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TCW
MOD 6-7
| Question | Answer |
|---|---|
| Specialization can address all wants and needs, hence there is no need to trade anymore. | FALSE |
| International non-government organizations are composed of charities, non-profit advocacy groups, business associations, cultural associations, etc. as their members. They are one of the actors of the global economy. | TRUE |
| Limited in physical quantity means a resource has a finite number. | True |
| The economic problem is to match limited resources to unlimited wants and needs. | TRUE |
| Migrants are not one of the actors of the global economy because of they are individual persons. Only large organizations count as actors in the global economy. | FALSE |
| Businesses are one of the actors of the global economy. | TRUE |
| The basic idea behind protectionism is that imports are encouraged with minimal tariffs, quotas, and restrictions. | FALSE |
| The basic idea behind free trade is that imports are encouraged with minimal tariffs, quotas, and restrictions. | TRUE |
| One of the disadvantages of international trade states: trade increases competition and lowers world prices, which provides benefits to consumers by raising the purchasing power of their own income, and leads a rise in consumer surplus. | FALSE |
| One of the disadvantages of international trade states: certain industries do not get a chance to grow because they face competition from more established foreign firms, such as new infant industries which may find it difficult to establish themselves. | TRUE |
| In the trade war between the US and China during the Trump administration, both countries were imposing lowered tariffs on each other’s products. | FALSE |
| One of the disadvantages of international trade states: trade can lead to over-specialization, with workers at risk of losing their jobs should world demand fall or when goods for domestic consumption can be produced more cheaply abroad. | True |
| Jobs lost through such changes cause severe structural unemployment. (continuation) | True |
| Semi-periphery countries can supply cheap labor and raw materials. But they can also produce high-value products. | TRUE |
| In the global economy, there are no countries that lack both the natural resources and the right technologies needed for participation in the international economy. | FALSE |
| The Modern World System Theory shows the economic relationship between core countries, semi-periphery countries, and periphery countries. | TRUE |
| The Modern World System does not use the concept of division of labor/value chain. | False |
| The disadvantaged party in the Modern World System are the core countries because what they are selling to other countries have lower economic value than what other countries are selling to them. | FALSE |
| In the Modern World System Theory, the relationship between the three types of countries is facilitated by the global economy through international trade. | TRUE |
| Commodity or industry-specific organizations are concerned with a specific type of commodity. Their scope only go as far as those commodities are involved. | TRUE |
| Typical examples of normal financial institutions include development funds and banks, international trade agreements, global organizations for trade, development and macroeconomic stability, etc. | FALSE |
| One of the shared goals of IFIs states: to reduce poverty in developed countries and improve people's living conditions and standards. | FALSE |
| A financial institution is a company engaged in the business of dealing with musical and artistic transactions. | FALSE |
| The Asian Development Bank is an example of development funds and banks. | TRUE |
| The Asian Development Bank is an example of a commodity or industry-specific organization. | False |
| The IMF is governed by and accountable to the 159 countries that make up its near-global membership. | FALSE |
| The three global organizations playing a major role in international economic relations are: the IMF, the World Bank, and the World Trade Organization. | TRUE |
| In the lending function of the IMF, it provides loans to member countries experiencing actual or potential balance of payment problems to help them rebuild their international reserves, stabilize their currencies, | True |
| The World Bank is not a bank in the ordinary sense but a unique partnership to reduce lack of education and support environmental protection. | FALSE |
| One of the goals of the World Bank Group which must be achieved by 2030 is: promote shared prosperity by fostering the income growth of the top 10% for every country. | FALSE |
| Protectionism benefits countries that have struggling businesses incapable of going against international competition. | TRUE |
| International government organizations are composed of charities, non-profit advocacy groups, business associations, cultural associations, etc. as their members. They are one of the actors of the global economy. | FALSE |
| The economic problem is to match unlimited resources to limited wants and needs. | FALSE |
| The economic problem is the main reason why nations trade. | TRUE |
| Resources are limited in physical quantity and use. | True |
| The global economy is all the economies of the world which we consider together as one economic system. | True |
| One of the disadvantages of international trade states: trade also breaks down domestic monopolies, which face competition from more efficient foreign firms. | True |
| Protectionism allows businesses to enter new markets outside their borders. | FALSE |
| Periphery countries are usually industrialized countries. | False |
