Globalisation is best defined as

• the move to a borderless world.
• a shrinking world.
• an interdependent world.
• the opening of national borders to foreign goods, services, investment, information, technology and people

The current period of rapid globalisation began in the

• 1940s
• 1950s
• 1960s
• 1970s

Over the past 50 years globalisation has

• increased global prosperity
• plunged millions into poverty
• equalised national incomes
• reduced the risk of global contagion

Which of the following is an indicator of the extent of globalisation

• growth of world trade at a faster rate than global GDP
• Synchronisation of business cycles around the globe.
• reduction in the average rate of tariff protection across the globe
• All the responses are correct

The most globalised feature of the world economy is

• trade in goods.
• trade in services.
• finance
• tourism

Two of the world's largest TNCs are

• Kmart and MC Donalds
• Kentucky Fried Chicken and IKEA
• Vodafone and Nestle
• Royal Dutch Shell and Toyota

Which of the following are the best indicators of changes in Australia's international competitiveness?

• RULC and TWI
• The inflation and unemployment rates.
• The level of tariffs and the inflation rate
• None of the answers is correct

A fall in the RULC would usually be associated with

• a rise in competitiveness
• a fall in competitiveness
• no change  in competitiveness

A depreciation of the currency makes a nation's exports

• more competitive
• less competitive
• has no impact on competitiveness

The international agency whose task is to enforce the rules of international trade is the

• UN
• World Bank
• IMF
• WTO