Quiz on the effects of global trade history

📚 Quick Study Guide

• 🌍 Early Trade Networks: The Silk Road facilitated trade between East and West, exchanging goods like silk, spices, and precious metals.
• 🚢 Age of Exploration: European powers established sea routes, leading to the Columbian Exchange and global transfer of plants, animals, and diseases.
• 💰 Mercantilism: Economic theory where nations aimed to maximize exports and minimize imports to accumulate wealth, often through colonization.
• 🏭 Industrial Revolution: Mass production and technological advancements dramatically increased global trade volume and transformed economies.
• 🤝 Bretton Woods System: Post-World War II agreement that established the International Monetary Fund (IMF) and World Bank to promote international monetary cooperation and development.
• 🌐 Globalization: Increased interconnectedness of nations through trade, technology, and cultural exchange, marked by the rise of multinational corporations and free trade agreements.
• 📈 Comparative Advantage: David Ricardo's theory stating that countries should specialize in producing goods and services they can produce at a lower opportunity cost.

Practice Quiz

1. Which trade route facilitated the exchange of goods between the East and West, including silk, spices, and precious metals?
   1. A. The Spice Route
   2. B. The Silk Road
   3. C. The Trans-Saharan Route
   4. D. The Incense Route
2. What was the primary economic goal of mercantilism?
   1. A. Promoting free trade
   2. B. Maximizing exports and minimizing imports
   3. C. Encouraging international cooperation
   4. D. Supporting domestic consumption
3. Which period saw mass production and technological advancements that dramatically increased global trade volume?
   1. A. The Renaissance
   2. B. The Enlightenment
   3. C. The Industrial Revolution
   4. D. The Agricultural Revolution
4. What agreement established the IMF and World Bank to promote international monetary cooperation?
   1. A. The Treaty of Versailles
   2. B. The Bretton Woods System
   3. C. The Marshall Plan
   4. D. The Kyoto Protocol
5. What is the term for the increased interconnectedness of nations through trade, technology, and cultural exchange?
   1. A. Isolationism
   2. B. Nationalism
   3. C. Globalization
   4. D. Protectionism
6. According to David Ricardo, what should countries specialize in?
   1. A. Producing all goods domestically
   2. B. Producing goods with the highest profit margin
   3. C. Producing goods they can produce at a lower opportunity cost
   4. D. Producing goods with the highest demand
7. Which of the following was a direct result of the Age of Exploration?
   1. A. The fall of the Roman Empire
   2. B. The Columbian Exchange
   3. C. The creation of the United Nations
   4. D. The invention of the printing press