Globalization and Economic Theories Quiz
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Questions and Answers

What does Gross Domestic Product (GDP) measure?

  • Total value of all goods and services produced in a country in a year (correct)
  • Total resources available in a country's economy
  • Total profit of multinational corporations in a country
  • Total employment levels in a country

    • What is a significant criticism of Transnational Corporations (TNCs)?

  • TNCs help in distributing wealth equitably in developing nations
  • TNCs contribute significantly to global environmental sustainability
  • TNCs primarily focus on local production and employment
  • TNCs could have too much power in influencing decisions of governments (correct)

    • Why have shipbreaking activities moved to developing countries?

  • Developing countries have a surplus of retired ships
  • Developing countries can dismantle ships for low labor costs (correct)
  • Safety regulations are more stringent in developing countries
  • Developing countries have advanced technologies for shipbreaking

    • What was the primary objective of the Paris Agreement in 2015?

    <p>To reduce global emissions</p> Signup and view all the answers

    Why are traditional energy sources still favored over alternative energy sources?

    <p>Traditional energy sources are less expensive</p> Signup and view all the answers

    Study Notes

    Gross Domestic Product (GDP)

    • GDP measures the total value of goods and services produced within a country in a year.

    Developing Countries and TNCs

    • Developing countries often offer cheap labor costs to attract production from transnational corporations (TNCs).

    Frederick Hayek and Milton Friedman

    • Hayek and Friedman are considered capitalist economists who favor free markets.

    Transnational Corporations (TNCs)

    • A major criticism of TNCs is their potential dominance in economic decisions affecting host countries.
    • TNC's can threaten the economic sovereignty of developing nations through their significant profit and influence.

    Globalization and Trade

    • Globalization can lead to an imbalanced trade system, with one side overwhelmingly exporting.

    Profit vs. Ethics

    • Practices aimed at maximizing profit can sometimes conflict with ethical considerations.

    Climate Change and Economy

    • Climate change is a global shift in weather patterns.
    • Industrialization negatively impacts environmental health.

    Shipbreaking

    • Shipbreaking is the process of dismantling old ships.
    • Developing countries have become the main location for shipbreaking due to lower labor costs.

    Paris Agreement (2015)

    • The aim of the Paris Agreement is to limit global warming.

    Traditional vs. Alternative Energy

    • Traditional energy sources remain dominant due to their lower costs.

    UN's Global Sustainability

    • The UN has pledged commitment to creating a sustainable world.

    Economic Globalization Benefits

    • Wealthy individuals and business people largely benefit from economic globalization.

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    Related Documents

    Economic Globalization Past Paper PDF

    Description

    Test your knowledge on the key concepts of globalization, transnational corporations, and economic theories by prominent economists like Hayek and Friedman. Explore the implications of GDP in developing countries and the balance between profit and ethics in today’s economy.

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