ULIS W1

What is globalization?

• Political unification of nations

• Social, political, economic, cultural, and technological integration among countries

• Economic isolation of countries

• Cultural homogenization

What is offshoring?

• Contracting external organizations to perform company activities

• Relocating company activities to a foreign country to reduce costs

• Outsourcing customer services to local providers

• Moving company headquarters abroad

Which agreement replaced NAFTA in 2020?

• World Trade Organization (WTO) Agreement

• Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

• United States-Mexico-Canada Agreement (USMCA)

• European Union Trade Agreement

What is a defining feature of a command economy?

• Competition drives production decisions.

• The government has explicit control over the price and supply of goods.

• Businesses operate with complete independence.

• Private enterprise owns all resources.

Which organization oversees international trade regulations?

• United Nations (UN)

• European Union (EU)

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

What is the primary focus of the European Union (EU)?

• Expanding global oil production

• Eliminating trade barriers among member countries

• Developing military alliances

• Promoting bilateral trade with the U.S.

Which countries are included in the MIST group of emerging markets?

• Mexico, India, South Korea, and Turkey

• Mexico, Indonesia, South Korea, and Turkey

• Malaysia, India, Singapore, and Taiwan

• Morocco, Iran, Spain, and Thailand

What is a common criticism of globalization by anti-globalization activists?

• It increases access to green technology.

• It encourages offshoring of jobs and relaxation of environmental standards in poor countries.

• It reduces cultural diversity in developed nations.

• It eliminates competition among global firms.

What is the focus of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)?

• Promoting trade between Europe and the United States

• Developing global tax regulations

• Negotiating trade agreements in the Asia-Pacific region

• Establishing a new monetary fund

Which statement best describes emerging economies in Africa?

• They have stable political environments.

• They rely heavily on foreign direct investment.

• They are fully industrialized nations with advanced technology.

• They focus exclusively on natural resource imports.