BAIB1001 Week 1 Seminar 2 23/24

What is globalisation?

• The spread of diseases worldwide

• The process of increased interconnectedness and interdependence among countries

• The promotion of nationalism and isolationism

• The process of cultural homogenisation

Which of the following is not a driver of globalisation?

• Technology and communication

• Trade liberalisation

• Political isolation

• Migration and mobility

Which international organisation promotes global trade by reducing trade barriers and tariffs?

• United Nations (UN)

• World Trade Organisation (WTO)

• International Monetary Fund (IMF)

• World Bank

Which economic theory argues that globalisation benefits all countries involved by increasing overall economic growth?

• Dependency theory

• Mercantilism

• Comparative advantage

• Neoliberalism

Which region has been referred to as the "world's factory" due to its significant role in manufacturing for global markets?

• North America

• Western Europe

• East Asia

• South America

Cultural diffusion in globalization refers to the exchange of cultural elements like language, food, and music.

• True

• False

What is the term for the process of adapting products and services to meet the preferences and needs of consumers in different global markets?

• Standardisation

• Localisation

• Global homogenisation

• Glocalisation

What term is used to describe the process of countries becoming more economically integrated through the removal of trade barriers and the formation of trade agreements?

• Nationalisation

• Global homogenisation

• Economic liberalisation

• Protectionism

Which international financial institution provides loans and financial assistance to countries facing economic crises and balance of payment problems?

• World Trade Organisation (WTO)

• International Monetary Fund (IMF)

• World Bank

• United Nations (UN)

Protectionism is a policy that promotes free trade and the removal of trade barriers.

• True

• False