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Screen Shot 2016-10-11 at 1.58.02 PM.png - 17 The Nixon...

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Unformatted text preview: 17. The Nixon Shock can be best described as: a The promotion of a fixed currency standard backed by gold b. The development of a new organization designed to regulate oil trading c. A strategic response to the growing concern of financialization d. The elimination of a fixed currency standard backed by gold 18. On the other side of Globalization “capital mobility and cumulative advantage” argues: a. Comparative advantage only works if investors are restricted from free movement, otherwise companies will choose a location based on cheap production costs b. Comparative Advantage reduces the standard of living in countries who must lower wages in order to compete for investors c. Developed countries have an initial advantage which makes it more difficult for developing countries to “catch up” (1. All of the above 19. “Accounting for Globalization” argues that economic transaction as a method of measurement fails to capture: a. Unpaid domestic labour b. The cost of environmental degradation c. Subsistence farmers d. All of the above ...
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  • Spring '08
  • Zeiss

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