Economic Globalization and Trade Quiz

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10 Questions

What is the main actor that facilitates economic globalization according to the text?

Transnational Corporation (TNC)

Which social system is comprised of nations that are politically and economically interdependent?

Modern World System

Which countries form the periphery in the Modern World System?

Nations whose natural resources and labor support wealthier countries

What does Immanuel Wallerstein's core refer to in the Modern World System?

The manufacturing base of the planet

Which type of countries have closer ties to the global economic core in the Modern World System?

Semi-periphery countries

What is the main focus of economic globalization?

Promoting international commerce through trade, transportation, and communication systems

What is the purpose of protectionism in an economy?

Creating barriers to protect the domestic economy from foreign competition

What does outsourcing involve in the context of economic globalization?

Transferring manufacturing jobs from developed nations to reduce product costs

What is a trade bloc in the context of international trade?

An agreement made between governments to reduce or eliminate trade barriers

What is the impact of economic globalization on local industries of nation-states?

It creates international, tradable goods and services without any limitations

Test your knowledge of economic globalization, protectionism, and trade liberalization with this quiz. Explore the concepts of tariffs, free trade, and barriers in international commerce.

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