Intb History Of Globalization
Quiz for History of Globaliztaion
Questions and Answers
- 1.
Name for late19th century, coined by Mark Twain: _______ Age
- A.
Old
- B.
Golden
- C.
Gilded
- D.
Ice
Correct Answer
C. GildedExplanation
The correct answer is "Gilded". This term refers to the late 19th century, a period characterized by superficial wealth and prosperity that masked underlying social issues and inequalities. Coined by Mark Twain, "Gilded Age" represents the illusion of gold covering the problems of the era, such as corruption, poverty, and social unrest. This term highlights the stark contrast between the outward appearance of opulence and the reality of societal challenges during that time.Rate this question:
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- 2.
Income and price collapse
- A.
Debt deflation
- B.
Debt inflation
- C.
Red line
- D.
Cross timber
Correct Answer
A. Debt deflationExplanation
Debt deflation refers to a situation where a decrease in prices leads to an increase in the real burden of debt. When there is a collapse in income and prices, it can result in a decrease in the value of assets, including housing and investments, and a rise in the value of debt. This can lead to a downward spiral, as individuals and businesses struggle to repay their debts, causing further economic contraction and deflation. Therefore, debt deflation is the most appropriate term to describe the scenario of income and price collapse.Rate this question:
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- 3.
U.S. agricultural loans to foreign countries
- A.
GY876
- B.
PL870
- C.
PL480
- D.
HL901
Correct Answer
C. PL480Explanation
PL480 refers to Public Law 480, also known as the Agricultural Trade Development and Assistance Act of 1954. This law authorized the United States to provide agricultural loans and other forms of assistance to foreign countries. These loans were aimed at promoting agricultural development and reducing hunger and poverty in recipient countries. PL480 played a significant role in U.S. foreign aid and agricultural diplomacy, helping to strengthen global food security and economic stability.Rate this question:
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- 4.
Cross of Gold speech
- A.
Bryan
- B.
Anderson
- C.
Keyens
- D.
Smith
Correct Answer
A. BryanExplanation
The correct answer is Bryan. The Cross of Gold speech is a famous speech delivered by William Jennings Bryan in 1896. In this speech, Bryan advocated for the use of silver as a standard for currency, arguing that it would benefit farmers and workers who were struggling during the economic depression of the time. The speech is considered one of the most important in American political history and helped Bryan secure the Democratic Party's nomination for president that year.Rate this question:
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- 5.
Oil trader and founder of Shell T&T
- A.
Johnson
- B.
Samuel
- C.
Anderson
- D.
Keyens
Correct Answer
B. Samuel -
- 6.
Gold standard regulatory process
- A.
Price regulatory flow
- B.
Price Specie Flow
- C.
Slow trade flow
- D.
Price negotiated flow
Correct Answer
B. Price Specie FlowExplanation
The Price Specie Flow refers to the economic theory that states that an inflow or outflow of gold or silver will affect the balance of trade between countries. According to this theory, if a country has a trade surplus, it will receive more gold or silver, leading to an increase in the money supply and inflation. This will then cause prices to rise, making the country's exports more expensive and imports cheaper, ultimately reducing the trade surplus. Conversely, a trade deficit will result in an outflow of gold or silver, leading to a decrease in the money supply and deflation. This theory was influential during the era of the gold standard when currencies were directly linked to gold or silver.Rate this question:
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- 7.
Postulated that trade is not a zero-sum game
- A.
Carter
- B.
Samuel
- C.
Keyens
- D.
Smith
Correct Answer
D. SmithExplanation
The statement "Postulated that trade is not a zero-sum game" refers to the concept that trade can be mutually beneficial for all parties involved and does not result in one party gaining at the expense of another. This idea was postulated by Adam Smith, an influential economist and philosopher known for his work on free markets and the concept of the invisible hand. Smith argued that through specialization and voluntary exchange, trade can lead to increased wealth and prosperity for all participants.Rate this question:
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- 8.
Evidence of market integration: price
- A.
Portfolio
- B.
Price stability
- C.
Disturibution
- D.
