Contemporary World Forces Exam #2 - Quiz 6 (Weck)

What is the New International Economic Order (NIEO)?

A reform program designed to comprehensively restructure global economic relationships

Which of the following factors has slowed down Japan's economic recovery in the new millennium?

All of these (Japan's debt has accelerated, significant increases in government spending have failed to result in an appreciable expansion of activity, extensive damage and lingering disruption as a result of the massive earthquake and tsunami in March 2011)

Which of the following countries served as a hegemon as the world's financial center and strong colonial power throughout the 19th century?

Britain

The Bretton Woods system _.

Consisted of three international organizations, including the International Monetary Fund, World Bank, and the General Agreement on Tariffs and Trade

Comparative advantage is the idea that _.

Countries should produce and export those goods they can produce at a lower cost than others and import those items that others produce at a lower cost

What Chinese leader introduced the idea of "socialism with Chinese characteristics" in the 1970s?

Deng Xiaoping

What sociologist first proposed the theory of unequal economic relationships between the countries of the core and the countries of the periphery called "modern world systems"?

Immanuel Wallerstein

The organization, established in 1944, that oversees the world's financial system and function as its central bank is the _.

International Monetary Fund (IMF)

All of the following are considered to be institutions established as part of the Bretton Woods system except for _.

International Trade Organization (ITO)

The economic approach that promotes the aggressive pursuit of export outlets and the simultaneous protection of domestic markets to acquire and expand national wealth and power is better known as _.

Mercantilism

All of the following countries are considered founding members of the Organization of Petroleum Exporting Countries (OPEC) except for _.

Qatar

Which of the following are the two basic principles that guide trade policies under the General Agreement on Tariffs and Trade?

Reciprocity and nondiscrimination

What was the most important trading company of the 17th century, which controlled the all-important spice trade?

The Dutch East India Company

All of the following statements regarding the Marshall Plan are true except?

The Soviet Union participated in the program in order to assert their interests

Which of the following countries was not an original member of the European Economic Community, established in 1957?

The United Kingdom

Neoliberalism refers to _.

The economic principles that promote free market capitalism and closely reflect the ideals of contemporary globalization

What is dependency theory?

The view that the development of countries in the Global South is limited by the unfavorable terms through which they have been integrated into the global capitalist economy

Why is World War I considered an important turning point in the evolution of the global economy?

The war marked the beginning of the end of European colonial empires and Britain's dominant role in the global economic system and heavy European war debts and German reparation requirements slow the pace of economic recovery

What 1992 treaty promoted broader cooperation and extended the process of European integration through the creation of the European Union?

Treaty of Maastricht

What international organization was established in 1995 to develop and oversee regulations guiding global trade?

World Trade Organization (WTO)