Impact of International Trade on Standard of Living

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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?

It decreases consumer prices by increasing competition Signup and view all the answers

What role does globalization play in access to new technologies?

Increases access to new technologies and ideas Signup and view all the answers

Which statement regarding globalization is true based on the text?

Globalization can create jobs by increasing trade opportunities Signup and view all the answers

How does international trade benefit companies according to the text?

By increasing productivity and profitability Signup and view all the answers

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

Innovative product development Signup and view all the answers

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

By forcing companies to hire more workers for production Signup and view all the answers

Why do companies that export their goods need to innovate?

To stay competitive in the market Signup and view all the answers

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

It raises the standard of living through more jobs and innovation Signup and view all the answers

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

It compels companies to innovate to stay competitive Signup and view all the answers

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

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

What is one way in which international trade benefits consumers?

Lowers prices and provides a wider range of goods and services Signup and view all the answers

How can international trade potentially impact wages for workers?

It can lead to higher wages for workers Signup and view all the answers

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

Creates new job opportunities in different sectors Signup and view all the answers

Why is innovation often associated with international trade?

International trade fosters competition and encourages innovation Signup and view all the answers

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

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

Impact of International Trade on Standard of Living

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