Economic Globalization

25 July 2022
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16 test answers

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question
Economic interdependence means that every country has an interest in global economic
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Growth
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As economies grow, they demand more
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raw materials.
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Globalization has affected developed countries by
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turning their focus to providing services.
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What are the purposes of international economic organizations? Select all that apply.
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to resolve trade disputes to observe global economics to encourage trade in developing countries
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Globalization has led groups of nations to join _____organizations.
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trade
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The graph shows US Oil Import Prices from 1995 to 2010. What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?
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A global recession
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NAFTA can be defined as
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an agreement between bordering nations.
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Which group is an example of a commodity organization?
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Organization of Petroleum Exporting Countries
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A multinational organization is defined as a business that
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operates in multiple countries.
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The graph below shows global trade and percentage of GDP. What conclusion should be drawn from the graph?
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Trade increases create higher GDP percentage rates.
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In countries such as China, globalization has led to
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a better standard of living.
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How can businesses best take advantage of globalization?
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by increasing employment and production
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Which of the following causes the most problems in countries with low economic growth?
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higher standard of living
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The graph shows US trade with Mexico. In what years did US exports to Mexico remain approximately the same?
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2000-2005
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Why do companies choose to outsource work?
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to increase profits
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What is the primary purpose of the European Union?
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to allow more trade between countries