SAINT MICHAEL COLLEGE OF HINDANG LEYTE INC.

A Bonifacio St., Poblacion II, Hindang Leyte

Website: smchindang.edu.ph
E-mail: smchindang@gmail.com

Education Department
1st Semester, S.Y. 2019 - 2020

Midterm Examination in GEC 3

(The Contemporary World)

SET A
Name: ____________________________ Course &Year Level: ______________ Score: ____________

Test I. TRUE OR FALSE: Write TRUE if the statement is true and FALSE if otherwise

1. Globalization brought world economies together.

2. Global market is impacted by economies around the world.
3. World economies suffered greatly during World War I and II and the great depression in 1900s.
4. Bretton Wood’s system’s final element is that US dollars became the global currency.
5. International Monetary Fund is the establishment of an overseer for these exchange rates.
6. Companies trying to out maneuver their competitor results to world peace and prosperity.
7. Global food security means delivering Chinese authentic foods to the entire world.
8. Sustainability of society like agriculture, water scarcity, population growth and climate change are all factors
of food security.
9. Environmentalist argue that “environmental issues should be given priority over economic issues”
10. The Kyoto Protocol aimed at a reduction of global carbon emission.

Test II. MULTIPLE CHOICE. Identify the words or phrase best describe in each items. Write the letters only.
1. Because of __________ after the world war II, IMF and world bank was establish.
a. Financial crisis b. Economics inequality c. Poverty and Food scarcity d. Peace advocacy

2. “To help the global economic stability” is the primary aim of ___________.
a. NATO and ASEAN b. WHO and UNICEF c. WB and IMF d. EU and USA

3. The World Bank and IMF were designed to ___________ each other.
a. Compliment b. compete c. contradict d. collaborate with

4. OPEC was originally comprised of Saudi Arabia, Kuwait, Iraq, Iran, and _________.
a. Venezuela b. Qatar c. Israel d. Egypt

5. Failing to keep up with inflation, _______ was formed in order to increase the price oil.
a. LGBT b. OPEC c. OECD d. EU

6. Countries who are in need of financial assistances are provided with loans from ___________.
a. UNICEF b. IMF c. OPEC d. World Bank

7. __________ funded specific projects that help them reach their goal of eradication of poverty.
a. UNICEF b. IMF c. OPEC d. World Bank

8. Global economic inequality is gauged by economist by studying the ____________.

a. Cross Domestic Product b. Gross Domestic Production
b. Grass Domestic Product d. Gross Domestic Product

9. The new earning that is constantly added to the pile of a country’s wealth is __________.
a. GDP b. Budget c. Remittances d. Income

10. Economic globalization and international trade are the forces responsible for ____________
a. International Oil Crisis b. Global warming and climate change
c. international border conflict d. Global income inequality

Test III. IDENTIFICATION. Identify the word or phrase best describe in each item. Select the best answer
from the box.
1. An outdated and inaccurate way to classify countries by its wealth is called ________.
 2. Associated with wealthy and industrialized countries, the term _______ is coined upon western capitalist.
3. _________ started as vague catchall term for non-alliance countries
4. All of the societies on earth were _______ for much of human history.
5. _________ is used to describe the urban centers like New York, London, and Tokyo as centers that exert
control over world’s political economy.
6. It is an enterprise that manages production or delivers good and services in more than one country
7. The GATT was a ________ for the meeting of representatives from 23 countries .
8. ________ is a trade pact beween US, Mexico and Canada.
9. NAFTA’s originally created between two different countries and the third country called ________ is later
added.
10. The ________ is a system with 5 key elements.

Bretton Woods System Mexico NAFTA World Health Organization

MNC Global cities Poor First World
Third World Global stratification Forum USA

Test IV. Enumeration

A. Three (3) other terms of MNC
B. Seven (7) characteristics of MNC
C. Five MNCs and their nature of business

Test V. Essay
1. Does environmental degradation a consequence of globalization?
2. Can we have a modern and prosperous global community without degrading our environment?

Prepared by: Riza Mae B. Fortuna, LPT, MM