Social Studies 10-1: Unit 3 - Economic Globalization Practice Questions and Answers 100% Pass

Social Studies 10-1: Unit 3 - Economic Globalization Practice Questions and Answers 100% Pass Nationalize - Answer- The taking over of ownership by a government from private businesses Common Market - Answer- An agreement between or among countries that includes the free trade of goods and services and the free movement of capital and labour within the trading bloc International Bank for Reconstruction and Development (IBRD) - Answer- An institution of the World Bank that helps low & middle income countries re-develop International Development Association (IDA) - Answer- An institution of the World Bank that focuses on building up the world's poorest countries Heavily Indebted Poor Countries (HIPCs) - Answer- Countries that owe debts to more developed countries and have no hope in repaying them Austerity Programs - Answer- Economic programs that aim to reduce government debt by increasing taxes and cutting social programs Trade Liberalization - Answer- The process of reducing barriers to trade Crown Corporations - Answer- Government-owned companies (in Canada) Deregulation - Answer- Opening an industry to more competition by removing government regulations Privatization - Answer- The sale of government-owned industries and services to private businesses (a form of deregulation) Economic Nationalism - Answer- Concern about the impact of foreign investment on a country's economic independence and identity Outsourcing - Answer- The hiring of one company by another to fulfill certain tasks in production Comparative Advantage - Answer- A country's ability to produce a product or service with fewer resources than another country Organization for Economic Co-operation and Development (OECD) - Answer- International organization that works to meet the challenges of globalization, helping governments achieve sustainable economic growth while maintaining financial stability World Bank - Answer- An agency of the United Nations that in practice is independent and controlled by its 184 member countries, which provides loans to less developed countries in financial difficulty (created from BRA) International Monetary Fund - Answer- An agency of the United Nations that works with the World Bank to bring stability to international monetary affairs and to help expand world trade (created from BRA) Bretton Woods Agreement - Answer- An agreement forged after WWII in Bretton Woods, New Hampshire, by 44 countries to establish