Economies....

Which of the following is not a feature of the global economy?

• Multinational corporations

• International organisations

• Increased trade

• None of the above as they are all features of the global economy

What is one reason for developing economies growing their share of GWP over time?

• Better economic policies than advanced economies

• Faster population growth than advanced economies

• Controlling the World Trade Organisation

• Lower inflation than advanced economies

What is a cause of globalisation?

• Better technology

• Cooperation through international organisations

• Openness to other cultures

• .All of the above

Which of the following is most likely to occur as a country becomes more economically developed? 

• 1. Education levels decrease

• 1. Labour productivity increases

• 1. Reliance on foreign aid increases

• 1. Agricultural production as a share of GDP increases

Which of the following is most likely to slow the process of globalisation?

• 1. Higher labour mobility

• 1. Lower costs of communication

• 1. An increase in the world price of oil

• 1. A reduction in export subsidies by advanced economies

Assume that foreign producers are selling canned tomatoes in Australia at below their cost of production. Domestic producers ask the government to impose a tariff on these imports.

What is the most likely reason for this request?

• 1. To prevent dumping

• 1. To improve national defense

• 1. To support an infant industry

• 1. To maintain domestic employment

Which of the following is classified as a trading bloc?

• 1. United Nations (UN)

• 1. European Union (EU)

• 1. Group of Twenty (G20)

• 1. Organisation for Economic Cooperation and Development (OECD)