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Questions and Answers
What is one of the primary benefits of globalization for less developed countries?
What is one of the primary benefits of globalization for less developed countries?
- Reduced economic competition from other countries
- Access to jobs and investment funds (correct)
- Access to lower cost resources and labor
- Implementation of protectionist trade policies
What is the main goal of promoting free trade?
What is the main goal of promoting free trade?
- To protect domestic industries from foreign competition
- To reduce government intervention in the economy
- To promote economic growth and development (correct)
- To increase tariffs and trade barriers
What is a consequence of globalization for more developed countries?
What is a consequence of globalization for more developed countries?
- Limited access to investment funds
- Increased access to higher cost resources and labor
- Access to lower cost resources and labor (correct)
- Reduced economic growth and development
What is a result of globalization for the global economy?
What is a result of globalization for the global economy?
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What is a benefit of globalization for the economy?
What is a benefit of globalization for the economy?
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Study Notes
Globalization and Resource Allocation
- Globalization shifts jobs and capital to areas that require them, promoting economic growth and development.
- It allows more developed countries to tap into lower-cost resources and labor, increasing their competitiveness.
- Less developed countries benefit from globalization by gaining access to jobs and much-needed investment funds for development.
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