ICCT Colleges Foundation Inc.

College of Business and Accountancy

(SS02) - The Contemporary World

Questions and Answers.

1. According to Lechner, there are different meaning of globalization based on people. And
for them, it means a new opportunity to spread the faith and convert lost souls abroad.
A. Dominican Immigrant in the US
B. Korean Pentecostal Missionary
C. Filipino Global Justice Advocate
D. Chinese Apparel Worker
ANSWER: B. KOREAN PENTECOSTAL MISSIONARY
RATIONALE: The number of Korean overseas missionaries at the end of 2008 was 19,413 in
168 countries, which was second only to the United States, which had 46,000 missionaries
worldwide (Korea World Missions Association 2009).

2. One of the characteristics of Neoliberalism is to make a reform to tax law in order to

expand tax base.
A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Neoliberalism is contemporarily used to refer to market-oriented reform policies
such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and
reducing state influence in the economy, especially through privatization and austerity.

3. It refers to a perspective that globalization is essentially the expansion of the capitalist

system around the globe.
A. World Culture Theory
B. World Polity Theory
C. Theories of Globalization
D. World-System Theory
ANSWER: D. WORLD-SYSTEM THEORY
RATIONALE: World-system theory is a macro sociological perspective that seeks to explain the
dynamics of the “capitalist world economy” as a “total social system”.

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9

 4. Does globalization make the world more homogenous?
A. Yes
B. No
C. Maybe
D. I don't know
ANSWER: B. NO
RATIONALE: One reason is general rules and models are interpreted in light of local
circumstances.

5. One of the characteristics of Neoliberalism is government must limit subsidies.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Neoliberalism is contemporarily used to refer to market-oriented reform policies
such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and
reducing state influence in the economy, especially through privatization and austerity.

6. Globalization has been happening for a short time.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: B. FALSE
RATIONALE: Globalization began in the 1820s. In the late 19th century and early 20th century,
the connectivity of the world's economies and cultures grew very quickly.

7. It refers to the processes by which more people across large distances become connected
in more and different ways.
A. Globalization
B. Neoliberalism
C. Deterritorialization
D. Market globalism
ANSWER: A. GLOBALIZATION
RATIONALE: Globalization is the set of processes by which more people become connected in
more and different ways across ever-greater distances.

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9

 8. According to Lechner, there are different meaning of globalization based on people. And
for them, it means rules of the global game that favor the rich North over the poor South.
A. Dominican Immigrant in the US
B. Korean Pentecostal Missionary
C. Filipino Global Justice Advocate
D. Chinese Apparel Worker
ANSWER: C. FILIPINO GLOBAL JUSTICE ADVOCATE
RATIONALE: The North-South Divide (or Rich-Poor Divide) is the socio-economic and
political division that exists between the wealthy developed countries, known collectively as “the
North,” and the poorer developing countries (which Philippines included), or “the South".

9. It seeks to endow globalization with free market norms and neoliberal meanings.
A. Globalization
B. Neoliberalism
C. Deterritorialization
D. Market globalism
ANSWER: D. MARKET GLOBALISM
RATIONALE: Market globalism is an idea that reflects the concepts of globalization.

10. One of the characteristics of Neoliberalism is removal of fixed exchange rates.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Neoliberalism is contemporarily used to refer to market-oriented reform policies
such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and
reducing state influence in the economy, especially through privatization and austerity.

11. One of the five core claims of market globalism according to Steger is globalization is
about liberalization and global integration of markets.
A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Because globalization is free-market capitalism (it is the driving idea behind
globalization) - the more you let market forces rule and the more you open your economy to free
trade and competition, the more efficient your economy will be.

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9

 12. It is in the first instance a theory of political economic practices that proposes that human
well-being can best be advance.
A. Globalization
B. Neoliberalism
C. Deterritorialization
D. Market globalism
ANSWER: B. NEOLIBERALISM
RATIONALE: Because neoliberalism is liberating individual entrepreneurial freedoms and skills
within an institutional framework characterized by strong private property rights, free markets,
and free trade.

13. According to them, globalization is an ongoing process that involves interconnected

changes in the cultural and social spheres.
A. Political scientist
B. Economist
C. Sociologist
D. Historian
ANSWER: C. SOCIOLOGIST
RATIONALE: The process of globalization involves the spread and diffusion of ideologies-
values, ideas, norms, beliefs, and expectations-that foster, justify, and provide legitimacy for
economic and political globalization.

14. One of the characteristics of Neoliberalism is back deregulation.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Neoliberalism is contemporarily used to refer to market-oriented reform policies
such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and
reducing state influence in the economy, especially through privatization and austerity.

15. One of the five core claims of market globalism according to Steger is globalization is
inevitable and irreversible.
A. True
B. False
C. I don't know
D. No one knows

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9

ANSWER: A. TRUE
RATIONALE: According to market globalist perspective, globalization reflects the spread of
irreversible market forces driven by technological innovations that make the global integration of
national economies inevitable.

16. According to Lechner, there are different meaning of globalization based on people. And
for them, it means sampling a variety of new shows, some adapted from foreign formats.
A. Dominican Immigrant in the US
B. Korean Pentecostal Missionary
C. Filipino Global Justice Advocate
D. Indian Television Viewer
ANSWER: D. INDIAN TELEVISION VIEWER
RATIONALE: Globalization had revolutionized the Indian media that had converted the whole
India into a small village. With the increased importance of economic, cultural and technological
integration between the different media platform the whole media had merged, and this had a
great impact on the Indian television industry.

17. One of characteristics of Neoliberalism is Privatization.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Privatization is the process of transferring an enterprise or industry from the
public sector to the private sector.

18. One of the five core claims of market globalism according to Steger is, nobody is in
charge of globalization.
A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Like the market-globalist rhetoric of historical inevitability, the portrayal of
globalization as a leaderless process seeks to both depoliticize the public debate on the subject
and demobilize global justice movements.

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9

 19. It refers to the theoretical perspective, state remains an important component of world
society, but primary attention goes to the global cultural and organization environment in
which states are embedded.
A. World Culture Theory
B. World Polity Theory
C. Theories of Globalization
D. World-System Theory
ANSWER: B. WORLD POLITY THEORY
RATIONALE: Because world society is structured as a polity with an intensifying global
culture, new organization — business enterprises, educational institutions, social movements,
leisure and hobby groups, and so on — spring up in all sorts of countries to enact its precepts.

20. One of the characteristics of Neoliberalism is open markets.

A. True
B. False
C. I don't know
D. No one knows
ANSWER: A. TRUE
RATIONALE: Neoliberalism is a specific form of free market Capitalism that has largely come
to dominate global economics.

[Type here] [Type here] Name: Rinna Shine M. Sumotia Sec: N9