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Answer These Questions!

This document contains questions for a student to answer about economic concepts after watching instructional videos. It asks the student to define and discuss topics like: - Economic globalization and how it affects countries' economies. - Why the Bretton Woods system collapsed in the 1970s. - The two types of economies: protectionism and trade liberalization. - Examples of trade barriers like embargoes and tariffs. - Ways countries can make trade easier through free trade and trade blocs. - Problems that arise from economic globalization and how countries address them. - The relationship between economic integration, trade liberalization, and economic growth. - What international

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charlene sebron
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48 views2 pages

Answer These Questions!

This document contains questions for a student to answer about economic concepts after watching instructional videos. It asks the student to define and discuss topics like: - Economic globalization and how it affects countries' economies. - Why the Bretton Woods system collapsed in the 1970s. - The two types of economies: protectionism and trade liberalization. - Examples of trade barriers like embargoes and tariffs. - Ways countries can make trade easier through free trade and trade blocs. - Problems that arise from economic globalization and how countries address them. - The relationship between economic integration, trade liberalization, and economic growth. - What international

Uploaded by

charlene sebron
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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TCW Activity 3

Answer these Questions!

Name: _Chaarlene V. Sebron_____________________Course & Section: BSEnE 1B


Instructions: After watching the series of videos provided, please answer the questions below CONCISELY. The
activity is worth 50 points and is credited to your quiz, a major component (40%) of your grade. STRICTLY NO
CHEATING/COPYING FROM THE INTERNET OR FROM YOUR CLASSMATES.

Do as indicated.

1. What is economic globalization and how does this affect the economic aspects of countries? (5 pts)

Economic globalization is the spread of trade, transportation and communication systems on a global scale in
the interest of promoting international commerce. Economic globalization affects the economic aspects of countries in a
way that it decreases the cost of manufacturing.

2. Why did the Bretton Woods system collapse in the 1970s? (5 pts)
In the year 1970s, the prices of oil rose sharply as a result of the OAPEC’s imposition of an embargo in response
to the decisions of the US and other countries to resupply the Israeli military with the needed arms during the Yom
Kippur war. And Bretton Woods collapsed in the 1970s because of the oil embargo that affects the Western economies
that were reliant on oil. To make the matters worse, the stock markets crashed in 1973-1974 after the US stopped
linking the dollar to gold effectively ending the Bretton Woods System.

3. What are the two types of economy? Discuss each briefly. (6 pts)

 Protectionism
Protectionism is one that protecting one’s economy against foreign competition. It restricts free trade between
particular countries it was becoming less competitive in international trade.

 Trade liberalization
Trade liberalism is to reduce trade barriers to make international trade easier between countries.

4. What are examples of trade barriers? Discuss each. (6 pts)


 Embargo
It is a complete ban on imports from a country, or simply it is the limits of foreign countries' ability to export or
import.

 Tariffs
It is the required fees on import/exports of goods. Just an example, in-country A the price of one pair of socks is
only 20 pesos, and in-country B the price of one pair of socks is worth 30 pesos, it will become 30 pesos because
there will 10 tariff which is the required fee of exports and imports of goods.

5. What are the ways countries can make trade easier with other countries? Discuss each. (6 pts)
 Free trade
 Trade Bloc

6. What is one major problem that arises from economic globalization? What are some of the ways countries
address this issue? (6 pts)

7. Discuss briefly economic integration. How does this relate to trade liberalization and economic growth? (5 pts)

8. What are International Financial Institutions? What are its roles? (6 pts)

9. Explain the relationship between neoliberalism and The Washington Consensus? (5 pts)

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