Convergence
Correct Answer
D. ConvergenceExplanation
Convergence refers to the process of different markets or prices coming together or becoming similar over time. In the context of evidence of market integration, convergence can indicate that markets are becoming more integrated and interconnected. It suggests that prices in different markets are moving towards a common level, indicating a greater level of market efficiency and integration. This can be seen as evidence of a well-functioning and connected market system.Rate this question:
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- 9.
Keynesian federal reserve chairman, 1930s
- A.
John
- B.
Robert
- C.
Vecelius
- D.
Eccles
Correct Answer
D. Eccles -
- 10.
Plan for the post-WWII reconstruction of Western Europe
- A.
Marchall
- B.
Navy
- C.
Army
- D.
Comand
Correct Answer
A. MarchallExplanation
The correct answer is "Marchall" which is likely a misspelling of "Marshall". The Marshall Plan was a post-World War II initiative proposed by Secretary of State George C. Marshall. It aimed to provide financial aid to Western European countries to help them rebuild their economies and infrastructure. The plan was successful in fostering economic recovery and stability in the region, and it played a crucial role in preventing the spread of communism.Rate this question:
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- 11.
Theoriest of industrial protection
- A.
Jayhawk list
- B.
Fredich list
- C.
Smiths list
- D.
Shindler list
Correct Answer
B. Fredich list -
- 12.
Bank created at Bretton Woods (abbr.) for short-term lending
- A.
AMF
- B.
LMF
- C.
IMF
- D.
YTF
Correct Answer
C. IMFExplanation
The correct answer is IMF, which stands for International Monetary Fund. The IMF was created at the Bretton Woods Conference in 1944 with the goal of promoting global economic stability and providing short-term financial assistance to member countries facing balance of payments problems. It serves as a forum for cooperation on monetary issues and provides loans to countries in need, helping them to stabilize their economies and promote sustainable growth.Rate this question:
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- 13.
The "major" oil companies
- A.
Big Three
- B.
Amzaing 4
- C.
Portfolio
- D.
Seven Sisters
Correct Answer
D. Seven SistersExplanation
The correct answer is "Seven Sisters." The term "Seven Sisters" refers to a group of seven major multinational oil companies that dominated the global petroleum industry from the mid-1940s until the 1970s. These companies were Exxon, Shell, BP, Chevron, Gulf Oil, Texaco, and Mobil. They were called the Seven Sisters due to their significant influence and control over the oil market, including exploration, production, refining, and distribution. The term is no longer commonly used today, as the industry has undergone significant changes and consolidation.Rate this question:
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- 14.
World-famous aviator and American isolationist
- A.
Smith
- B.
John
- C.
Lindbergh
- D.
Hindbergh
Correct Answer
C. LindberghExplanation
Lindbergh is the correct answer because he is a world-famous aviator and American isolationist. He gained international fame for completing the first solo nonstop flight across the Atlantic Ocean in 1927. Lindbergh's isolationist views were evident in his opposition to American involvement in World War II and his support for the America First Committee. He was a prominent figure in American aviation history and his achievements as a pilot, along with his political beliefs, make him the most suitable answer in this context.Rate this question:
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- 15.
Chief U.S. negotiator at Bretton Woods
- A.
Smith
- B.
Lindbergh
- C.
Bryan
- D.
White
Correct Answer
D. WhiteExplanation
The correct answer is White. The question is asking for the Chief U.S. negotiator at Bretton Woods. Among the options given, White is the only one who is associated with the Bretton Woods conference. The Bretton Woods conference was held in 1944 and aimed to establish a new international monetary system after World War II. Harry Dexter White, an American economist, played a significant role as the Chief U.S. negotiator at the conference. Therefore, White is the correct answer.Rate this question:
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- 16.
Engineered and built the Suez Canal
- A.
Ecceles
- B.
Lindbergh
- C.
Dellesseps
- D.
Bryan
Correct Answer
C. Dellesseps -
- 17.
Relationship between imports and exports
- A.
Soft Trade
- B.
Hard Trade
- C.
Long Trade
- D.
