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The International School Of Macao

Social Studies 10-1: Globalization and Prosperity, 10 Questions
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1.  

"This force is one which helps to create a healthy reliance between individuals, cultures, nations and regions
Speaker #1:
which creates increased prosperity for all."
"This force is possible because communication and transportation costs have decreased and the barriers to the
Speaker #2:
flow of goods, services, capital and knowledge have also decreased."
"This force is highly disruptive to society and has led to unethical practices and exploitation, particularly of
Speaker #3:
individuals and nations by more prosperous individuals and nations all in the name of profit"

Which 'force' is being referred to by the three speakers above?

A) Economic depression.
B) Privatization.
C) Economic globalization.
D) Fiscal policy.

Correct. Your answer=C, Correct answer=C

Explanation:

The three speakers above are all giving a different perspective on the impact of economic globalization. Economic globalization refers to
the economic integration between two or more countries leading to the emergence of a global or single world marketplace. Economic
globalization is achieved through the spread of trade, communication systems and transportations around the world with the goal of
increasing and promoting worldwide commerce. Economic globalization expanded during the 20th century as a result of decreased costs
for transportation of goods, increased availability and decreased cost of communication systems, and a decrease in the barriers to
economic trade relationships, like taxes, tariffs and duties, the modernization of developing cultures and the increased demand for
resources and raw materials. All three economists are giving one of the possible outcomes of economic globalization, which are
increased prosperity for some individuals or nations, but not for all leading to global income inequality, as well as the potential for
economic globalization to cause conflict in a multitude of ways, such as through the competition for resources, markets and trade
relationships, or through unethical treatment and exploitation in the interests of making a greater profit.

2.  

"(This) is the most important element to sustained growth for industrialized countries and for low-income countries."
- Horst Kohler, President of Germany; former head of International Monetary Fund.

"Until the hemisphere as a whole can enjoy the fruit of we cannot proclaim its glories. Until all the people of the Americas are free
from hunger and free from the fear of unemployment, we cannot celebrate the benefits ... may bring prosperity for some, but we
must be honest and admit that it will destroy the lives of others."
- Kenny Anthony, Leader of the Opposition, and former Prime Minister of St. Lucia

What is the issue are the two speakers above are discussing?

A) Trade liberalization.
B) The anti-globalization movement.
C) Resource development.
D) Sustainable prosperity.

Correct. Your answer=A, Correct answer=A

Explanation:

Trade liberalization is a term used to refer to the reduction of barriers to trades (like quotas, regulations, taxes and tariffs) to facilitate the
development of free trade (or freer trade) between nations ensuing the efficient movement of goods and services around the globe. Trade
liberalization can assist in the economic growth of nations as it opens up new sources of raw materials, labour and markets for produced
 goods, and some believe that the economic growth inspired by trade liberalization is the best way to ensure that all people can realize
prosperity, and this is the belief set forth by Helmut Kolher. Some, particularly those in developing nations do not share Herr Kolher's
views, and believe that trade liberalization does not translate into increased prosperity for all nations, but rather is of more benefit to
wealthy developed nations who can use trade liberalization to access less expensive resources and labour, and that trade liberalization
does not provide much benefit to a nation which struggles with meeting the basic needs of its citizens through issues like poverty, hunger
and unemployment.
3.  

"I think it is important because it strengthens our sustainable prosperity of Canadian companies, consumers
Speaker #1: and workers, and keeps Canada competitive in the global economy and strengthens our ties with trading
partners."
"I don't think it is such a great idea. I had a careful financial plan and was saving diligently for the future – a
house and my retirement. Now, after the financial turmoil of the sub-prime mortgage fallout and its effect on
Speaker #2:
the markets, I have lost a significant portion of my savings. From now on, I am sticking to Canadian currency
guaranteed investment certificates!"

The two speakers above are discussing both the positive and negative aspects of:

A) Privatization.
B) Economic growth.
C) Foreign investment.
D) Trade liberalization.

