Chapter 3: Mini Quiz Flashcards Preview

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Flashcards in Chapter 3: Mini Quiz Deck (15)
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1
Q

What is Economic globalization?

A

The spread of trade, transportation, and communication systems around the world in the or promoting worldwide commerce

2
Q

What is an example of economic globalization?

A

The oil and gas pipelines and large tankers that carry oil products from Canada to markets around the world.

3
Q

What are reparations?

A

The act of making amends for wrong doings. May include payments by a defeated enemy to countries whose territory was damaged by war

4
Q

What is an example of reparations?

A

Germany was ordered to make payments to Britain, France, and Russia after world war 1. They also had to give up their colonies

5
Q

What is communism?

A

An economic and political system whose purpose was to eliminate class disticntions

6
Q

What was the world first communist state?

A

The Soviet Union

7
Q

How did communism work in the USSR?

A

Land and property belonged to everyone and eveyone worked for the benefit of all

8
Q

What is economic depression?

A

A period of low economic activity , accomonied by low levels of employment

9
Q

What is an example of economic depression?

A

The great depression of 1929

10
Q

What was the purpose of the Bretton wood conference?

A

To try to find a way to prevent another economic turmoil that could lead to another world war

11
Q

What two organizations were mapped out of the Bretton Woods conference?

A

-The World Bank
-The International Monetary fund
They were to help expand international trade

12
Q

What agreement was established at the Bretton Woods conference?

A

The General Agreement on Trade and Tariffs. To gradully eliminate tarrifs and other trade barriers

13
Q

What emerged from GATT?

A

The world trade organization that helped to regulates

14
Q

What did John Maynard Keynes say about the role of government in the economy?

A

When economic depression happens the government should set up programs and hire the unemployed to ensure that people had money to spend

15
Q

What did Friedrich Hayek say about the rold of government in the economy?

A

A government should protect market by ensuring its rules do not interfere with competition between bussiness