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Characteristics of Globalization and Offshoring

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Characteristics of Globalization and Offshoring

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Questions and Answers

What was the key feature of China's rapid growth model?

Avoidance of foreign investment

Dependence on domestic trade

Isolation from global markets

Reliance on international trade and cross-border investment (correct)

How did global trade and foreign investment impact China's economy?

Led to increased poverty rates

Transformed it into an economic superpower (correct)

Caused economic stagnation

Reduced its dependence on international trade

What is a negative consequence of economic globalization mentioned in the text?

Decreased competition in the market

Enhanced living standards for all individuals

Increased equality of income and wealth

Intensified inequality between rich and poor (correct)

In what way does globalization impact market competition?

Increases competitive pressure from foreign goods Signup and view all the answers

What is the main benefit of trade according to the text?

Greater competition leading to price reduction and quality improvement Signup and view all the answers

Why do a large majority of economists support free trade?

Because of its simplicity and undeniable logic Signup and view all the answers

What has been a consequence of globalization in terms of income inequality?

Intensifying income inequality within countries Signup and view all the answers

What is the essence of trade according to the text?

Benefit from greater competition Signup and view all the answers

What does the text mention as a challenge of economic globalization?

Intensifying inequality between rich and poor Signup and view all the answers

What role does competition play in the context of globalization?

Makes markets more competitive through global competition Signup and view all the answers