Globalization and Its Impacts

What is the primary focus of economics as a social science?

• Maximizing profits

• Improving human conditions

• Studying historical events

• Developing mathematical models

What does the term 'death of distance' refer to in the context of globalization?

• The increase in global population

• The decline of traditional communication methods

• The reduction of barriers to transactions

• The end of geographical boundaries

What is the role of technology in the 'death of distance'?

• It has made geographical distance less relevant

• It has decreased the importance of technology

• It has increased the distance between people

• It has led to more face-to-face interactions

How has technology impacted communication and transactions?

• It has increased the need for face-to-face meetings

• It has made them slower and less efficient

• It has made them easier and more instantaneous

• It has reduced the importance of technology

What is the concept of comparative advantage in economics?

• Specializing in areas where one has the greatest advantage

• Avoiding international trade

• Competing with others in all areas

• Producing everything better than others

How does specialization benefit individuals in an economy?

• It increases competition among workers

• It allows individuals to focus on their strengths

• It leads to less efficient production

• It reduces the number of available jobs

What is a major concern of young and idealistic people regarding globalization?

• The rise of multinational corporations

• The growth of technology

• The impact on women's rights and democracy

• The increase in global trade

Which of the following is NOT a fear associated with globalization?

• Increase in poverty

• Loss of cultural identity

• Undermining of local economies

• Improvement in global communication

What is a potential downside of globalization for rich countries?

• Undermining of wages for unskilled workers

• Loss of cultural diversity

• Decrease in technological advancements

• Increased wages for unskilled workers

What is a common criticism of globalization from a cultural perspective?

• It threatens indigenous cultures

• It promotes cultural exchange

• It supports cultural diversity

• It enhances local traditions