CHAPTER 2 GLOBAL ECONOMIC ENVIRONMENT

What does "Global Economic" mainly describe?

• Only local business activities

• How countries are connected through trade and business

• Internet competition

• Regional tourism only

What happens when one country's economy crashes?

• It stays local

• Only that country suffers

• It will affects other countries too

• It causes wars

Which of the following best describes an "Interwined World Economy"?

• Independent countries

• Countries depending on each other economically

• Countries closing borders

• Only Asian countries trading

What is an example of a global economic shock?

• A company moves office

• COVID-19 causing supply chain discruptions

• A celebrity scandal

• Local food festival

Country competitiveness is mainly about:

• Population size

• Political stability only

• Producing better goods and services efficiently

• Climate conditions

Emerging economies are countries that are:

• Already richest

• Regressing economically

• Growing fast but not yet developed

• Only small island nations

Which is an example of an emerging economy?

• Switzerland

• India

• Norway

• Japan

What do Global Trade Agreement usually try to do?

• Stop all trade

• Make trading good easier

• Create more taxes

• Block investments

A Bilateral Trade Agreement involves:

• Only 1 country

• 2 Countries

• 3 Countries

• A whole continent

What is Multilateral Trade Agreement?

• Agreement between 1 company and 1 country

• Agreement between 2 companies

• Agreement among 3 or more countries

• AN agreement to ban trade