Economics Chapter 13 Quiz

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Globalism

a philosophy which regards the entire world as one giant community that should be unified politically and economically

UN

United Nations

IMF

International Monetary Fund

WTO

World Trade Organization

GATT

General Agreement in Tariffs and Trade

NAFTA

North American Free Trade Agreement

EU

European Union

The formal name for the World Bank

International Bank for Reconstruction and Development (IBRD)

The three original members of NAFTA

The United States, Canada, and Mexico

The EU's first official currency

The euro

4. The three main organs of the UN and their purposes

The General Assembly, the Security Council, and Economic and Social Council. The general assembly decides how much the UN may spend on its projects; the Security Council makes decisions concerning the UN's involvement in national and international conflicts. The Economic and Social Council study the economic and social problems so that they may advise the General Assembly and the UN's other specialized agencies.

1. The push for globalization in the 20th century became prominent around the time of which war?

World War 11

2. Why are many European nations eager to join the EU? What roles does the EU have today in addition to promoting free trade?

EU encourages free market and assures European influence around the world. Today the European Union has replaced its vision of just a free trade alliance with a vision of a unified economic power under a single authority

3. How do globalists use the need for free trade as an argument for a unified international economy?

They like to say stuff like "people who trade don't fight." Globalism at its core is really quite deceptive. After all who doesn't want world peace and prosperity?

4. Explain the statement, "People who trade don't fight." Has this assertion proved true?

History has proved this statement entirely wrong. Countries who were once good trading partners with other countries went to war with those same countries. Trading does no guarantee peace

5. Is the threat of world disapproval sufficient to keep nations in line? Explain.

No this threat has not kept nations in line. Nations will often act quickly, aggressively, and/or violently without regards to what the rest of the world will think of their actions.

6. How has the UN encouraged totalitarian aggression and wars?

Since World War 11, the UN has overlooked and even aided the expansion and aggression of totalitarian regimes.

7. Give three reasons why global aid organizations are ineffective.

1) They fail to keep the peace
2) Restricts countries from making beneficial trades
3) Globalism requires major sacrifices on behalf of a single country and its people

8. What is the difference between multilateral and bilateral trade agreements? Which kind would be better for the United States? Why?

Multilateral trade agreements require the participation of more than two nations and bilateral trade agreements only require two parties. It would be best for the United States to only accept bilateral trade agreements. These agreements allow us to consider our nations interests and needs.

9. Why are international aid organizations most effective when administered by the private sector?

These private organizations are much more effective. People should also be able to choose which agencies they support.

10. Why are countries with free market economies better equipped to handle environmental concerns than are countries with command economics?

The private sectors within free market economies are better at identifying and handling environmental issues. They are also better at raising and setting the green standard for people around the world.

11. What can Americans do to ensure their nation's continued prosperity and to regain national sovereignty?

Elect leaders and legislation whose intent is to restore our nation's sovereignty.

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