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Global Economic and Political Structures Quiz

#1

Which of the following international organizations primarily focuses on promoting monetary cooperation and financial stability?

International Monetary Fund (IMF)
Explanation

IMF focuses on monetary cooperation and financial stability.

#2

Which international organization is responsible for setting standards and regulations for international air travel?

International Civil Aviation Organization (ICAO)
Explanation

ICAO sets standards for international air travel.

#3

Which international treaty aims to prevent the spread of nuclear weapons and promote peaceful uses of nuclear energy?

Nuclear Non-Proliferation Treaty (NPT)
Explanation

The NPT aims to prevent nuclear proliferation and promote peaceful nuclear energy.

#4

Which economic theory suggests that government spending and taxation policies can influence the economy's performance, especially during recessions?

Keynesian economics
Explanation

Keynesian economics advocates for government intervention in the economy.

#5

Which international organization is responsible for regulating and overseeing the safety of civil aviation worldwide?

International Civil Aviation Organization (ICAO)
Explanation

ICAO regulates global civil aviation safety.

#6

Who is considered the 'Father of Modern Economics'?

Adam Smith
Explanation

Adam Smith is regarded as the 'Father of Modern Economics.'

#7

Which term describes the economic system where the means of production are owned and controlled by private individuals or corporations for profit?

Capitalism
Explanation

Capitalism is characterized by private ownership and profit motive.

#8

Which agreement seeks to reduce greenhouse gas emissions and combat climate change?

Paris Agreement
Explanation

The Paris Agreement aims to mitigate climate change.

#9

Who is the current Secretary-General of the United Nations (as of 2024)?

António Guterres
Explanation

António Guterres serves as the current UN Secretary-General.

#10

Which of the following countries is NOT a member of the G7 group of advanced economies?

Russia
Explanation

Russia is not part of the G7 group.

#11

Which economic concept refers to a situation where the price of a good increases as the demand for it increases and its supply decreases?

Inflation
Explanation

Inflation occurs when demand exceeds supply, leading to rising prices.

#12

Which term refers to the process of a country's government borrowing money from foreign entities to finance its operations or projects?

Sovereign debt
Explanation

Sovereign debt involves borrowing from foreign sources for government operations.

#13

Who coined the term 'BRICS' to represent the group of emerging economies including Brazil, Russia, India, China, and later South Africa?

Jim O'Neill
Explanation

Jim O'Neill coined the term 'BRICS' for emerging economies.

#14

Who is considered the 'architect' of the Marshall Plan, which aimed to aid the economic recovery of Western Europe after World War II?

George Marshall
Explanation

George Marshall is credited as the architect of the Marshall Plan.

#15

Which international organization is responsible for coordinating policies and regulations related to international telecommunications?

International Telecommunication Union (ITU)
Explanation

ITU oversees international telecommunications policies and regulations.

#16

Who is known for proposing the 'theory of comparative advantage,' which argues that countries should specialize in producing goods and services in which they have a lower opportunity cost?

David Ricardo
Explanation

David Ricardo proposed the theory of comparative advantage.

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