Correct. Your answer=C, Correct answer=C

Explanation:

Foreign investment is defined as the purchase of assets (shares in existing or new businesses, or investments in currency) in one country
by individuals, institutions or the government of another nation. Supporters of foreign investment see that it is an opportunity to keep
Canada involved and competitive within the global economy, enhancing the sustainable prosperity of Canadian businesses, consumers
and workers, and provides a chance to continue expanding globalization. Invested funds assist in the development of infrastructure or
necessary services in developing nations, and therefore benefit both the foreign country and the home country. Foreign investment does
not come without risk, as opponents state that multinational corporations, which play a large role in foreign investment are very powerful
and can drive out competitors in smaller, weaker economies. Foreign investment can contain risk, particularly for individuals who invest
in foreign countries through the purchase of foreign based mutual funds or similar financial products in that their financial prosperity is
now in part dependant on the economic and political events outside their nation and their nation's control.

4.  

The Kyoto Protocol, which was ratified on February 16, 2005, requires participating nations to commit to reduce their emissions of
carbon dioxide and five other greenhouse gases, in order to stabilize greenhouse gas concentrations in the atmosphere. This would
be accomplished primarily by making substantial changes to conventional methods of industrial production.

Based on this information, the primary motivation behind the Kyoto protocol can be understood to be:

A) Global survival
B) Humanitarianism
C) Collective security
D) Balance of economic power

Correct. Your answer=A, Correct answer=A

5.  

Mark and Ron are looking at a graph using some Canadian Census data:

Educational Attainment of Canadians

 Ron notices that between the 1990 and 2006 census, the proportion of the Canadian population with a high school diploma or less
has decreased. Mark notices that between the 1990 and 2006 census, the proportion of the Canadian population with a college
diploma, trade certificate or university degree is increasing.

Which of the following provides the poorest explanation for the trends identified in by Ron and Mark?

A) The economy now values knowledgeas much as it does other economic resources.
B) The high cost of technology is making human labour increasingly attractive as a way to keep costs down.
C) Canadians are pursuing higher levels of education as the global economy sees knowledge and expertise as valuable.
D) With the development of new industries, highly educated and skilled workers are highly sought making higher levels of
education necessary to attaining and holding a job.

Correct. Your answer=B, Correct answer=B

Explanation:

The knowledge economy refers to businesses and industries that use education, research and information technologies for practical
purposes (computer software, robotics, biotechnology) for economic benefit. These industries often offer high income positions for
educated and experienced workers who must continually upgrade their skills in order to become competitive as they work within global
networks. The global economy is transitioning to be a knowledge economy as knowledge, skills and expertise are seen to be as valuable
as other economic resources, and are considered both valuable products and assets. The knowledge economy is making higher
educational attainment both desirable and a requirement for many of the higher income positions, which is reflected in the trend seen in
Canada towards Canadian's attaining higher levels of education, and in particular post-secondary education.
6.  

Resource development agreements, such as the European Development Policy which addresses issues like climate change, soil
degradation, desertification, access to sustainable sources of energy, the management and protection of forests, water, marine
resources and biodiversity, and efforts to create sustainable production and consumption and the UN Framework Convention on
Climate Change, which is a treaty with the goal of stabilizing greenhouse gas concentrations in the atmosphere to a level that does
not dangerously interfere with the global climate. These types of agreements are agreements between countries which set the
guidelines for how resources will be used and developed.

Resource development agreements do which of the following?

A) Create a legally binding business contract between the suppliers of the resources and the retailers and/or producers who
use the resources to create a product.
B) Ensure that the environmental and sustainable management of natural resources are integrated into development
activities.
C) Facilitate the use of resources in one country by a corporation (generally a transnational) based in another country for the
mutual economic gain of both nations.
D) Assist the resource industry financially to increase the rate of extraction or discovery of new resources or resource
deposits.

