Podcast
Questions and Answers
Which technologies allow for instant worldwide communication? (Select all that apply)
Which technologies allow for instant worldwide communication? (Select all that apply)
What is purchasing power parity used to compare?
What is purchasing power parity used to compare?
Gross domestic product between countries
What are the most likely reasons a US corporation would open a factory in China? (Select four answers)
What are the most likely reasons a US corporation would open a factory in China? (Select four answers)
What is the business practice of hiring workers in another country known as?
What is the business practice of hiring workers in another country known as?
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How has globalization affected China's workforce from 2000 to 2019?
How has globalization affected China's workforce from 2000 to 2019?
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What does GDP stand for?
What does GDP stand for?
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Recent improvements in _____ have increased the pace of globalization.
Recent improvements in _____ have increased the pace of globalization.
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What concept relates to the cost of the same bike in the United States and Britain?
What concept relates to the cost of the same bike in the United States and Britain?
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How has the change in internet access from 2003 to 2019 most likely affected globalization?
How has the change in internet access from 2003 to 2019 most likely affected globalization?
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Based on the graph of gross domestic product in the US private sector from 2009 to 2017, what conclusion can be drawn about the US economy?
Based on the graph of gross domestic product in the US private sector from 2009 to 2017, what conclusion can be drawn about the US economy?
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Study Notes
Communication Technologies
- Instant worldwide communication is facilitated by mobile phones and Internet access.
Purchasing Power Parity
- A method used to compare gross domestic product (GDP) between different countries.
US Corporations in China
- Common reasons for US corporations to open factories in China include:
- Affordable land prices
- Abundant resources
- Lower labor costs
- Favorable tax laws
Outsourcing
- The practice of hiring workers from another country to complete tasks or services.
China's Workforce Shift
- Globalization has led to a specialization shift in China’s workforce from agriculture to services.
Measuring Economic Growth
- Economic growth is commonly measured using Gross Domestic Product (GDP).
Impact of Technology on Globalization
- Recent technological improvements have significantly accelerated the pace of globalization.
Purchasing Power Parity in Pricing
- The cost comparison of identical products in different countries exemplifies purchasing power parity.
Internet Access and Globalization
- A 50 percent increase in internet access from 2003 to 2019 has likely accelerated globalization.
US Private Sector GDP
- An analysis of GDP trends from 2009 to 2017 can reveal insights into the US economy's performance.
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Description
Test your knowledge on globalization concepts in economics. This quiz covers essential terms and definitions relevant to international economic practices, including communication technologies and purchasing power parity. Perfect for students looking to deepen their understanding of global economic dynamics.
