#1
Which of the following is a characteristic of globalization?
Increased interdependence among countries
ExplanationGlobalization is marked by heightened interdependence and interconnectedness among nations.
#2
What is the main driver of economic globalization?
Technological advancements
ExplanationTechnological progress plays a crucial role in propelling economic globalization by facilitating communication, trade, and connectivity.
#3
Which organization is primarily responsible for promoting international trade and economic cooperation?
World Trade Organization (WTO)
ExplanationThe WTO is a key entity dedicated to fostering international trade and economic cooperation among member countries.
#4
What is the impact of globalization on cultural diversity?
Promotes cultural homogeneity
ExplanationGlobalization can lead to cultural homogeneity, diminishing diversity as it fosters the spread of dominant cultural influences.
#5
Which economic sector is most influenced by globalization?
Services
ExplanationThe services sector experiences significant influence and transformation due to the effects of globalization.
#6
What is the term for the reduction or elimination of trade barriers between countries?
Trade liberalization
ExplanationTrade liberalization involves the reduction or removal of barriers to trade between countries, promoting freer exchange of goods and services.
#7
In the context of globalization, what does FDI stand for?
Foreign Direct Investment
ExplanationFDI stands for Foreign Direct Investment, representing investments made by individuals or companies from one country into another.
#8
What is a potential drawback of globalization on developing economies?
Income inequality
ExplanationGlobalization may exacerbate income inequality within developing economies, posing a significant challenge.
#9
Which term refers to the process by which a country's economy becomes more integrated with the global economy?
Globalization
ExplanationGlobalization is the overarching term describing the integration of a nation's economy into the global economic system.
#10
What is the role of multinational corporations in globalization?
Facilitating global economic integration
ExplanationMultinational corporations play a crucial role in driving globalization by facilitating the integration of economies on a global scale.
#11
In which decade did globalization accelerate significantly?
1990s
ExplanationThe 1990s witnessed a significant acceleration of globalization, marked by increased economic integration and global interconnectivity.
#12
What is a key factor contributing to income inequality in the context of globalization?
Global trade policies
ExplanationGlobal trade policies can be a key factor contributing to income inequality within the framework of globalization.
#13
Which country is often cited as an example of a successful economic transformation through globalization?
China
ExplanationChina is frequently cited as a successful case of economic transformation driven by active participation in globalization.