Impact of International Trade on Standard of Living
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Questions and Answers

What is one of the benefits of globalization mentioned in the text?

  • Reduced economic growth
  • Higher prices for consumers
  • Lower prices for consumers (correct)
  • Increased inequality

    • How can globalization impact economic growth according to the text?

  • It restricts access to new technologies and ideas
  • It slows down technological advancements
  • It always hinders economic growth
  • It allows countries to specialize and trade, leading to economic growth (correct)

    • What is a challenge associated with globalization?

  • Decreased access to new technologies
  • Increased inequality (correct)
  • Higher prices for consumers
  • Enhanced equality within countries

    • How does globalization impact consumer prices according to the text?

    <p>It decreases consumer prices by increasing competition</p> Signup and view all the answers

    What role does globalization play in access to new technologies?

    <p>Increases access to new technologies and ideas</p> Signup and view all the answers

    Which statement regarding globalization is true based on the text?

    <p>Globalization can create jobs by increasing trade opportunities</p> Signup and view all the answers

    How does international trade benefit companies according to the text?

    <p>By increasing productivity and profitability</p> Signup and view all the answers

    What can be a result of companies exporting their goods and services?

    <p>Innovative product development</p> Signup and view all the answers

    How can international trade contribute to the creation of more jobs?

    <p>By forcing companies to hire more workers for production</p> Signup and view all the answers

    Why do companies that export their goods need to innovate?

    <p>To stay competitive in the market</p> Signup and view all the answers

    How does international trade affect the standard of living in nations, based on the text?

    <p>It raises the standard of living through more jobs and innovation</p> Signup and view all the answers

    What role does competition play in encouraging innovation in companies involved in international trade?

    <p>It compels companies to innovate to stay competitive</p> Signup and view all the answers

    How does international trade impact the standard of living of a nation?

    <p>It leads to a more efficient allocation of resources, boosting economic growth.</p> Signup and view all the answers

    What is one way in which international trade benefits consumers?

    <p>Lowers prices and provides a wider range of goods and services</p> Signup and view all the answers

    How can international trade potentially impact wages for workers?

    <p>It can lead to higher wages for workers</p> Signup and view all the answers

    What is one benefit of international trade related to job creation?

    <p>Creates new job opportunities in different sectors</p> Signup and view all the answers

    Why is innovation often associated with international trade?

    <p>International trade fosters competition and encourages innovation</p> Signup and view all the answers

    Which statement accurately reflects the relationship between international trade and the environment?

    <p>International trade can result in environmental damage if businesses prioritize cost reduction over sustainability</p> Signup and view all the answers

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