Global Economy Quiz 1

Global Economy Quiz 1

University

15 Qs

quiz-placeholder

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Global Economy Quiz 1

Global Economy Quiz 1

Assessment

Quiz

Business

University

Medium

Created by

Alejandro Cedeno

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is meant by economic isolation?


Economic isolation means a country is fully integrated into the global economy.


Economic isolation is when a country increases its foreign investments.


Economic isolation is the practice of a country limiting its economic interactions with others.


Economic isolation refers to a country's open trade policies

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What technological advancements contributed to the first wave of globalization?


Internet and smartphone development


Electric car innovations


Artificial intelligence breakthroughs

Steam engine and telegraph advancements.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In what ways does globalization impact the economy?


Globalization eliminates job competition and interdependence.


Globalization reduces trade and investment opportunities.


Globalization leads to isolation of economies.

Globalization impacts the economy by increasing trade.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How do international movements of goods and services affect national economies?


International movements lead to job losses in all sectors.


International movements of goods and services can stimulate economic growth, create jobs, and affect trade balances in national economies.


They have no impact on trade balances.


They only benefit large corporations and not local businesses.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which countries were primarily responsible for driving the first wave of globalization?


Spain, Portugal, the Netherlands, France, and England


Italy, Germany, Japan, China, and Russia


Brazil, Argentina, India, Australia, and Canada


Sweden, Norway, Denmark, Finland, and Iceland

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the zero-sum fallacy in trade?


The zero-sum fallacy suggests that all trade is inherently harmful

The zero-sum fallacy in trade is the belief that trade benefits one party at the expense of another.

The zero-sum fallacy means that one party always loses in trade negotiations.


The zero-sum fallacy indicates that trade only benefits the wealthier party.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What criticism do opponents of globalization have regarding U.S. policies?


U.S. policies prioritize corporate interests, leading to job losses and increased inequality.


U.S. policies focus solely on environmental protection and sustainability.


U.S. policies promote equal wealth distribution among all citizens.

Globalization has no impact on local job markets in the U.S

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