Free Trade
Correct Answer
A. Soft TradeExplanation
Soft trade refers to the relationship between imports and exports that involves the exchange of intangible goods and services, such as intellectual property, software, and digital products. Unlike physical goods, soft trade does not require transportation or storage, making it more cost-effective and efficient. This type of trade is often associated with the digital economy and the increasing importance of technology and knowledge-based industries in global trade. Soft trade allows countries to leverage their intellectual assets and expertise, contributing to economic growth and innovation.Rate this question:
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- 18.
Tariffs on grains repealed in 1848
- A.
Crow laws
- B.
Tarrif laws
- C.
Corn laws
- D.
Tax laws
Correct Answer
C. Corn lawsExplanation
The Corn Laws were repealed in 1848. These laws were a series of tariffs and trade restrictions on imported grain, particularly corn, in the United Kingdom. The laws were initially implemented to protect domestic farmers and ensure food security. However, they led to higher food prices and were strongly opposed by industrialists and consumers. The repeal of the Corn Laws in 1848 marked a significant shift towards free trade policies and had a major impact on the British economy.Rate this question:
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- 19.
Post WWII global crisis is
Correct Answer
Dollar GapExplanation
The term "Dollar Gap" refers to the economic crisis that emerged after World War II, characterized by the imbalance in international trade and the shortage of US dollars in foreign countries. The United States was the dominant economic power at the time, and its currency, the US dollar, became the global reserve currency. However, due to the massive war expenditures and the Marshall Plan, the US faced a shortage of dollars for international trade. This led to a crisis as countries struggled to obtain enough dollars to finance their imports, resulting in economic instability and the need for international financial institutions to address the issue.Rate this question:
- 20.
Costs of business placed on outside actors
Correct Answer
ExternalityExplanation
An externality refers to the costs or benefits incurred by individuals or groups that are not directly involved in a transaction or activity. In this case, the correct answer "externality" suggests that the costs of business are being imposed on outside actors who are not directly involved in the business. This means that the business is causing negative effects or costs to individuals or the environment that are not accounted for in its own operations.Rate this question:
- 21.
Founder of Standard Oil Trust
- A.
Smith
- B.
Rockefeller
- C.
Delleseps
- D.
Eccless
Correct Answer
B. RockefellerExplanation
Rockefeller is the correct answer because he was the founder of Standard Oil Trust. John D. Rockefeller, an American business magnate, established the Standard Oil Company in 1870, which eventually became the largest oil refinery company in the world. He played a significant role in the development of the oil industry and his business practices led to the creation of the Standard Oil Trust, which controlled a vast majority of the oil industry in the late 19th century. Rockefeller's success and wealth made him one of the richest individuals in history.Rate this question:
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- 22.
East Texas oilfield
Correct Answer
Black Giant
Giant - 23.
Promoter of first undersea telegraph line across Atlantic Ocean
Correct Answer
FieldExplanation
Field is the correct answer because he was the promoter of the first undersea telegraph line across the Atlantic Ocean. This suggests that Field played a significant role in the establishment and development of communication infrastructure between Europe and North America.Rate this question:
- 24.
Granted corporations status as legal persons in US: _____________
Correct Answer
Fourteen
14Explanation
The number "Fourteen" and the numerical representation "14" both refer to the same quantity. The question is asking for the number of something that granted corporations status as legal persons in the US. Therefore, the correct answer is "Fourteen" or "14".Rate this question:
- 25.
Tax break for U.S. oil production and sales: ____________ allowance
- A.
Depletion
- B.
Inflation
- C.
Deflation
- D.
Deflated
Correct Answer
A. DepletionExplanation
The correct answer is "Depletion" because it refers to the reduction or exhaustion of a natural resource, such as oil, through production and sales. A tax break for U.S. oil production and sales would likely be in the form of a depletion allowance, which allows oil producers to deduct a percentage of their gross income to account for the depletion of oil reserves. This incentivizes domestic oil production and helps offset the costs associated with extracting finite resources.Rate this question:
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- 26.
United Western Europe behind a common external tariff (abbr.)
- A.
IMF
- B.
EEC
- C.
MFN
- D.
