Global Economy Overview Quiz

<p>UK (C)</p> Signup and view all the answers

<p>Companies are seeking to diversify their supply chains due to geopolitical tensions. (C)</p> Signup and view all the answers

<p>25% (D)</p> Signup and view all the answers

<p>Increased competition between companies. (D)</p> Signup and view all the answers

<p>De-risking (B), Diversification (C)</p> Signup and view all the answers

<p>The relationship is increasingly strained. (A)</p> Signup and view all the answers

<p>A potential increase in unemployment in certain sectors. (D)</p> Signup and view all the answers

<p>The first six months of 2023 (A)</p> Signup and view all the answers

<p>Canada (B)</p> Signup and view all the answers

<p>The countries with whom the nation has trade relations, the goods traded, and the volume of trade. (C)</p> Signup and view all the answers

<p>A decrease in both GDP and exports (C)</p> Signup and view all the answers

<p>China (C)</p> Signup and view all the answers

<p>Commodity countries rely heavily on the extraction and export of natural resources, while industrialized countries focus on manufacturing and technological advancements. (D)</p> Signup and view all the answers

<p>A significant decrease (D)</p> Signup and view all the answers

<p>Trade patterns can sometimes provide insight into potential political relationships, but not always conclusively. (B)</p> Signup and view all the answers

<p>Over-dependence on a specific country or good can create vulnerability and economic risks. (B)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>It demonstrates a strong and sustained economic performance in a competitive global market. (A)</p> Signup and view all the answers

<p>Electronics (D)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>The political ideologies of the trading partners. (B)</p> Signup and view all the answers

<p>Trade reveals a country's economic activities, strengths, and weaknesses. (C)</p> Signup and view all the answers

<p>Syria (B), Gaza (C)</p> Signup and view all the answers

<p>Goods and Services (A)</p> Signup and view all the answers

<p>Geopolitical tensions and uncertainties (C)</p> Signup and view all the answers

<p>A net exporter has a trade surplus, while a net importer has a trade deficit. (B)</p> Signup and view all the answers

<p>To understand the global value chain and its impact on production. (C)</p> Signup and view all the answers

<p>To acquire controlling interest in a foreign company or operation. (A)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

The U.S. has been the largest economy since 1871.

The leading economies that make up about 50% of global economy.

The top 5 economies represent roughly 50% of the world's economy.

The U.S. has maintained its top position in economy since 1871.

The concentration of economic power in a few nations affects global dynamics.

The total value of products brought into a country from China.

A reduction of goods imports from China by a quarter of their original value.

The period covering January to June of the year 2023.

An official statement from the government regarding trade statistics.

The process of reducing risk in business operations by diversifying supplies.

The strategy of sourcing goods from multiple countries to enhance stability.

Increasing tensions and disagreements in the US-China relationship.

Other nations that companies are considering for sourcing goods instead of China.

Texas has been the top exporting state in the U.S. for over 20 years.

Global trade provides key insights into a country's economy and relationships.

Countries may be categorized as commodity (oil, minerals) or industrial/technology-based.

Refers to how accessible a country's trade practices are.

Dependence on specific goods or countries for resources can be risky.

Germany's heavy reliance on Russian gas illustrates over-reliance on a single source.

India's dependence on Chinese pharmaceuticals highlights trade vulnerabilities.

The dynamics of trade reveal the economic interdependence between countries.

Mexico is the largest US import partner, primarily for autos and parts.

Canada exports oil and gas to the United States, making it a key partner.

China is a significant source of electronics for the US market.

Russia's invasion of Ukraine has economic implications for trade in Europe.

The Syrian Civil War has caused a drop in GDP and exports.

Gaza's GDP plummeted following attacks in October '23.

The conflict in Ukraine impacts trade relationships and economic stability in Europe.

The US relies on a few key partners for imports, notably Mexico, Canada, and China.

Global trade consists of two main types: goods and services.

A net exporter is a country that exports more goods and services than it imports.

A net importer is a country that imports more goods and services than it exports.

Intermediate goods are products that are used as inputs in the production of other goods.

Current trends in trade include an increase in intermediate goods, with slowing and geopolitically driven changes.

FDI occurs when a company invests directly in facilities or assets in a foreign country.

Benefits of FDI include access to new markets, resources, and technology.

Drawbacks of FDI can include political risks, cultural differences, and potential job loss in home country.

A major global economy, known for extensive trade.

An influential economy in Asia, recognized for technology and exports.

Europe’s largest economy, known for engineering and exports.

A significant economy known for finance and trade, especially in London.

Countries with big economies tend to engage in significant international trade.