17 Questions
What term is used to refer to globalization as a social condition characterized by trans-planetary connectivity and supra-territoriality?
Globality
Which scholar is mentioned as associating globalization with deepening local connections?
Scholte (2018)
What is an example of a cultural consequence of globalization mentioned in the text?
Spreading of fast food chains globally
What do countries implement to safeguard their domestic industries from foreign competition, as mentioned in the text?
Using tariffs and import quotas
According to Steger (2005), what are the key factors contributing to globalization?
Technological and political changes
'Comparative advantage' refers to a situation where an individual or a country can produce a good or service at a lower _____ cost than another individual or country.
Opportunity
What is the main focus of the Heckscher-Ohlin model?
Evaluating the equilibrium of trade between two countries with varying specialties
How does trade benefit consumers according to the text?
By raising the purchasing power of income
What does the Heckscher-Ohlin model suggest a nation should do in terms of trade?
Specialize in producing goods efficiently using comparative advantage
How does trade impact employment according to the text?
It creates more jobs in the export sector through the multiplier effect
What is one advantage of exploiting a country's comparative advantage in trade?
Enhanced efficiency and effectiveness in production
How do lower world prices due to trade benefit consumers?
By increasing the purchasing power of their income
What is the main purpose of the Bretton Woods Conference?
To implement a new international monetary system to help countries devastated by war
Which of the following is an example of a supranational organization that promotes regional economic integration?
European Union (EU)
Which theory states that a country should specialize in producing and exporting goods that it can produce at a lower opportunity cost?
Comparative advantage
What is the main drawback of globalization mentioned in the text?
Income inequality within and between countries
What is the main characteristic of globalization as a social condition?
Trans-planetary connectivity and supra-territoriality
Test your knowledge on globalization as a social condition and its impact on social connections that transcend territorial geography. Explore concepts such as trans-planetary connectivity and supra-territoriality as discussed by scholars like Scholte.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