JBL
Correct Answer
B. EECExplanation
The correct answer is EEC, which stands for European Economic Community. The EEC was an organization formed in 1957 with the goal of promoting economic integration among its member countries in Western Europe. One of the key measures taken by the EEC was the establishment of a common external tariff, which meant that member countries would apply the same customs duties on goods imported from outside the community. This helped to create a unified market and promote trade among member countries.Rate this question:
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- 27.
German chemical company
Correct Answer
Igfarben
Igfar - 28.
Competitive currency devaluations in 1930s: _____________ neighbor
- A.
Beggar Thy
- B.
Begging
- C.
Steal
- D.
Lie
Correct Answer
A. Beggar ThyExplanation
During the 1930s, many countries engaged in competitive currency devaluations as a response to the Great Depression. This policy, known as "Beggar Thy Neighbor," involved deliberately lowering the value of a country's currency to make their exports cheaper and more competitive. By doing so, they aimed to boost their own economy at the expense of other countries. This practice led to a vicious cycle of devaluations and trade barriers, worsening the global economic downturn. Therefore, the correct answer is "Beggar Thy Neighbor."Rate this question:
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- 29.
Articulated the theory of comparative advantage
- A.
Ricardo
- B.
Bryan
- C.
Smith
- D.
Acheson
Correct Answer
A. RicardoExplanation
Ricardo is the correct answer because he is the economist who articulated the theory of comparative advantage. This theory states that countries should specialize in producing goods and services in which they have a lower opportunity cost, and then trade with other countries to maximize overall productivity and efficiency. Ricardo's theory revolutionized international trade and has had a significant impact on economic policies and globalization.Rate this question:
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- 30.
Internationalist secretary of state, 1930s
Correct Answer
HullExplanation
Hull is the correct answer because he served as the Secretary of State in the 1930s and was known for his internationalist views. He played a key role in shaping US foreign policy during this time, particularly in promoting trade and diplomacy. Hull was a strong advocate for international cooperation and was instrumental in the creation of the United Nations. His efforts helped to establish the framework for post-World War II international relations.Rate this question:
- 31.
Architect of U.S. Cold War strategy
- A.
Patterson
- B.
Acheson
- C.
Kennedy
- D.
John
Correct Answer
B. AchesonExplanation
Acheson is the correct answer because he played a significant role in shaping U.S. Cold War strategy as the Secretary of State under President Harry Truman. He was a key architect of the policy of containment, which aimed to prevent the spread of communism. Acheson was involved in important decisions such as the Truman Doctrine and the Marshall Plan, which helped to rebuild Europe after World War II and counter Soviet influence. His contributions to U.S. foreign policy during the Cold War make him the most fitting choice as the architect of U.S. Cold War strategy.Rate this question:
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- 32.
English economist critical of gold standard
- A.
Keynes
- B.
Smith
- C.
Brolin
- D.
Lindbergh
Correct Answer
A. KeynesExplanation
Keynes is the correct answer because he was an English economist who was critical of the gold standard. He believed that the gold standard constrained economic growth and advocated for government intervention and monetary policies to stimulate the economy during times of recession. His ideas were influential in shaping modern macroeconomic theory and policy.Rate this question:
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- 33.
Conference to establish new global financial arrangements is
Correct Answer
BrettonwoodsExplanation
The correct answer is Brettonwoods because the Bretton Woods Conference, held in 1944, aimed to establish a new global financial system after World War II. During this conference, representatives from 44 countries negotiated and agreed upon the creation of the International Monetary Fund (IMF) and the World Bank. These institutions were designed to promote international monetary cooperation, stabilize currency exchange rates, and provide financial assistance to countries in need. The Bretton Woods system remained in place until the early 1970s when it collapsed due to various economic factors.Rate this question:
- 34.
Shareholding innovation: ________ liability
- A.
Full
- B.
Semi
- C.
High
- D.
Limited
Correct Answer
D. LimitedExplanation
The correct answer is "Limited". In the context of shareholding innovation, limited liability refers to the legal protection provided to shareholders, where their personal assets are not at risk beyond the amount they have invested in the company. This means that if the company incurs debts or legal liabilities, the shareholders will not be personally responsible for covering those obligations. This concept encourages investment and entrepreneurial activity by mitigating the financial risks associated with owning shares in a company.Rate this question:
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- 35.
