Quiz on Economic Globalization

What does economic globalization primarily refer to?

• The reduction of financial flows

• The increasing integration of national economies

• The decrease in international trade

• The isolation of national economies

How does globalization generally affect manufacturing costs?

• It decreases the cost of manufacturing

• It has no effect on manufacturing costs

• It only affects service industries

• It increases the cost of manufacturing

What is one advantage of globalization related to technology?

• Decreased access to technology

• Transfer of technology

• Reduction in research funding

• Isolation of technological advancements

What does 'vertical transfer' of technology refer to?

• Transfer of technology from one country to another

• Transfer of technology to consumers

• Transfer of technology between different industries

• Transfer from basic research to applied research

What is meant by 'better services' in the context of globalization?

• Providing less interaction with customers

• Showing customers they are important

• Reducing service quality

• Limiting customer feedback

What does 'standard of living' refer to?

• Wealth and material goods

• Cultural differences in living

• Personal liberty and environmental quality

• The subjective quality of life

What is economic growth defined as?

• A decline in foreign investments

• A reduction in international trade

• A decrease in population

• An increase in goods and services produced per head

What does 'affordable products' mean?

• Products priced low enough for most people

• Products that are expensive

• Products that are only available to the wealthy

• Products that are low in quality

What is the purpose of developing infrastructure?

• To reduce the standard of living

• To increase unemployment rates

• To stimulate economic growth and improve quality of life

• To limit economic growth

What are foreign exchange reserves?

• Assets held by individuals

• Assets held by central banks to influence currency rates

• Only gold reserves

• Assets that are not related to currency