#1
Which economic theory advocates for the removal of barriers to trade between nations?
Free trade
ExplanationAdvocates for barrier-free international trade.
#2
Which international organization is primarily responsible for facilitating global trade agreements?
World Trade Organization (WTO)
ExplanationFacilitating international trade agreements.
#3
Which country is often considered the birthplace of modern capitalism?
United Kingdom
ExplanationBirthplace of modern capitalism.
#4
What is the main characteristic of a market economy?
Private ownership of resources and decentralized decision-making
ExplanationPrivate resource ownership and decentralized decisions.
#5
Which of the following is a characteristic of a mixed economy?
Private ownership of resources and minimal government intervention
ExplanationCombination of private ownership and limited government intervention.
#6
Which of the following best describes mercantilism?
An economic theory promoting government regulation of trade to generate wealth and power
ExplanationGovernment-regulated trade for wealth accumulation.
#7
What was the primary purpose of the Silk Road during ancient times?
To facilitate the exchange of goods and ideas between Europe and Asia
ExplanationFacilitating trade and cultural exchange between Europe and Asia.
#8
Which event marked the beginning of the modern era of globalization?
The Industrial Revolution
ExplanationIndustrial Revolution initiated modern globalization.
#9
What is a key feature of a command economy?
Centralized government planning
ExplanationEconomy controlled by centralized planning.
#10
Which country experienced significant economic growth due to its policy of 'opening up' in the late 20th century?
China
ExplanationChina's economic growth from 'opening up'.
#11
Which economic system emerged as a result of the Columbian Exchange?
Capitalism
ExplanationCapitalism emerged from increased trade and investment.
#12
What was the significance of the Triangular Trade route?
It facilitated the exchange of goods between Europe, Africa, and Asia
ExplanationFacilitated trade among Europe, Africa, and Asia.
#13
What is the main goal of economic globalization?
To integrate national economies into a single global market
ExplanationIntegration of economies into a global market.
#14
What is a potential negative consequence of economic globalization?
Environmental degradation
ExplanationEnvironmental harm due to globalization.
#15
Which agreement aimed to reduce greenhouse gas emissions to combat climate change?
Paris Agreement
ExplanationAgreement to combat climate change through emission reduction.