Correct. Your answer=B, Correct answer=B

Explanation:

Resource development agreements are agreements between the governments of different countries (or between different levels of
government within the same country) to help ensure that resources are developed in a sustainable manner which minimized the
environmental impacts. As globalization, and particularly economic globalization expands, nations are under increased pressure develop
resources so they can remain competitive in the global market and experience economic growth in their nation or region. These pressures
can result in environmental damage and unsustainable resource development in the rush and competition to increase resource
development and manufacturing. Resource development agreements offer a positive opportunity for governments to deal with
environmental issues by ensuring that resources are developed in an environmentally aware and sustainable manner, which helps protect
the future of the industries and the economy.
 7.  

"Imagine what it would be like to drive without stop signs, traffic lights, speed limits or a police force to ensure that everyone obeys
the rules. Only the biggest and fastest would survive because they could make, break and change the rules to suit themselves. The
same can be said about international trade."

Which of the following best summarizes the opinion expressed by the quote?

A) Policies affecting economic globalization should be modeled after laissez-faire governing policies.
B) Without economic globalization, important technologies such as traffic lights would be unavailable.
C) Economic globalization requires safeguards to protect the interests of smaller players.
D) Globalization inherently provides safeguards to protect the consumer.

Correct. Your answer=C, Correct answer=C

Explanation:

The quote is making an analogy between the need for traffic laws and the need for rules surrounding world trade. It suggests that
safeguards such as traffic lights and speed limits are comparable to trade laws with regards to their importance in the protection of those
with less power. Choice A is wrong because laissez-faire governing policies support capitalism through reduced government involvement
in economic matters. The quote suggests that a governing body, such as the World Trade Organization, should ensure that rules are in
place. Choices B and D are misinterpretations of the quote -- the point being made is that without safeguards the world economy would
be as dangerous as a road without traffic laws.

8. The simplest form of global integration of the world's economies is represented by the:

A) development of the World Bank

B) sharing of information for the purpose of trading
C) establishment of the International Monetary Fund
D) import and export of goods and services

Correct. Your answer=D, Correct answer=D

Explanation:

Importing and exporting is the simplest form of economic integration. Countries become ever increasingly interdependent on each other
when they exchange goods and services. If two countries do not buy and sell from each other, then they cannot form an economic
relationship with each other.

9. Which of the following groups would be most likely to try and establish procedures to recover from a worldwide economic depression?

A) investors, private enterprise, and labour unions

B) UNICEF, the United Nations and the World Bank
C) OPEC, the North Atlantic Treaty Organization, and the European Union
D) the World Trade Organization, International Monetary Fund, and G8 countries

Correct. Your answer=D, Correct answer=D

10.  

based on the timeline shown above, which of the following statements regarding the time periods marked 'A' and 'B' is not accurate?

A) The style of economy occurring before time point A and after time point B would have been one advocated by British
economist F.A. Hayek.
B) 'A' denotes a change in economic strategy which includes more government involvement in the economy in response to
the economic turmoil culminating in the Great Depression and World War II
C) American economist Milton Friedman would have approved of the economic system implemented in the time period
between point A and point B.
D) The time periods denoted by 'A' and 'B' indicate the start and end of the use of the Bretton Woods System.

Correct. Your answer=C, Correct answer=C

Explanation:

The time period denoted 'A' marks the end of the Second World War, where a shift to more government intervention was used, as
advocated and established by the Bretton Woods System. The Bretton Woods System was a system of monetary management which
 established rules for commercial and financial relations among the world's major industrialized nations. The Bretton Woods System was
based on the concept of creating open markets between nations using the system by establishing a system to maintain international
exchange rates and to establish trade rules. The Bretton Woods System was used until 1971, the time period denoted by 'B' where high
government debt, inflation and unemployment occurred from governments investing too much of their financial resources into
expanding their economies. At this point in time, the economic principles espoused by economists Milton Friedman and F.A. Hayek were
used, which featured less government regulation and involvement in the economy, and the belief that economic prosperity and stable
economic markets would result from competition and a free price system within the marketplace, which would be possible through
increased political and economic freedom so that both producers and consumers could adapt more readily to changes in the marketplace.

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