| Core countries supply cheap labor and raw materials to periphery countries. | FALSE |
| Core countries use cheap labor and raw materials from periphery and semi-periphery countries to produce high-value finished products that they use and also sell to periphery and semi-periphery countries. | TRUE |
| In the Modern World System Theory, the relationship between the three types of countries is facilitated by the global economy through cultural globalization. | FALSE |
| The way the global economy currently operates is that it favors those countries that are in a better position to participate in international trade. | TRUE |
| The Philippines is a semi-periphery country. | TRUE |
| A simple way to describe an IFI is that it is a bank that operates at the international level that performs the function of aiding developing countries achieve social and economic development. | True |
| One of the shared goals of IFIs states: to promote regional cooperation and integration among developed countries. | FALSE |
| International trade agreements involving a few nations are concerned with the development efforts of a specific clientele. Their scope only go as far as their beneficiaries are involved. | FALSE |
| One of the goals of the World Bank Group which must be achieved by 2030 is: end extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3%. | TRUE |
| The Bank offers support to developed countries through policy advice, research and analysis, and technical assistance. | FALSE |
| Regional trade agreements cannot perform IFI functions. | FALSE |
| In the economic surveillance function of the IMF, it works with governments around the world to modernize their economic policies and institutions and train their people. This helps countries strengthen their economy, improve growth and create jobs. | FALSE |
| The World Trade Organization is an organization for trade opening. It is a forum for governments to negotiate trade agreements. It is a place for them to settle trade disputes. It operates a system of trade rules. | TRUE |
| Opportunity cost is what a person sacrifices when they choose one option over another. | True |
| International non-governmental organizations are composed of nations or governments as their members. They are one of the actors of the global economy. | FALSE |
| Businesses are the only actors of the global economy. | False |
| In protectionism, imports are discouraged through the use of high import tariffs, quotas, and/or restrictions. | True |
| Protectionism is sometimes known as trade liberalization. | FALSE |
| The advantaged party in the Modern World System are the periphery countries because what they are selling have greater economic value than what they pay for in acquiring raw materials or paying for cheap labor. | FALSE |
| In the global economy, there are countries that lack both the natural resources and the right technologies that prevent them from competing well. | TRUE |
| A value chain is where each of the different stages of production is being handled by a different country. The value of the product increases the closer it gets to becoming a finished product. | True |
| A financial institution is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange. | True |
| One of the shared goals of IFIs states: to reduce global poverty and improve people's living conditions and standards. | TRUE |
| Commodity or industry-specific organizations are IFIs that serve the entire globe. | TRUE |
| The international monetary system is the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. | True |
| One of the goals of the World Bank Group which must be achieved by 2030 is: promote shared prosperity by fostering the income growth of the bottom 40% for every country. | TRUE |
| Limited in use means a resource can be used for several purposes but not for all purposes. | TRUE |
| The economic problem is the main reason why nations stopped trading. | FALSE |
| Specialization will not address all wants and needs, but it can create tradable surplus. | TRUE |
| Businesses are the only actors of the global economy. | FALSE |
| One of the advantages of international trade states: trade also breaks down domestic monopolies, which face competition from more efficient foreign firms. | TRUE |
| Free trade benefits countries that have struggling businesses incapable of going against international competition. | FALSE |
| A value chain is where each of the different stages of production is being handled by a single country. The value of the product increases the closer it gets to becoming a finished product. | FALSE |
| In the global economy, some countries have both the right resources and the right technologies that allow them to compete well. | TRUE |
| International financial institutions (IFIs) play a major role in the social and economic development programs of nations with developing or transitional economies. This role includes advising on development projects, funding them and assisting in their im | TRUE |
| IFIs have five categories: commodity or industry-specific organizations, commissions and agencies managing shared resources, development funds and banks, international trade agreements involving a few nations, and global organizations for trade, developme | TRUE |
| International trade agreements involving a few nations are alliances between countries usually done for the purpose of trade. Their scope is usually regional. | TRUE |
| Development funds and banks are concerned with the development efforts of a specific clientele. Their scope only go as far as their beneficiaries are involved. | TRUE |
| One of the shared goals of IFIs states: to support sustainable economic, social and institutional development. | TRUE |
