IBT Chapter 1 quiz 8/15/2024

As with major technological advances, globalization harms society as a whole, while benefiting certain groups.

• True

• False

Which among the following is not a cause of globalization?

A. Development of Transportation

B. Advancement in Technology

C. Faster Way of Communication

D. Trade Agreement

• A and B

• C and D

• A, B, C and D

• None of these

Choose the best word to complete these statement: Globalization is the free movement of goods, people, and information across __________.

• different people

• the sea and waters

• national borders

• cultures

By removing or lowering tariffs, high prices are implemented on imported goods and the consumers benefits largely on lower cost.

• True

• False

• I don't know

Tariffs work by increasing the price of exported goods and protects local products within the same market.

• True

• False

• I don't know

Production of goods are moved from developed countries to developing countries to ________.

• to lower transportation

• lower the maintenance

• lessen the production

• lower labor cost

a condition by which different things rely on each other for support

• multinational corporation

• globalization

• interdependent

• outsourcing

a company that does business in two or more nations

• globalization

• multinational corporation

• interdependent

• outsourcing

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).

• Free Trade

• Trade

• Goods

• Supply and Demand

What term refers to a government issued economic sanction like banning exports to a country?

• tariff

• quota

• embargo

• subsidy