GATT trade round of mid-1960s
- A.
Kennedy
- B.
Smith
- C.
Acheson
- D.
Lindbergh
Correct Answer
A. KennedyExplanation
Kennedy is the correct answer because he was the President of the United States during the mid-1960s when the GATT trade round took place. The GATT trade round refers to negotiations and discussions among member countries of the General Agreement on Tariffs and Trade (GATT) to reduce trade barriers and promote international trade. Kennedy's presidency saw significant developments in international trade, including the Kennedy Round of GATT negotiations, which aimed to further liberalize global trade. Therefore, Kennedy is the most relevant and logical choice among the given options.Rate this question:
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- 36.
Powerful chairman of Standard Oil of New Jersey
- A.
Seagle
- B.
Teagle
- C.
Beagle
- D.
Smiggle
Correct Answer
B. TeagleExplanation
The correct answer is "teagle." This is because the question is asking for the powerful chairman of Standard Oil of New Jersey, and the name "teagle" is the closest option that matches the context. The other options, Seagle, Beagle, and Smiggle, do not have any relevance to the given question.Rate this question:
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- 37.
Principle of multilateral trade (abbr.)
Correct Answer
MFNExplanation
MFN stands for Most Favored Nation, which is a principle of multilateral trade. According to this principle, a country must extend its lowest tariffs and trade barriers to all other countries that are part of the World Trade Organization (WTO). In other words, a country cannot discriminate between its trading partners and must treat all WTO members equally. This principle promotes fairness and non-discrimination in international trade, allowing countries to benefit from a more open and predictable trading system.Rate this question:
- 38.
Trade theory that explained patterns of export specialization
- A.
Brolin
- B.
Heck sher olin
- C.
Couslin
- D.
Bowlin
Correct Answer
B. Heck sher olinExplanation
The correct answer is "Heck sher olin". This answer is most likely referring to the Hecksher-Ohlin theory, which is an economic theory that explains patterns of export specialization. The theory states that countries will specialize in producing and exporting goods that require inputs that are abundant in their country. This theory helps to explain why certain countries specialize in the production of certain goods and why trade occurs between countries with different resource endowments.Rate this question:
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- 39.
Most powerful international banker of late 19th century
- A.
Rothschild
- B.
Rockefeller
- C.
Smith
- D.
Lindbergh
Correct Answer
A. RothschildExplanation
Rothschild is the correct answer because during the late 19th century, the Rothschild family was considered one of the most powerful international bankers. They had established a vast banking empire across Europe and were known for their influence and control over financial markets. Their wealth and connections allowed them to exert significant influence in politics and business, making them a dominant force in the banking industry during that time period.Rate this question:
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- 40.
Investments in stocks and bonds
- A.
Shareholders
- B.
Spenders
- C.
Porfolio
- D.
Creditebility
Correct Answer
C. PorfolioExplanation
A portfolio refers to a collection of investments such as stocks and bonds held by an individual or organization. It is a way to diversify investments and manage risk. By having a portfolio, shareholders can have a mix of different types of investments to potentially earn returns. It is important for individuals or organizations to have a portfolio to showcase their credibility and expertise in managing investments.Rate this question:
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- 41.
Currency exchange
Correct Answer
convertibilityExplanation
Convertibility refers to the ability of a currency to be exchanged for another currency or gold without any restrictions or limitations. It means that the currency can be freely converted into other currencies, allowing for easy transactions and international trade. Convertibility is an important aspect of currency exchange as it promotes economic stability, facilitates foreign investment, and encourages international trade.Rate this question:
- 42.
Club of richest nations
Correct Answer
OECDExplanation
The OECD, which stands for the Organisation for Economic Co-operation and Development, is a club of the richest nations in the world. It is an international organization that promotes economic growth, trade, and development among its member countries. The OECD provides a platform for these nations to discuss and coordinate policies on various economic and social issues. Its membership includes countries from North America, Europe, and the Asia-Pacific region. Overall, the OECD plays a crucial role in shaping global economic policies and fostering cooperation among the world's wealthiest nations.Rate this question:
- 43.