| International financial institutions (IFIs) play a major role in the social and economic development programs of nations with developed or industrial economies. This role includes advising on development projects, funding them and assisting in their imple | FALSE |
| One of the goals of the World Bank Group which must be achieved by 2030 is: end extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3%. | TRUE |
| The Bank offers support to developing countries through policy advice, research and analysis, and technical assistance. | TRUE |
| In the capacity development function of the IMF, it works with governments around the world to modernize their economic policies and institutions and train their people. This helps countries strengthen their economy, improve growth and create jobs. | TRUE |
| The IMF's primary purpose is to ensure the stability of the international monetary system. | TRUE |
| Limited in use means a resource has a finite number. | FALSE |
| Surplus is lost through specialization because production becomes less efficient and less effective when you specialize in it. | False |
| Migrants are one of the actors of the global economy because of their remittances. | TRUE |
| Resources are unlimited in physical quantity and use. | FALSE |
| Tariffs are taxes or additional fees deducted from a product’s selling price. | FALSE |
| Periphery countries use cheap labor and raw materials from core and semi-periphery countries to produce high-value finished products that they use and also sell to periphery and semi-periphery countries. | FALSE |
| The Modern World System is characterized by the existence of a division of labor otherwise known as the value chain. | TRUE |
| Periphery countries supply cheap labor and raw materials to core countries. | TRUE |
| Global organizations for trade, development, and macroeconomic stability are IFIs that serve the entire globe. | TRUE |
| Typical examples of normal financial institutions include banks, credit unions, investment companies, brokerage firms, insurance companies, etc. | TRUE |
| International trade agreements involving a few nations are concerned with the development efforts of a specific clientele. Their scope only go as far as their beneficiaries are involved. | FALSE |
| Managing the economic problem involves a series of economic choices that must lead to the least damaging opportunity costs. | True |
| The World Bank is an organization for trade opening. It is a forum for governments to negotiate trade agreements. It is a place for them to settle trade disputes. It operates a system of trade rules. | FALSE |
| Paul Samuelson’s approach to address the economic problem is by addressing three questions: what to produce, why to produce, and when to produce. | FALSE |
| Protectionism benefits countries that have businesses capable of competing at the international level. | FALSE |
| The Philippines is a periphery country. | True |
| Semi-periphery countries cannot supply cheap labor and raw materials. But they can produce high-value products like core countries. | False |
| In the global economy, all countries have the right technologies which allows them to use what resources are available to them to specialize in something that has demand. | False |
| One of the shared goals of IFIs states: to promote regional cooperation and integration. | True |
| One of the shared goals of IFIs states: to support sustainable political, cultural and environmental development. | FALSE |
| IFIs have four categories: commodity or industry-specific organizations, development funds and banks, international trade agreements involving a few nations, and global organizations for trade, development, and macroeconomic stability. | FALSE |
| Global organizations for trade, development, and macroeconomic stability are alliances between countries usually done for the purpose of trade. Their scope is usually regional. | False |
| The IMF's primary purpose is to ensure the stability of the international trading system. | False |
| The global economy is all the economies of developed countries which we consider together as one economic system. | FALSE |
| Free trade allows businesses to enter new markets outside their borders. | TRUE |
| In free trade, imports are discouraged through the use of high import tariffs, quotas, and/or restrictions. | FALSE |
| The Modern World System Theory shows the cultural relationship between core countries, semi-periphery countries, and periphery countries. | FALSE |
| Commissions and agencies managing shared resources are concerned with a specific shared resource. Their scope only go as far as that shared resource is involved. | TRUE |
| OPEC is an example of a commodity or industry-specific organization. | TRUE |
| The World Bank provides low-interest loans, zero to low-interest credits, and grants to developed countries. | FALSE |
| Limited in physical quantity means a resource can be used for several purposes but not for all purposes. | FALSE |
| In the global economy, all countries have both the right resources and the right technologies which allows them to compete well in the international market. | FALSE |
| The international monetary system is the system of exchange rates and international payments that enables countries (and their citizens) to transact within their own locality only. | FALSE |
| One of the goals of the World Bank Group which must be achieved by 2030 is: end extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 20%. | FALSE |
| The three global organizations playing a major role in international economic relations are: the IMF, the World Bank, and the ASEAN. | FALSE |
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