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Which of the following is - World Trade What is the term for the an example of a global Organization(WTO) process of adapting financial institution that products and services to Which of the followi...

Which of the following is - World Trade What is the term for the an example of a global Organization(WTO) process of adapting financial institution that products and services to Which of the following is a plays a significant role in meet the specific potential drawback of the global economy? preferences and needs of globalization? local markets in different - World Bank - Income inequality countries? What is a potential within and between - Localization downside of globalization countries for small businesses? Which economic policy is What is the term for the characterized by the - Competition from large cultural blending and movement of goods, multinational exchange that occurs as a services, and capital corporations result of globalization? across national borders How does globalization - Cultural diffusion with minimal government affect labor markets? interference? What is outsourcing in the - It leads to the context of globalization? - Liberalization outsourcing of jobs to - The practice of shifting Which of the following is lower-wage countries. certain tasks or jobs to an example of a Which statement best other countries. supranational organization describes the impact of that promotes regional Which term refers to the economic integration in globalization on income idea that, in a globalized Europe? inequality? world, individuals and - Globalization has organizations can easily - European Union (EU) increased income interact and conduct inequality in some business across national regions while reducing it borders? What is the main purpose in others. of multinational - Global interconnectivity corporations (MNCs) in the How does globalization What is globalization? context of globalization? typically affect consumer choices? - The process of - To expand their increasing international operations across - It increases consumer trade and borders for profit choices by exposing interconnectivity. them to a wider range of Which of the following is a products and services. Which economic theory negative consequence advocates for the removal often associated with Which organization is of trade barriers and the globalization? primarily responsible for promotion of free trade regulating international - Environmental between countries? trade and promoting degradation globalization? - Free trade What is the term for the than another individual or manufacturing costs. This process by which a country? is an example of: country becomes more - Comparative advantage - Offshoring integrated into the global economy by reducing In international finance, A country has recently trade barriers and opening what does the acronym implemented trade up to foreign investment? "BRICS" stand for? barriers, such as tariffs and import quotas, to - Economic liberalization - Brazilian, Russian, protect its domestic Indian, Chinese, South Which country is the industries from foreign African world's largest producer competition. This policy is and consumer of crude Which economic theory an example of: oil? suggests that government - Protectionism spending can stimulate - United States economic growth during Country A experienced a Which economic concept periods of recession? significant increase in refers to the total value of government spending on - Keynesian economics all goods and services infrastructure projects, produced within a What is the main goal of leading to increased country's borders in a international development construction activities and specific time period? organizations such as the job creation. What is the United Nations likely impact on Country - Gross Domestic Development Programme A's GDP? Product (GDP) (UNDP)? - Increase in GDP What is the main purpose - Improving living of the World Trade Country E experienced a standards in developing Organization (WTO)? decrease in consumer countries spending, while - To promote A multinational corporation government spending and international trade and is considering expanding business investments resolve trade disputes. its operations into a new remained stable. What is Which economic system is country. Which of the the likely impact on characterized by private following factors is NOT Country E's GDP? ownership of the means of typically a consideration in - Decrease GDP production and minimal their globalization government intervention? strategy? What is a tariff in the context of international - Capitalism - Domestic competition trade? What is the term for a A company that - A tax imposed on situation in which an manufactures consumer imports into a country individual or a country can electronics has decided to produce a good or service outsource its production to Which of the following is a at a lower opportunity cost a foreign country to reduce primary purpose of tariffs? - To protect domestic IV. Local producers, who - All of the above industries. may supply a unique What was the conference product tailored to meet In the context of trade, that gathered 44 nations to the needs of the domestic what is a "quota"? agree upon a series of market, may suffer new rules for the post- - A limit on the quantity because cheaper imports WW2 international of a specific good that may destroy their market. monetary system and can be imported. Over time, the diversity of marked the birth of a new output in an economy may Determine which international economic diminish as local statements are the framework? producers leave the advantages of trade? market. - The Bretton Woods I. The exploitation of a Conference V. Certain industries do not country's comparative get a chance to grow Principle of absolute advantage, which means because they face advantage can produce that trade encourages a competition from more commodities efficiently, as country to specialize in established foreign firms, principle of comparative producing only those such as new infant advantage is. goods and services which industries which may find it it can produce more difficult to establish - to produce effectively and efficiently, themselves commodities at a lower and at the lowest opportunity cost opportunity cost. - I, II and IlI What was the Bretton II. Trade increases What is the role and Woods Conference's competition and lowers purpose of the General purpose or cause? world prices, which Agreement on Tariffs and Trade? - To help the countries provides benefits to from the devastation of consumers by raising the - To further regulate world war through the purchasing power of their trade to aid in the implementation of a new own income, and leads a economic recovery international monetary rise in consumer surplus following the war. system. III. Trade is also likely to - To reduce the barriers to Globalization is viewed as increase employment, international trade through a multidimensional set of given that employment is the reduction of tariffs, social processes that closely related to quotas, and subsidies. generate and increase production. Trade means "worldwide social that more will be employed - To lower trade barriers interdependencies and in the export sector and, and restrictions on the exchanges while at the through the multiplier number and types of same time fostering in process, more jobs will be imported products that people a growing created across the whole inhibited the free flow of awareness of deepening economy goods across borders. connections between the Determine which from more efficient foreign local and the distant" statements are the firms. disadvantages of trade? - As a process - I and Il I. Trade can lead to over- Syrian family fled their IMF is to short-term loans specialization, with country because of war. to aid countries facing workers at risk of losing balance of payments - As condition their jobs should world deficits as World bank is demand fall or when goods Which of the following is a to. for domestic consumption potential benefit of can be produced more - A grant long-term loans globalization for cheaply abroad. Jobs lost for the economic developing countries? through such changes development of less - Economic growth and cause severe structural developed countries access to global markets unemployment. GATT is set of rules and According to Steger II. Certain industries do not multilateral agreement as (2005), what are the key get a chance to grow WTO. factors contributing to because they face competition from more - is a permanent globalization? established foreign firms, institution - Changes in technology such as new infant What is the leading and political aspects industries which may find it institution in charge of How does globalization difficult to establish global governance? impact the perception of themselves. - UNITED NATIONS (UN) time and space? III. The quality of goods - It compresses time and and services is likely to space increases as competition encourages. What is one of the six principal organs of the IV. Producing a narrow United Nations whose range of goods and primary function is to settle services for the domestic legal disputes between and export market means states and provide that a country can produce advisory opinions on legal in at higher volumes, questions referred by UN which provides further cost organs and specialized benefits in terms of agencies, all in economies of scale. accordance with V. Trade also breaks down international law? domestic monopolies, - International Court of which face competition Justice