Forum for international trade negotiations
Correct Answer
GATTExplanation
The General Agreement on Tariffs and Trade (GATT) was a forum for international trade negotiations. It was established in 1947 with the goal of reducing trade barriers and promoting global economic cooperation. GATT provided a platform for countries to negotiate and discuss trade policies, tariffs, and other barriers to trade. It played a crucial role in facilitating the growth of international trade and establishing rules for fair trade practices among member countries. GATT eventually evolved into the World Trade Organization (WTO) in 1995.Rate this question:
- 44.
Austrian bank that failed in 1931
- A.
Mutual King
- B.
Bank of Austria
- C.
Credit Anstall
- D.
Cross road
Correct Answer
C. Credit AnstallExplanation
Credit Anstalt is the correct answer because it was an Austrian bank that indeed failed in 1931. The bank's collapse had a significant impact on the global financial system and is considered one of the major events that contributed to the Great Depression. The failure of Credit Anstalt led to a wave of bank runs and financial instability in Austria and other countries, exacerbating the economic crisis of the time.Rate this question:
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- 45.
1928 agreement on Middle East oil supply
- A.
Deflation
- B.
Red line
- C.
Cross timber
- D.
Convergence
Correct Answer
B. Red lineExplanation
The term "red line" refers to a predetermined limit or boundary that should not be crossed. In the context of the 1928 agreement on Middle East oil supply, it could be interpreted as a reference to a specific condition or restriction that was established to regulate the distribution or use of oil resources. This term might have been used to denote a point beyond which certain actions or behaviors would be considered unacceptable or prohibited.Rate this question:
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- 46.
Labor used in building Suez Canal
Correct Answer
CorveeExplanation
Corvee is the correct answer because it refers to the system of forced labor that was used in the construction of the Suez Canal. The laborers were required to work without pay as a form of taxation or obligation to the state. This system was commonly used during the 19th century for large infrastructure projects, such as canals, roads, and bridges. The Suez Canal, a significant engineering feat connecting the Mediterranean Sea to the Red Sea, relied heavily on corvee labor to complete its construction.Rate this question:
- 47.
Russian (Caspian Sea) oil field
Correct Answer
BakuExplanation
Baku is the correct answer because it is a major city located on the Caspian Sea and is known for its oil industry. The Russian (Caspian Sea) oil field is likely referring to an oil field located in or near Baku, making it the most logical choice for the answer.Rate this question:
- 48.
Vision for post-WWI world order: ______________ internationalism
Correct Answer
WilsonianExplanation
The correct answer is "Wilsonian." This refers to the vision and ideology of President Woodrow Wilson, who played a significant role in shaping the post-World War I world order. Wilsonian internationalism emphasized the establishment of a new world order based on principles such as self-determination, democracy, free trade, and collective security. Wilson advocated for the creation of the League of Nations, an international organization aimed at promoting peace and preventing future conflicts. His vision sought to create a more interconnected and cooperative global community, with a focus on diplomacy and multilateralism.Rate this question:
- 49.
A course of 1920s international economic imbalances: German ____________
Correct Answer
reparationExplanation
During the 1920s, there were significant economic imbalances in the international arena. One of the key factors contributing to these imbalances was the issue of German reparations. After World War I, Germany was required to pay reparations to the victorious Allied powers as part of the Treaty of Versailles. These reparations were meant to compensate for the damages caused during the war. However, the burden of these payments placed a heavy strain on the German economy, leading to inflation and economic instability. This imbalance in reparations had far-reaching consequences and played a crucial role in shaping the economic landscape of the 1920s.Rate this question:
- 50.
Giant Texas oil filed discovered in 1901
- A.
Spin MAster
- B.
Spindletop
- C.
Swing gogo
- D.
Bada wada
Correct Answer
B. SpindletopExplanation
Spindletop is the correct answer because it was a significant oil discovery in Texas in 1901. Located near Beaumont, Spindletop was the first major oil field in the state and marked the beginning of the Texas oil industry. The discovery led to a boom in oil production and attracted many oil companies to the region. Spindletop's success and the subsequent growth of the oil industry in Texas had a profound impact on the state's economy and solidified its position as a leading oil-producing region.Rate this question:
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