The Making of a Global World Test - 7

Multinational corporations (MNCs) are large companies that operate in several countries at the same time.

Multinational corporations (MNCs) are large companies that operate in several countries at the same time.

Tariff: Tax imposed on a country’s imports from the rest of the world. Tariffs are levied at the point of entry, i.e., at the border or the airport.

The US dollar now no longer commanded confidence as the world’s principal currency.The dollar could not maintain its value in relation to gold. Thus the system of fixed exchange rate collapsed and the new system of floating exchange rate began.

The US dollar now no longer commanded confidence as the world’s principal currency.The dollar could not maintain its value in relation to gold. Thus the system of fixed exchange rate collapsed and the new system of floating exchange rate began.

The US dollar now no longer commanded confidence as the world’s principal currency.The dollar could not maintain its value in relation to gold. Thus the system of fixed exchange rate collapsed and the new system of floating exchange rate began.

most developing countries did not benefit from the fast growth the Western economies experienced in the 1950s and 1960s. Therefore they organised themselves as a group – the Group of 77 (or G-77) was formed to demand a new international economic order (NIEO)

John Maynard Keynes-the famous economist thought that India gold exports during the Great Depression of 1929 promoted global economic recovery.

Explanation : John Maynard Keynes-the famous economist thought that India gold exports during the Great Depression of 1929 promoted global economic recover.

The Great Depression began around 1929 and lasted till the mid- 1930s. During this period most parts of the world experienced catastrophic declines in production, employment, incomes and trade.