Which of the following represents the idea of a "global economy"?
Economic Impacts of Globalisation

Quiz
•
Social Studies
•
9th Grade
•
Hard
Bi Ng
Used 15+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors
Includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services.
an economic system based on the private ownership of the means of production and their operation for profit..
Answer explanation
X Protectionism: policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors
X Capitalism: an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following define(s) a Multinational Corporation (MNC) / Transnational Corporation (TNC)?
any corporation that has production lines in less developed countries to lower costs of production
any corporation that is registered and operates in more than one country at a time.
businesses that maintain revenues, assets or a number of employees below a certain threshold.
Answer explanation
X businesses that maintain revenues, assets or a number of employees below a certain threshold -> This is known as a small-medium business (SMEs)
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of these is NOT an impact of a Free Trade Agreement (FTA)?
Improve price competitiveness for local businesses
Lower costs due to simplified trade procedures
Exploitation of low wage workers
Answer explanation
FTA does not directly lead to the exploitation of low wage workers. The FTA encourages trade to take place at a faster rate between countries so that both countries can import goods at a lower costs from other countries and at the same time, they can export their goods to a larger market.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is not a POSITIVE economic impact of globalisation on COUNTRIES?
FDI allows for countries to gain financing and technology from other countries
FTA increases overall trade and hence economic growth for the country
Countries becoming increasing interconnected and interdependent, hence becoming more susceptible to external developments.
Answer explanation
This is the answer as globalisation increases the interconnectedness and interdependence of countries, it also increases the vulnerability of any ONE event to affect the global economy as a whole. For e.g. the 2007 to 2008 Global Financial Crisis which affected not just the US but investors in Singapore as well.
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Companies can benefit from globalization because...
It allows them to increase market share
It will increase competitiveness within the industry
It allows them to hire talents from all around the world
It allows them to lower costs of production
Answer explanation
Increasing competitiveness within the industry is not necessarily a benefit for companies as they may lose out if they fail to compete with each other.
However, increased competition can be a benefit for consumers as it can lead to companies competing to produce better goods at lower prices.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is NOT a challenge that Small Medium Enterprises (SMEs) face as a result of globalisation?
Lack of support from Singapore government
Increased competition from MNCs and foreign businesses
Lack of manpower
Answer explanation
The Singapore government recognises the importances of supporting SMEs and they provide multiple grants and support to SMEs. For e.g. Productivity Solutions Grant is given to SMEs to improve on their productivity. Also in the 2022 Budget, $600 million is set aside for this as well.
Lack of manpower is a challenge as MNCs also compete to attract talents and locals to work for them instead of SMEs.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should small local companies do to avoid losing out to MNCs?
Set cheaper prices
Continually innovate its products
Sell fewer items
Answer explanation
Price is often not the main reason why SMEs lose out to MNCs. Besides if SMEs lower its price, it might not increase sales if the product itself is not attractive.
Selling fewer items will definitely not help in the overall sales.
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