Economics Globalization Quiz

Questions and Answers

Which technologies allow for instant worldwide communication? (Select all that apply)

Telegraph

Internet access (correct)

Postal service

Mobile phones (correct)

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)

To take advantage of abundant resources (correct)

To take advantage of lower labor costs (correct)

To take advantage of favorable tax laws (correct)

To take advantage of affordable land prices (correct)

To enhance corporate social responsibility

What is the business practice of hiring workers in another country known as?

Outsourcing Signup and view all the answers

How has globalization affected China's workforce from 2000 to 2019?

Creating a shift toward specialization in services and away from agriculture Signup and view all the answers

What does GDP stand for?

Gross Domestic Product Signup and view all the answers

Recent improvements in _____ have increased the pace of globalization.

technology Signup and view all the answers

What concept relates to the cost of the same bike in the United States and Britain?

Purchasing power parity Signup and view all the answers

How has the change in internet access from 2003 to 2019 most likely affected globalization?

A 50 percent increase in internet access has most likely sped up globalization. Signup and view all the answers

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?

Insufficient information provided Signup and view all the answers

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.

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.