Exam 1: Globalization

"Beggar thy neighbor" retaliatory trade policies involved countries progressively lowering trade barriers against each other,which contributed to the Great Depression of the 1930s.

The Uruguay Round,finalized in December 1993,reduced protection for patents,trademarks,and copyrights.

The ______ is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by member states.

In 2008 and 2009,the GATT became the forum though which major nations attempted to launch a coordinated policy response to the global financial crisis,which started in America.

Containerization allows:

The globalization of markets and production and the resulting growth of world trade,foreign direct investment,and imports all imply that firms are finding their home markets protected from foreign competitors.

Throughout the 1990s,the amount of foreign direct investment directed at both developed and developing nations increased dramatically.This trend reflects:

In the early 1960s,the United States was by far the world's dominant industrial power.However by 2009,it lost its dominant position and now,is no longer the world's largest industrial power.

Non-U.S.firms increasingly began to invest across national borders because they wanted to disperse production activities to optimal locations and to build a direct presence in major foreign markets.

What is the total cumulative value of foreign investments best referred to as?

The expansion of world trade implies that nations are becoming less dependent on each other for important goods and services.

The World Trade Organization has estimated that the developed nations of the world can raise global economic welfare by $128 billion by:

Which of the following is NOT a consequence of the reduction in trade barriers and restrictions on FDI since 1950?

A U.S.Investment firm,Fin-Smart,set up a customer service call center in India to take advantage of the lower labor costs.This is called _____.

A number of econometric studies have found consistent evidence of a hump-shaped relationship between income levels and pollution levels.According to this,as an economy grows and income levels rise:

_____ have/has the most to gain from reductions in agricultural tariffs and subsidies that are a part of the Doha agenda.

A study published in 2011 by the OECD noted that:

Innovations in transportation have had a major impact on global trade.Consider one of these innovations: containerization.Why is this innovation so significant?

The General Agreement on Tariffs and Trade (GATT)was responsible for _____.

The financial crisis in the U.S.in 2009 was triggered by _____.