Globalisation and Trade Liberalisation Quiz

What is protectionism?

• A policy of protecting home industries from foreign competition

• A policy of promoting free trade

• A policy of reducing trade barriers

• A policy of encouraging foreign investment

What are the benefits of preferential tariffs?

• Lower prices for the goods from the country with the preferential tariff

• Better trading relations between countries

• Assistance provided by richer countries to poorer countries

• All of the above

What is trade liberalisation?

• The imposition of trade barriers on imported goods

• The reduction of barriers to trade

• The promotion of preferential tariffs

• The increase in protectionist measures

What is globalisation?

• The emergence of a single world market

• The reduction of barriers to trade

• The promotion of preferential tariffs

• The increase in protectionist measures

What are the drivers of globalisation?

• Leaps in communication technology

• Improved transportation

• Trade liberalisation

• All of the above

What are the economic and social benefits of large-scale production?

• Economies of scale

• Increased employment

• Better quality goods

• All of the above

What are the effects of trade liberalisation and globalisation on firms in the Caribbean?

• decreased competition

• Presence of more multinational corporations

• Need to advertise globally

• All of the above

What are the effects of trade liberalisation and globalisation on consumers in the Caribbean?

• Increased standard of living

• Spread of food culture

• Westernisation of the world

• All of the above

What is the 'brain drain'?

• The migration of skilled workers to more developed countries

• The migration of unskilled workers to more developed countries

• The migration of skilled workers to less developed countries

• The migration of unskilled workers to less developed countries

What are the effects of trade liberalisation and globalisation on the sovereignty of territories in the Caribbean?

• Exploitation of natural resources by multinational corporations

• Closure of small and infant industries

• Increasing imports leading to trade deficit

• All of the above