The Contemporary World Midterm Examination

What is globalization primarily about?

• Isolation and self-sufficiency

• Increased interconnection and interdependence

• Nationalism and protectionism

• Regional cooperation

Regional cooperation

• Technology

• Culture

• Government regulations

• Trade

What is a common positive outcome of globalization?

• Income inequality

• Cultural homogenization

• Economic growth

• Isolation

Which organization is responsible for setting trade rules and resolving trade disputes among member countries?

• United Nations

• World Bank

• International Monetary Fund (IMF)

• World Trade Organization (WTO)

How does globalization affect political relations between countries?

• It leads to isolationism and distrust

• It has no impact on political relations

• It creates interdependence and fosters cooperation

• It leads to conflict and competition

What is economic globalization primarily concerned with?

• Cultural exchange

• Environmental conservation

• Interconnectedness of national economies

• Political cooperation

Which of the following is a key driver of economic globalization?

• Isolationist policies

• Trade barriers and tariffs

• Technological advancements

• Protectionism

What is a multinational corporation (MNC)?

• A government-owned company

• A company that operates in only one country

• A small, local business

• A company that operates in multiple countries

How does economic globalization impact local economies?

• It can both benefit and harm local economies by increasing competition and opportunities for growth.

• It strengthens local economies by reducing competition.

• It has no impact on local economies.

• It weakens local economies by limiting international trade.

Which international organization plays a significant role in facilitating economic globalization by promoting international trade and cooperation among member countries?

• United Nations (UN)

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• World Health Organization (WHO)