The business practice of hiring workers in another country is known as
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Outsourcing
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Purchasing power parity is used to compare the gross domestic product between
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countries
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Global trade provides consumers with
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more options and lower prices
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Which statement best describes how globalization connects the world?
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Globalization helps create new forms of transportation, communication, and technology.
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What are the most likely reasons a US corporation would open a factory in China? Check all that apply.
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to take advantage of affordable land prices
to take advantage of abundant resources
to take advantage of lower labor costs
to take advantage of favorable tax laws
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How have airplanes changed the way the world does business? Check all that apply.
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by making long trips less expensive
by making long trips in less time
by opening up new trade markets
by increasing travel options
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One way to measure economic growth is by using GDP, which stands for
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Gross Domestic Product
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Which best describes the effect of globalization on China's economy?
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China is shifting toward specialization in industry and services and away from agriculture.
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The concept shown in the images is known as
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purchasing power parity
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Based on the map, which is the best conclusion that can be drawn about the economies of the US and China?
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The US and China are strong because they have a high gross domestic product.
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