Economic Globalization and Trade Quiz
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Questions and Answers

What is the main actor that facilitates economic globalization according to the text?

  • Transnational Corporation (TNC) (correct)
  • World Trade Organization
  • International Monetary Fund (IMF)
  • World Bank

    • Which social system is comprised of nations that are politically and economically interdependent?

  • Modern World System (correct)
  • Globalization System
  • Transnational Corporation (TNC) System
  • Nation-based System

    • Which countries form the periphery in the Modern World System?

  • Wealthy countries with advanced technology
  • Nations whose natural resources and labor support wealthier countries (correct)
  • Countries with closer ties to the global economic core
  • Nations with a strong manufacturing base

    • What does Immanuel Wallerstein's core refer to in the Modern World System?

    <p>The manufacturing base of the planet</p> Signup and view all the answers

    Which type of countries have closer ties to the global economic core in the Modern World System?

    <p>Semi-periphery countries</p> Signup and view all the answers

    What is the main focus of economic globalization?

    <p>Promoting international commerce through trade, transportation, and communication systems</p> Signup and view all the answers

    What is the purpose of protectionism in an economy?

    <p>Creating barriers to protect the domestic economy from foreign competition</p> Signup and view all the answers

    What does outsourcing involve in the context of economic globalization?

    <p>Transferring manufacturing jobs from developed nations to reduce product costs</p> Signup and view all the answers

    What is a trade bloc in the context of international trade?

    <p>An agreement made between governments to reduce or eliminate trade barriers</p> Signup and view all the answers

    What is the impact of economic globalization on local industries of nation-states?

    <p>It creates international, tradable goods and services without any limitations</p> Signup and view all the answers

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