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    Contemporary World Midterm Examination

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    elie lucido
    This document appears to be a midterm examination for a course on the contemporary world. It consists of multiple choice and short answer questions testing knowledge of key concepts and terminology related to international trade, globalization, and economic integration. The exam covers topics such as free trade areas, production factors, transnational corporations, and economic blocs like the EU, ASEAN, and NAFTA. It tests definitions, acronyms, classifications of countries, and processes like enumeration. The goal is to assess understanding of foundational ideas in international economics.

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    © All Rights Reserved
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    Contemporary World Midterm Examination

    Uploaded by

    elie lucido
    3K views5 pages
    This document appears to be a midterm examination for a course on the contemporary world. It consists of multiple choice and short answer questions testing knowledge of key concepts and terminology related to international trade, globalization, and economic integration. The exam covers topics such as free trade areas, production factors, transnational corporations, and economic blocs like the EU, ASEAN, and NAFTA. It tests definitions, acronyms, classifications of countries, and processes like enumeration. The goal is to assess understanding of foundational ideas in international economics.

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    EXAM

    Original Title

    CONTEMPORARY WORLD MIDTERM EXAMINATION

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    This document appears to be a midterm examination for a course on the contemporary world. It consists of multiple choice and short answer questions testing knowledge of key concepts and terminology related to international trade, globalization, and economic integration. The exam covers topics such as free trade areas, production factors, transnational corporations, and economic blocs like the EU, ASEAN, and NAFTA. It tests definitions, acronyms, classifications of countries, and processes like enumeration. The goal is to assess understanding of foundational ideas in international economics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3K views5 pages

    Contemporary World Midterm Examination

    Uploaded by

    elie lucido
    This document appears to be a midterm examination for a course on the contemporary world. It consists of multiple choice and short answer questions testing knowledge of key concepts and terminology related to international trade, globalization, and economic integration. The exam covers topics such as free trade areas, production factors, transnational corporations, and economic blocs like the EU, ASEAN, and NAFTA. It tests definitions, acronyms, classifications of countries, and processes like enumeration. The goal is to assess understanding of foundational ideas in international economics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    MIDTERM EXAMINATION

    The Contemporary World

    Name:___________________________ Date:__________________

    Course/Yr./Section:________________ Score:_________________

    Test I. IDENTIFICATION

    Write your answer clearly on the space provided. Avoid Erasures.

    1. It represents the logical evolution of a free trade area, eliminates the internal barriers to trade and
    established common external barriers.______________________

    2. The goal of this strategy is to manage well the cost associated with development, production, and
    marketing of a product. _________________________

    3. These companies are importers and exporters, typically without investment outside of their home
    country. ___________________________

    4. The next step in the spectrum of economic integration, allows for free movement of factors of
    production including labor, capital and information._____________________

    5. It seeks to ensure the stabilization of oil prices in the international oil markets, founded on September
    14, 1960. __________________________

    6. This strategy is bases on the firm fielding products and consumers perceive as different or
    unique.____________________________

    7. It is formed when two or more countries agree to abolish all internal barriers to trade among
    themselves. _______________________

    8. The man- made factors used in a production. ___________________

    9. It is the resources used to produced goods and services. ____________________

    10. The product created as a result of the combination of inputs in the production process.
    ______________________

    Test II. Definition of Terms

    Give a brief description of the following terminology. Avoid erasures.


    1. Trade Surplus-

    2. Economic globalization-

    3. Tariff-

    4. Production-

    5. Quota-

    6. Entrepreneurship-

    7. Common market-

    8. Goods-

    9. Absolute Advantage-

    10. Trade deficit -

    Test III. FILL IN THE BLANKS

    Write your answer on the blanks clearly. Avoid erasures.

    1. Four factors of production also known as____________________.

    2.__________________ is Mercado Comun del Sur in Spanish.

    3. _______________ companies have invested in and are present in many countries

    4. _____________________has become the American’s way of life.

    5. ASEAN is established on ____________________.

    6. Goods are generally thought of as____________________ products, while services are intangible
    products.

    7. Transnational companies are more _______________organizations which have invested in foreign


    operations.

    8. South Korea, Taiwan, Singapore and Hong Kong are called “__________” which means they are the
    newly industrializing economies.

    9. Export subsidies are government payments made to domestic firms to encourage


    __________________.
    10. ___________________ is the process in which people is set apart for different treatment by virtue of
    their statuses, roles, and other social characteristics.

    Test IV. ACRONYMS

    Define the following acronyms and write it down in all capital letters.

    1.APEC-

    2.AFTA-

    3.EU-

    4.MNC-

    5.NIE-

    6.ASEAN-

    7.GDP-

    8.JI-

    9.EAEC-

    10.IMF-

    11.CSR-

    12.ATM-

    13.FDI-

    14.OPEC-

    15.UNCTC-

    16.NAFTA-

    17.TNC-

    18.UNCTAD-

    19.WTO-

    20. GATT-

    Test V.CLASSIFICATION

    Categorize each country inside the box according to the group they belong.
    A. ASEAN founding members

    1.

    2.

    3.

    4.

    4.

    6.

    B. Eight countries with high oil revenue

    1.

    2.

    3.

    4.

    5.

    6.

    7.

    8.

    C. Six original members of the European community

    1.

    2.

    3.

    4.

    5.

    6.
    Test VI. ENUMERATION

    Enumerate the following and write your answer at the back of this paper.

    A. Four factors of production (4)

    B. Competitive Strategies of global corporations (3)

    C. GATT three principles (3)

    E. Globalization drivers (4)

    F. Three major strata of the world (3)

    G. Relationship of goods and services (3)

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