Globalization and National Differences

The shift toward a more integrated and interdependent world economy is referred to as __________.

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

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 ____________.

• Location economies

• Economies of scale

• Economies of scope

• Comparative advantage

Which organization is responsible for policing the world trading system?

Which of the following trends is true?

• The US is accounting for a greater percentage of world trade than ever before

• The US is accounting for a greater percentage of foreign direct investment than ever before

• The share of world trade accounted for by developing countries is rising

• The share of foreign direct investment by developing countries is declining

Which of these is not a concern of anti- globalization protesters?

• globalization raises consumer income

• globalization contributes to environmental degradation

• globalization is causing a loss of manufacturing jobs in developed countries

• globalization implies a loss of national sovereignty

A political system that stresses the primacy of collective goals over individual goals is called __________.

A form of government in which one person or political party exercises complete control over all spheres of human life and prohibits opposing political parties is ___________.

In which type of economic system are all productive activities privately owned?

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy