The Contemporary World

Globalization is best defined as:

• A process of increased global interaction of people, states, and countries via flows of money, ideas, and culture

• A political movement to centralize power in one world government

• A method of preserving local traditions from global influence

• A phenomenon that started in the early 1900s

Which of the following is not listed as a characteristic or indicator of globalization?

• Liberalization

• Cultural globalization

• Increased tariffs

• Political globalization

Which term refers to the reduction of government influence to encourage competition in an industry?

• Liberalization

• Deregulation

• Privatization

• Globalism

Which claim about globalization is featured in the six core claims?

• Globalization decreases democracy

• Globalization benefits everyone

• Globalization is reversible

• Globalization is centrally managed

Globalization has led to which of the following modern innovations?

• Increased travel time across borders

• Reduced global communication efficiency

• Lowered interest in foreign languages

• Enhanced cultural immersion

According to Robert Cox, globalization involves:

• Strengthening local labor markets

• The internationalizing of production and labor division

• Closing borders to migration

• Reducing competitive environments

What describes the global economy?

• Exchange of goods/services integrated into a single world market

• A system of closed national markets

• A political union of all countries

• A single global currency system

Which is not a method of protectionism?

• Subsidies

• Tariffs

• Free trade agreements

• Competitive devaluation

Why might a country impose protectionist measures?

• To support infant industries

• To raise government revenue

• To safeguard domestic jobs

• All of the above

Which best describes vertical integration?

• Merging firms producing similar goods

• Companies combining with those at different production stages

• Nations forming economic blocs

• Removal of trade barriers