1.The globalization process in the last 3 decades has been _____.
A. primarily a cultural process.
B. merely an economic process.
C. largely a political process.
D. a multidimensional process.
2. One of the most important institutions of globalization has been the World Trade Organization (WTO). This organization evolved from its predecessor _____.
A. the North American Free Trade Agreement
B. the General Agreement on Tariffs and Trade
C. the World Bank
D. the International Monetary Fund
3. Which of the following economic sectors are covered by both the GATT and the WTO?
A. Agriculture
B. Manufacturing
C. Finance
D. Entertainment
4. WTO's GATS protocol (or agreement) made the trade in _____ sector possible.
A. the manufacturing
B. the agricultural
C. services
D. military
5. Institutions of globalization such as the World Trade Organization has a strong tendency to replace _____ with _____.
A. social contract::economic contract
B. political contract::social contract
C. political systems::economic systems
D. legal systems::political systems
6. Globalization has changed the power relations among countries. One example of this change is that _____.
A. Workers in manufacturing sectors have gained more leverage over wages.
B. Religious communities have increased their power in international politics.
C. the state (as in Nation-State) has lost power in domestic policy-making.
D. Developing countries have less bargaining power in global trade.
7. In his attempt to situate contemporary globalization in a historical perspective, Sen (2002) argues that _____.
A. Globalization has been happening since early human civilizations.
B. Globalization is not merely an economic process.
C. Globalization has not been one-directional (ex. from the West to the East).
D. All of the above.
8. Which of the following most accurately represents Sen's (2002) diagnosis of globalization?
A. Globalization has enabled the rich to get richer but made the poor poorer.
B. Globalization has benefited the poor more than the rich.
C. Globalization has not given the poor its fair share of benefit.
D. Globalization has created a leveled filed that offers equal opportunities for everybody.
9. Service sectors _____, compared with manufacturing.
A. pay higher wages
B. pay lower wages
C. have a polarized wage structure.
D. sustain a larger middle class.
10. According to the United Nations World Population Prospects Report 2017, which of the following is NOT a trend of the world population processes?
A. Population increase happens mostly in rich countries.
B. World population is still increasing, but the rate of increase is slowing down.
C. Fertility is falling.
D. Life expectancy has been increasing, contributing to world population increase.
Answers
Answers are as follows :-
1. (d) a multidimensional process
Globalization over the last thirty years have altered our standard of living as well as your cultural aspects in various ways. The advent of jeans and junk food from the West is a prominent example of the far and wide reach of Globalization.
2. (c) the General Agreement on Tariffs and Trade
WTO came into being in the year 1995, as the successor to the General Agreement on Tariffs and Trade (GATT) which emerged during the Second World War.
3. (c) Finance
The GATT and the WTO cover the Finance sector. The GATT and the WTO mete out laws and notifications in order to tackle various international economic and financial concerns.
4. (c) Services
The General Agreement on Trade in Services (GATS) is a treaty, formulated by the WTO) in January 1995, following the Uruguay Round negotiations. The GATS came into being in order to extend the multilateral trading system to the service sector, following the footsteps of GATT.
5. (a) social contract::economic contract
The WTO emerged as an international institution that will play an important role by establishing diplomatic relationships among nations across the world, as well as standing as an impartial diplomatic organisation which will focus on the economic betterment of the people as a whole.
6. (a) Workers in manufacturing sectors have gained more leverage over wages.
Indeed. With the advent of Globalization, the plight of the economically backward people has occupied the centre-stage of International Relations. Workers of the manufacturing sector are the biggest components of the global economy, and it is imperative for all countries to recognise the same.
7. (d) All of the above
Sen had stated that, from the historical perspective, Globalization is a phenomenon that has transcended both time and technology. Also, as mentioned above, globalization is a multi-faceted concept which has affected society, politics, culture, economy and so on alike. Finally, globalization did not emerge from the West. Countries like Japan embraced the concept of progress, which welcomed globalization in their atmosphere of rich culture.
8. (a) Globalization has enabled the rich to get richer but made the poor poorer.
Amartya Sen had opined that the margin between the rich and the poor has been ever-increasing, even after the advent of globalization.
9. (c) have a polarized wage structure
The service sector consists of various designations and positions related to providing services to other individuals seeking for the same. Hence, the wage structure and pay scale varies from position to position, depending upon the kind of services provided as well as the experience required for it. The manufacturing sector, on the other hand, is limited to the manufacturing of commodities; thus their requirement of service-based expertise is limited.
10. (b) World population is still increasing, but the rate of increase is slowing down.
The above statement was not present in the United Nations World Population Prospects Report 2017. The world population is increasing exponentially, especially in the developing nations of Asia and Africa.