Economic Globalization and Trade Systems Quiz

Protectionism aims to reduce trade barriers and make international trade easier. (True/False)

Outsourcing involves transferring manufacturing jobs from developed nations to developing nations in order to reduce the cost of products. (True/False)

Free trade involves trading goods and services between countries without tariffs or taxes. (True/False)

Trade bloc agreements are made between governments to increase trade barriers. (True/False)

Economic globalization has produced actors who play a key role in the global economy and have affected local industries of nation-states. (True/False)

Transnational corporations (TNC) are part of the actors that facilitate economic globalization. (True/False)

The World Bank is one of the international financial institutions that contribute to economic globalization. (True/False)

According to Immanuel Wallerstein, the core of the modern world system is the manufacturing base of the planet. (True/False)

Neocolonialism involves multinational corporations exploiting the natural resources and labor of the periphery countries. (True/False)

Semi-periphery countries have closer ties to the global economic core. (True/False)