Globalisation and Trade

What does TNC stand for?

• Trans national corporations

• Trade nations conference

• Trans national countries

• Trial national cooperations

Which one of the following is a negative consequence of globalisation for less-developed countries

• Enhanced cultural uniqueness

• Skills transferred to domestic workers

• Improved terms of trade

• Wider income inequalities

What are some positive effects of Globalisation ?

• Increased freedom to travel and immigrate,better access to medicine,information, and technology.
• Lower prices for developed countries and low paying jobs in underdeveloped countries
• Less pollution in the world
• All of the above

Globalisation is good because of an ________________ in standard of living , but is bad because there is a _____________ in local cultures and traditions

• increase / decrease
• decrease / increase
• increase / increase
• decrease / decrease

Tax on imports is know as what?

• export

• guild

• tariff

• regulation

This economic system is based on competition, profits, and self-interest.

• Socialism
• Communism
• Capitalism

Who came up with the idea of capitalism in their book, The Wealth of Nations?

• Vasco da Gama

• Charles Marx

• Adam Smith

• Donald Trump

In an economy what three things must take place?

• Production, Relocation, Consumption
• Production, Distribution, and Consumption
• Production, Distribution, and Labeling

What does Specialization mean?

• Something oe person does for someone else.
• Not being able to have everything that you want because of limited resources.
• Having more than you want, or need.
• When people work in jobs where they produce a few special goods, or services.

When government stops regulating a particular industry, we say that what has occurred.

• deregulation

• price ceiling

• stagflation

• recession