Level: ______________ Score: ____________

Test I. IDENTIFICATION. Identify the word or phrase best describe in each item. Select the best answer from
the box.
1. Globalization brought world _______ together.
2. ____________ and finance is impacted by economies around the world.
3. World economies suffered greatly during world war I and II and the great depression in the _________
4. Bretton Wood’s system’s final element is that _____ became the global currency.
5. International Monetary Fund is the establishment of ________ for these exchange rates.
6. Companies trying to out maneuver their competitor results to ________
7. Global food security means delivering ______ to the entire world.
8. Sustainability of society like agriculture, _______, population growth and climate change are all factors of
food security.
9. _______ argue that “environmental issues should be given priority over economic issues”
10. The __________ aimed at a reduction of global carbon emission ___________.

Kyoto Protocol Environmentalist Water scarcity Economic and trade globalization

An overseer Sufficient food US dollars Pres. Barrack Obama
1930’s Global market Economies World peace and prosperity

Test II. TRUE OR FALSE: Write TRUE if the statement is true and FALSE if otherwise
1. Because of peace advocacy after the world war II, IMF and world bank was establish.
2. “To help the global economic stability” is the primary aim of World Bank and IMF.
3. The World Bank and IMF were designed to compete each other.
4. OPEC was originally comprised of Saudi Arabia, Kuwait, Iraq, Iran, and Venezuela.
5. Failing to keep up with inflation, OPEC was formed in order to increase the price oil.
6. Countries who are in need of financial assistances are provided with loans from OPEC.
7. OECD funded specific projects that help them reach their goal of eradication of poverty.
8. Global economic inequality is gauged by economist by studying the gross domestic product.
9. The new earning that is constantly added to the pile of a country’s wealth is income.
10. Economic globalization and international trade are the forces responsible for global income inequality.

Test III. Multiple Choice. Identify the words or phrase best describe in each item. Write the letter only.
1. An outdated and inaccurate way to classify countries by its wealth is called ________.
a. Financial Regionism b. Capitalism and communism
c. Global Statification d.Mercantilism

2. Associated with wealthy and industrialized countries, the term _______ is coined upon western capitalist.
a. United Nation b. New World Order c. First World d. Illuminati

3. _________ started as vague catchall term for non-alliance countries

a. Third Wold b. UNICEF c. Marxism d. Commonwealth

4. All of the societies on earth were _______ for much of human history.
a. Unique b. peaceful c. chaotic d. poor

5. _________ is used to describe the urban centers like New York, London, and Tokyo as centers that exert
control over world’s political economy.
a. Financial Hub b. Global cities c. international Communities d. Alto Sociodad

6. ___________ is an enterprise that manages production or delivers good and services in more than one
country
a. WB b. MNC c. GATT d. IMF
 7. The GATT was a ________ for the meeting of representatives from 23 countries .
a. forum b. venue c. committee d. conference

8. ________ is a trade pact beween US, Mexico and Canada.

a. Allied Powers b. Galleon Trade c. NAFTA d. Caucasian Creed for Commercialism

9. NAFTA’s originally created between two different countries and the third country called ________ is later
added.
a. USA b. Mexico c. Canada d. Philippines

10. The ________ is a system with 5 key elements.

a. GATT b. Bretton Woods System c. GNI d. WTO

Test IV. Enumeration

A. Three (3) other terms of MNC
B. Seven (7) characteristics of MNC
C. List five (5) MNCs

Test V. Essay
1. Does environmental degradation a consequence of globalization?
2. Can we have a modern and prosperous global community without degrading our environment?

Prepared by: Riza Mae B. Fortuna, LPT, MM