18 Questions
What is the primary focus of globalization as a process according to the text?
Deepening of local connections
What are the key factors contributing to globalization according to Steger (2005)?
Changes in technology and political aspects
What term do scholars use to refer to globalization as a social condition?
Globality
What is the definition of comparative advantage according to the text?
A situation where an individual or country can produce a good or service at a lower opportunity cost than another
What are examples of protectionism according to the text?
Tariffs and import quotas
What is globalization considered as according to the text?
All of the above
What is the main purpose of the Bretton Woods Conference?
To help countries from the devastation of war through the implementation of a new international monetary system
What is an example of globalization as a social condition, according to the text?
A Syrian family fleeing their country because of war
Which of the following is a potential drawback of globalization, as mentioned in the text?
Income inequality within and between countries
What is the main principle of comparative advantage?
To produce commodities at a lower opportunity cost
Which of the following is an example of a supranational organization that promotes regional economic integration in Europe, according to the text?
European Union (EU)
What is the primary focus of the Heckscher-Ohlin model?
Analyzing trade patterns between countries with different resource endowments
Which of the following is an example of an unrestricted free trade, according to the text?
Heckscher-Ohlin Theory
Which of the following is NOT an advantage of international trade?
It reduces the need for countries to develop diverse industries
What is the relationship between trade and employment?
Trade increases employment in the export sector and creates more jobs across the economy
What is the meaning of the term "comparative advantage" in the context of international trade?
The advantage a country has in producing a good or service due to its lower opportunity cost
How does international trade affect consumer surplus?
It increases consumer surplus by raising the purchasing power of consumers' income
Which of the following statements is NOT true about the Heckscher-Ohlin model, according to the information provided?
It is limited to the trade of commodities and excludes other production factors
Test your knowledge of globalization and its focus on deepening local connections, as well as the concept of globality as a social condition. Explore the ideas of trans-planetary connectivity and supra-territoriality in the context of globalization.
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