Chapter 9 - Economic Impacts of Globalisation (2023)

What is the global economy?

• Integration of economies within a continent

• Isolation of economies from other countries

• Integration of economies across the world

• Integration of economies within a country

What is the purpose of Foreign Direct Investment (FDI)?

• To increase unemployment rates

• To reduce profits

• To decrease economic growth

• To increase market share

What is one negative impact of economic vulnerability?

• Political shocks leading to supply chain disruptions

• Increased financial stability

• Increased job opportunities

• Economic growth due to FDI

How did the Global Financial Crisis of 2007-2008 impact Singapore?

• Singapore's economy grew by 10%

• Singapore's economy contracted by almost 1%

• Singapore became the top global exporter

• Singapore attracted more foreign investments

What is one positive impact of globalisation on individuals?

• Stiffer job competition from foreigners

• More job opportunities due to investment

• Loss of jobs due to advancements in technology

• Increased job competition

What is one example of upskilling that Singaporeans can go through?

• Taking up internships at an older age

• Purchasing Singapore Savings Bonds

• Accepting a role as a medical equipment salesperson

• Using SkillsFuture credits to apply for courses

Why does Singapore sign Free Trade Agreements (FTAs)?

• To increase tariffs and taxes on imports

• To promote trade by lowering barriers to trade

• To restrict foreign investments

• To decrease market access

What is one example of financial support provided by the Singapore government for businesses?

• European Union-Singapore FTA

• IMDA Go Digital Programme

• ShenZhen Eco-city project

• Singapore-Australia FTA

What is one negative impact of globalisation?

• More job opportunities due to mobility

• Loss of jobs due to advancements in technology

• Stiffer job competition from foreigners

• Increased job opportunities

What is the purpose of the Monetary Authority of Singapore (MAS)?

• To provide financial support to businesses

• To ensure low and stable inflation

• To attract foreign investors

• To ensure high and unstable inflation