Economic Globalization

What role do multinational corporations play in neo-colonialism?

• They promote fair trade practices

• They often exploit resources and labor in developing countries

• They help reduce economic dependency

• They focus solely on domestic markets

What is economic interdependence?

• The self-sufficiency of a country in all economic aspects

• The reliance of countries on each other for goods, services, and capital

• The complete economic isolation of a country

• The dominance of one country over another in trade

The exchange of goods and services by sale or barter driven by the need for resources.

• Fair Trade

• Globalization

• Trade

• Standard of Living

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff

• quota

• subsidy

• embargo

What is the primary goal of trade liberalization?

• To increase tariffs on imports

• To reduce trade barriers and promote free trade

• To provide subsidies to local industries

• To restrict the flow of goods between countries

Which organization is responsible for overseeing international trade rules and resolving disputes between countries?

• International Monetary Fund (IMF)

• World Bank

• World Trade Organization (WTO)

• United Nations (UN)

How do subsidies affect international trade?

• They increase the cost of imported goods

• They make domestic goods more competitive by lowering their prices

• They promote trade liberalization

• They are used to impose trade barriers

Which of the following best describes neo-colonialism?

• Direct political control over a country

• Economic and cultural influence over a country without direct political control

• Military occupation of a country

• Complete isolation from international trade

Match the following

• Multinational Corporation

• Is a company that has business operations in at least one country other than its home country and generates revenue outside of its home country.

• Global Supply Chain

• The distribution of goods and services throughout a trans-national companies' global network to maximize profit and minimize waste.

• Inflation

• The rate of increase in prices over a given period of time.

• Scarcity

• Unlimited wants with limited resources

• Monopolies

• When one company or person is the only seller of a product or service

What is the primary driver of economic globalization?

• Technological advancements

• Cultural exchange

• Political alliances

• Environmental concerns