Quiz on Globalization in Business

What does globalization mean?

• The separation of countries

• The increase of local businesses

• The decrease in trade

• The growing interconnection of nations' economies

What is one benefit of globalization for corporations?

• Less competition

• Access to new consumers

• More tariffs

• Higher operating costs

What is a negative effect of globalization?

• Lower prices for consumers

• Economic downturns affecting trade partners

• Cultural uniqueness

• Increased job opportunities

What did NAFTA do?

• Closed borders

• Increased tariffs

• Promoted free trade between the U.S., Canada, and Mexico

• Created new taxes

What is one pro of globalization?

• Loss of jobs

• Increased standard of living

• Concentration of wealth

• Higher prices

What can globalization lead to?

• More local businesses

• More unique cultures

• Less international trade

• Homogeneous products

What is a key factor driving globalization?

• Public policy changes

• Less communication

• Isolationism

• Higher tariffs

What is one way globalization affects society?

• Less urban growth

• Increased crime and poverty

• Decreased migration

• More local traditions

What is an example of globalization?

• A single country producing all goods

• A farmer selling only local crops

• A car made with parts from different countries

• A local bakery

What is a con of globalization?

• More job opportunities

• Cultural exchange

• Lower consumer prices

• Exploitation of poorer countries