Globalization and Trade Concepts

Front

Which of the following BEST fits the definition of Globalization?

Back

A) The process by which products, people, and ideas spread throughout the world and create an interconnected world.

Front

Which of the following best describes Globalization 1.0?

Back

B) Foreign trade is limited to a minority of goods, and transportation is slow and dangerous. Most goods are produced locally.

Front

How does creative destruction typically affect employment?

Back

B) It can create new jobs while also eliminating others.

Front

What stage of Globalization do we live in?

Back

C) Globalization 3.0

Front

Which of the following is true about creative destruction?

Back

C) It can lead to both business failure and success.

Front

According to the elephant graph above, what was the cumulative gain in income from 1998-2008 for someone whose real per capita global income level is the 60th percentile? (Refer to graph from study guide)

Back

D) Approximately 70%

Front

According to the elephant graph above, what was the cumulative gain in income of someone who earned approximately $250 (purchasing power parity) USD in 2008? (Refer to elephant graph from study guide)

Back

B) Approximately 20%

Front

If you were told that someone’s cumulative income gain from 1998-2008 was between 60-70%, which region of the elephant graph is this person most likely from? (Refer to elephant graph from study guide)

Back

Region B

Front

What is a Tariff?

Back

A tax on imports

Front

What is a voluntary export restriction?

Back

A self imposed limit on the quantity of a good(s) that an exporting country is allowed to export.