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GENED3 FINALS - Quiz
Contributed by: CAYANAN
  • 1. _____vary from one society to another. But in any given economy, production typically splits into three sectors
A) Primary sector
B) Economic system
C) Tertiary sector
D) Secondary sector
  • 2. Gains the raw materials and transform them into manufactured goods. This means, for example that someone from this extracts oil from earth then someone from the othe sector refines the petroleum to gasoline.
A) Economic system
B) Primary sector
C) Secondary sector
D) Tertiary sector
  • 3. This sector extracts raw materials from natural environments. Workers like farmers or miners fit well in this sector.
A) Primary sector
B) Tertiary sector
C) Economic ssytem
D) Secondary sector
  • 4. Involved services rather than goods. It offers services by doing things rather than making things. Thus, economic system is more complicated or at elast more sophisticated than the way things used go be for much of human history.
A) Economic system
B) Primary sector
C) Tertiary sector
D) Secondary sector
  • 5. It offers services by going things rather than making things.
A) Tertiary Sector
B) Primary Sector
C) Secondary Sector
  • 6. IMF.______.
A) International Monetary Foundation
B) International Manual Fund
C) International Monetary Founder
D) International Monetary Fund
  • 7. GATT was a forum for the meeting of representatives from________in 1947.
A) 23 member countries
B) 33 member countries
C) 30 member countries
D) 20 member countries
  • 8. EU is made up of______.
A) 37 member countries
B) 38 member countries
C) 27 member countries
D) 28 member countries
  • 9. WTO ______
A) World Tariff Organization
B) World Trade Open
C) World Trade Organization
D) World Trade Operation
  • 10. The general agreement on Tariff and Trade was established in____.
A) 1994
B) 1947
C) 1497
D) 1989
  • 11. This is the 5th key elements of Bretton Woods System.
A) The EUR become the global currency.
B) The U.S dollar become the global currency.
C) The Philippine peso dollar become the global currency.
D) The QAR become the global currency.
  • 12. WTO headquarters is located in______.
A) Manila, Philippines
B) Berlin, Germany
C) Geneva, Switzerland
D) Paris, France
  • 13. OPEC was originally comprised of _________.
A) Saudi Arabie, Iran, Iraq, Kuwait and Venezuela
B) Saudi Arabia, Nigeria, Kuwait, Iran and Venezuela
C) Saudi Arabia, Iraq, Kuwait, Iran and Libya
D) Saudi Arabia, Iraq, Kuwait, Qatar and Venezuela
  • 14. WTO members states as of 2008
A) 152
B) 154
C) 142
D) 164
  • 15. Defined as organizations that exist as legal entities and have liabilities that are separate from its members.
A) Union
B) Company
C) Corporations
D) Global Corporations
  • 16. It is the independent multilayeral organization that became responsible for trade in services, non tariff related barriers to trade, and other broader areas of trade liberalization.
A) WTO
B) GATT
C) NAFTA
D) IMF
  • 17. Its is the most encompassing club of the richest countries in the world.
A) EU
B) OPEC
C) OECD
D) NAFTA
  • 18. It focused on trade goods through multinational trade good agreements conducted in many "rounds" of negotiation.
A) IMF
B) WORLD BANK
C) WTO
D) GATT
  • 19. The property is owned by government and allocated to all citizens, not only those with the money who afford it.
A) Socialism
B) Corporation
C) Global Corporation
D) Capitalism
  • 20. Companies that extend beyond the boarders of one country called_____.
A) Multinational
B) National
C) Company
D) Union
  • 21. Third element of Bretton Woods System is______.
A) The expression of currency in terms of gold or gold value to establish a par value.
B) Establishment of an overseer for these exchange rates.
C) Eliminating restrictions on the currencies of member states in the international trade
  • 22. The first big economic change is when people learned how to domesticate plants and animals, they realized that it was much more productive than hunter gather societues.
A) Economic Revolution
B) Agricultural Revolution
C) Industrial Revolution
  • 23. This sector extracts raw materials from natural environments.
A) Primary Sector
B) Tertiary Sector
C) Secondary Sector
  • 24. He first wrote about socialism and viewed it as a stepping stone toward communism, a political, and economic system in which all members of a society are socially equal.
A) Adam Smith
B) Karl Marx
C) Franklin D. Roosevelt
  • 25. It emphasizes profit maximization and competition as the main drivers of efficiency.
A) Global Corporation
B) Corporation
C) Capitalism
D) Socialism
  • 26. The IMF founded after_____.
A) World War II
B) Cold War
C) World War I
  • 27. OECD_____.
A) Organization for Environmental Corporation and Development
B) Organization for Economy Cooperative and Development
C) Organization for Economic Cooperation and Development
  • 28. NAFTA_______.
A) North Africa Free Trade Agreement
B) North African Free Training Agreement
C) North American Free Trade Agreement
D) North American Free Training Agreement
  • 29. GATT_______.
A) General Agreement of Tariff and Trades
B) General Agreement on Tariff and Trade
C) General Agree on Tariff and Trades
D) Generalizing Agree on Tariff and Trade
  • 30. WTO______.
A) World Trade Organization
B) Word Trade Organization
C) Whole Trade Organization
D) World Train Organization
  • 31. OPEC_______.
A) Organization of Petroleum Engineer Countries
B) Organization of Petroleum Exporting Countries
C) Organization of Petroleum Engineer Course
D) Organization of Petroleum Economic Countries
  • 32. First big economic change
A) Economic Revolution
B) Agricultural Revolution
C) Industrial Revolution
  • 33. With the rise of industry came new economic tools, like stream enginee, manufacturing and mass production.
A) Industrial Revolution
B) Economic Revolution
C) Agricultural Revolution
  • 34. In the 1770's called the "invisible hand" of the market. The idea is that if one leaves a capitalist economy alone, consumers will regulate things themeselves by selecting goods and services that provide the best value
A) Franklin D. Roosevelt
B) Adam Smith
C) Karl Marx
  • 35. Includes jobs that provide many benefits to workers, like high incomes, job security, health insurance, retirements packages.
A) Secondary labor market
B) Primary labor market
C) Corporation
  • 36. Jobs provide fewer benefits and include lower skilled jobs and lower level service sector jobs
A) Secondary labor market
B) Primary labor market
C) Corporation
  • 37. Companies can produce their goods and services across many different countries. These companies that extend beyond one country are called multinational or transitional corporation.
A) Capitalism
B) Global Corporation
C) Corporations
  • 38. Defined as organization that exist as legal entities and have liabilities that are separate from its members.
A) Corporations
B) Economic System
C) Global Corporations
  • 39. WTO members states as of 2018
A) 154
B) 152
C) 164
D) 159
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