Economic Globalization: Processes, Impacts, and Implications

Question 1

Which of the following processes is NOT directly involved in economic globalization?

Accepted Answer

Education

Answer

Trade

Answer

Investment

Answer

Migration

Question 2

What is a primary driver behind the process of economic globalization?

Accepted Answer

Technological advancements

Answer

Political stability

Answer

Economic recession

Answer

Climate change

Question 3

What term accurately describes the movement of goods and services across national borders?

Accepted Answer

Trade

Answer

Investment

Answer

Migration

Answer

Tourism

Question 4

Which type of trade involves the exchange of goods between only two countries?

Accepted Answer

Bilateral trade

Answer

Multilateral trade

Answer

Regional trade

Answer

Global trade

Question 5

Name the international organization that promotes free trade worldwide:

Accepted Answer

World Trade Organization

Answer

International Monetary Fund

Answer

World Bank

Answer

United Nations

Question 6

What term accurately describes the movement of people from their country of origin to another?

Accepted Answer

Migration

Answer

Immigration

Answer

Emigration

Answer

Tourism

Question 7

What is a defining feature of economic globalization?

Accepted Answer

Enhanced movement of goods, services, and capital across borders

Answer

Heightened trade and investment barriers

Answer

Reduced interconnectedness among nations

Answer

A move towards exclusive local production

Question 8

Which of the following accurately describes a key characteristic of economic globalization?

Accepted Answer

Interconnectedness of trade, investment, and labor movement across borders

Answer

Shrinking of global markets

Answer

Increased isolationism and protectionism

Question 9

Which of the following is NOT a potential impact of economic globalization?

Accepted Answer

Increased environmental protection

Answer

Economic growth

Answer

Increased inequality

Question 10

Which of the following is a key driver of economic globalization?

Accepted Answer

Advancements in transportation and communication technologies

Answer

Reduced foreign investment

Answer

Increased trade barriers

Answer

Political isolationism

Question 11

Which of the following accurately describes a benefit of economic globalization?

Accepted Answer

Increased access to global markets and goods

Answer

Increased unemployment

Answer

Reduced cultural diversity

Answer

Reduced economic growth

Question 12

Which of the following is a challenge associated with economic globalization?

Accepted Answer

Growing income gaps between different countries

Answer

Reduced environmental concerns

Answer

Increased cultural understanding

Answer

Increased global unity

Question 13

Which of the following is an example of a multinational corporation?

Accepted Answer

Apple

Answer

Small local businesses

Answer

Government agencies

Answer

Non-profit organizations

Question 14

Which of the following is a potential consequence of increased economic interdependence?

Accepted Answer

Increased vulnerability to global economic shocks

Answer

Reduced global competition

Answer

Increased cultural homogeneity

Answer

Reduced need for international cooperation

Question 15

Which of the following is a criticism of economic globalization?

Accepted Answer

It can lead to labor exploitation in developing countries.

Answer

It promotes peace and cooperation between countries.

Answer

It always leads to economic growth.

Question 16

Which of the following is a potential solution to address the challenges posed by economic globalization?

Accepted Answer

Strengthening regulations on multinational corporations

Answer

Increased protectionism

Answer

Reduced international travel

Answer

Elimination of global trade agreements

Question 17

What is NOT a major force driving economic globalization?

Accepted Answer

Increased government regulation of trade

Answer

Growth of multinational corporations

Answer

Advances in transportation and communication technologies

Question 18

What does the term 'outsourcing' refer to?

Accepted Answer

Hiring companies in other countries to do certain tasks for your business

Answer

The movement of people from one country to another for work

Answer

Investing in foreign companies to gain control

Question 19

Which of these is a possible benefit of economic globalization?

Accepted Answer

Access to cheaper goods and services from around the world

Answer

Everyone starts to have the same culture

Answer

Damage to the environment

Answer

Job losses in wealthy countries

Question 20

What are 'global value chains'?

Accepted Answer

The connected network of making, moving, and selling products across countries

Answer

Sharing technology between different countries

Answer

The global movement of people looking for work

Question 21

The World Trade Organization (WTO) is important in economic globalization because it:

Accepted Answer

Sets rules and standards for international trade

Answer

Promotes cultural exchange between nations

Answer

Gives money to developing countries

Question 22

What is an example of a 'race to the bottom' in the context of economic globalization?

Accepted Answer

Countries competing to offer the lowest wages and fewest worker protections

Answer

Countries working together to develop new technology

Answer

Countries sharing knowledge and resources to help each other develop

Question 23

The term 'neoliberalism' is often linked to:

Accepted Answer

Policies that favor free markets and less government involvement in the economy

Answer

Socialist policies where the government controls resources

Answer

Environmental protection policies that limit economic activity

Question 24

The growth of global financial markets has led to:

Accepted Answer

Greater interconnectedness and the risk of global financial crises

Answer

Less volatility and a more stable global economy

Answer

More control of financial institutions by individual governments

Question 25

Which of these is NOT a potential challenge to the future of economic globalization?

Accepted Answer

Increased global trade agreements

Answer

The rise of economic inequality within and between countries

Answer

Growing nationalism and protectionist policies

Answer

The threat of climate change and environmental damage

Question 26

The terms 'global North' and 'global South' are used to represent:

Accepted Answer

The differences in wealth and power between developed and developing countries

Answer

Cultural differences between Western and Eastern societies

Answer

Geographical regions based on latitude