TheIslamic State of Iraq and Syria, or also known asISIS, the Taliban and other Islamic militant radicals are fighting against the Pro-USA Western nation-states for the creation of an Islamic State with all government laws and decisionsmust be based on the Holy Quran and the life and sayings of Prophet Muhammad, the founder of Islam. How this political idea of Islam and the Holy Quran as the only basis of government system?

a.Islamic Fundamentalism

b.Islamic Liberal economy

c.Islamic Free market economy

d.Islamic Capitalism

The termnation-statein the study of the Contemporary World and globalization is defined a

a.Foreign Direct Investments

b.Multinational corporations

c.Independent and sovereign country

d.Transnational Corporation

When two or more countries share a common money to facilitate marketdemand and supply equilibrium,liquidity and price stability, it is a stage in market integration called

a.Currency Union

b.Quota

c.Protectionism

d.Tariff

This is one of theadvantages of the currency unionamong countries that protects the profit value and cost payments arising from import and exports; let us say that when Philippines peso devaluates from US dollar, the cost of importing increasesin the Philippines creating inflation but, the value of the dollar income earned by OFW increases. How do you describe thisadvantagewhen a country joins the regional economic integration?

a.Protectionist market

b.Reduction of foreign exchange risks

c.Bank interest rates on savings deposit

d.Oil prices market volatility in the international market

Dollar and the other valued foreign currencies held by the Central Bankof a country to defend the value of its own local currency in the foreign exchange markets, payments of imports for the balance of payments and to determine the foreign exchange market rates of the country.

a.Old Currencies

b.Barter and Commodity money

c.Local currencies

d.Foreign Currency Reserves

Whom a country typically approaches dealwhen it cannot pay its imports that would maintain thebalance of paymentsof the country to create exports and production in the local economy?

a.Government banks like Landbank and Development Bank of the Philippines

b.International Monetary Fund

c.Third World Country

d.Local Banks

Which countries haveopted-out with the EU Schengen areaabolishing passports and border control?

a.Republic of Ireland and the United Kingdom of Great Britain and Northern Ireland

b.Former Yugoslav Republic of Serbia

c.The Russian Federation

d.Union of Soviet Socialist Republics

One of thefeatures of the Schengen areaaside from the removal of passports and border controls is

a.Single Market

b.Common Visa Policy

c.Preferential Free Trade

d.Single Parliament

Name the four member-states of the European Free Trade Agreementbut not member-states of the 27 members of the European Union that are using the Schengen Area of opening borders and abolition of passports.

a.Poland, Ukraine, Moldova and Belarus

b.Iceland, Liechtenstein, Norway and Switzerland

c.Ireland, United Kingdom of Great Britain and Northern Ireland and the Kingdom of Denmark

d.Slovenia, Croatia, Bosnia and Herzegovina and Macedonia

Thefour member-states of the European Union that are legally obliged to join the Schengen Area in the future, but at present adopting the Schengen Aquis, known also as therules abolishing border controlsamong the member-states of the EU.

a.Bulgaria, Croatia, Cyprus and Romania

b.Czech Republic, Slovakia, Austria and Slovenia

c.Lithuania, Latvia, Estonia and Kingdom of Denmark

d.Russian Federation, Ukraine, Moldova and Belarus

Fiscal policy is one of thegoals of the monetary unionof the regional economic integration among member-states that deals with the efficient andeffective management of government

a.Import dependency and gold hoarding

b.Family political dynasty and control of wealthy by the Oligopoly

c.Taxation, budgeting, spending, foreign and local debts

d.Business Monopoly and Mercantilism

When the term"fiscal"is mentioned in the study of globalization and regional market integration, it refers to

a.Consumer demand

b.Profit of Private Enterprises

c.Government Budget money from taxes, local and foreign borrowings

d.Producer surplus

How does Regional Economic integration help the economies of the countries toprevent economic recession?

a.Free market dislikes liquidity of their economy

b.Free Market encourages countries to become communist

c.Free Market makes countries with their specialization of labor and economies of scale of low-cost production, mutually buy and sell their products in the market at competitive prices without tariff and quotas

d.Free market should be dominated by few rich business monopoly as sole price maker in the economy

If you are an investor in the market and you are managing your producer surplus, what is the correct arrangement ofassets from the highest liquid to least liquid?

a.Cash in hand, cash at bank, cash equivalents, marketable securities and account receivables

b.Account receivables, Cash equivalents, marketable securities, cash at bank and cash in hand

c.Account receivables, Cash at bank, Cash in hand and marketable securities

d.Marketable securities, account receivables, cash at bank, cash in hand and cash equivalents

Though Socialist Republic of Vietnam and People's Republic of China have mixed or blended communism with free market capitalism resulting to mix market economy, yet these are theremaining communist nation-statesamong the 195 countries of the world

a.Cuba, North Korea and Laos

b.Denmark, Sweden, Norway and Finland

c.Scotland, England, Wales and Republic of Northern Ireland

d.Switzerland, Liechtenstein, Iceland and Norway