Economic Globalization and Trade Quiz
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Questions and Answers

What is the main goal of economic globalization?

  • To protect one's economy from foreign competition
  • To create trade barriers
  • To promote international commerce (correct)
  • To reduce the cost of products

    • What is the purpose of protectionism?

  • Reducing trade barriers to make international trade easier
  • Facilitating the outsourcing of manufacturing jobs
  • Eliminating tariffs and taxes on international trade
  • Creating trade barriers to protect one's economy from foreign competition (correct)

    • What does free trade involve?

  • Creating trade bloc agreements to reduce trade barriers
  • Imposing tariffs on imported goods
  • Outsourcing manufacturing jobs to reduce the cost of products
  • Trading of goods and services between countries without tariffs or taxes (correct)

    • What is the impact of outsourcing on manufacturing jobs?

    <p>It transfers jobs from developed nations to developing nations to reduce the cost of products</p> Signup and view all the answers

    Which actors play a key role in economic globalization?

    <p>Actors that create harmonious economic and market integration</p> Signup and view all the answers

    What is the purpose of a trade bloc agreement?

    <p>To reduce or eliminate trade barriers between member countries</p> Signup and view all the answers

    Which actors facilitate economic globalization according to the text?

    <p>Transnational corporation (TNC)</p> Signup and view all the answers

    What is the core of the Modern World System according to the text?

    <p>Countries with manufacturing base and technology</p> Signup and view all the answers

    What is the semi-periphery in the Modern World System?

    <p>Countries with closer ties to the global economic core</p> Signup and view all the answers

    What do nations within the modern world system become due to the world-wide division of labor?

    <p>Economically interdependent</p> Signup and view all the answers

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