Chapter 1_Globalization_PBS3233

The merging of historically distinct and separate national markets into one huge global marketplace is known as

• global market facilitation

• cross-border trade

• supranational market integration

• the globalization of markets

Firms that are involved in international business tend to be

• large

• small

• medium-sized

• large, small, and medium-sized

Which is not a factor of production?

• trade

• land

• capital

• energy

The sourcing of good and services from around the world to take advantage of national differences in the cost and quality of factors of production is called

• economies of scale

• the globalization of production

• global integration

• global sourcing

Which organization is responsible for policing the world trading system?

• the International Monetary Fund

• the United Nations

• the World Trade Organization

• the World Bank

What is the single most important innovation to the globalization of markets and production?

• advances in transportation technology

• the development of the microprocessor

• advances in communication

• the Internet