Test: The Making of a Global World - 1 - Class 10 MCQ

The Bretton Woods system established fixed exchange rates where currencies were pegged to the US dollar, and the dollar was pegged to gold.

The Industrial Revolution led to innovations like refrigerated ships, allowing for the transport of perishable food over long distances.

Rinderpest, a livestock disease, caused widespread cattle deaths, devastating local economies and livelihoods dependent on animal farming.

The G-77 is a group of developing countries that formed to promote their collective economic interests in the global arena.

The abolition of the Corn Laws led to changes in trade policies and agricultural practices, benefiting consumers but hurting domestic agricultural producers.

Multinational corporations (MNCs) moved to Asia to take advantage of cheaper labor, reducing production costs.

The period after WWII was marked by economic stability and rapid growth, largely driven by reconstruction efforts and technological advancements.

The NIEO sought to give developing nations more control over their economic resources and improve their bargaining power in the global economy.

The expansion of trade often led to exploitation and the integration of colonized societies into the global economy, resulting in significant losses for local populations.

The IMF and the World Bank were initially established to support the financial needs of industrial countries, focusing on post-war recovery and stability.