GE 5 LONG QUIZ

What is the process called when national economies become integrated into a wider global market?

• Internationalization

• Globalization

• Industrialization

• Liberalization

Which of the following is the most comprehensive scholarly definition of globalization?

• A widespread belief that free markets are beneficial for everyone

• The establishment of trade agreements among countries facilitated by international bodies

• The integration of local markets and vast global markets

• The expansion and intensification of social relations and consciousness across the world

Which aspect is NOT typically seen as increasingly integrated through the process of globalization?

• Culture

• Economics

• Morals

• Communication

The internet facilitates globalization by

• Making it more difficult to contact potential customers abroad

• Making it easier for governments to censor information received by their citizens

• Making it harder to send money from one country to another

• Cutting the cost for firms of communicating across borders

What is the oldest international trade route that connected China to the Middle East and Europe?

• The Bank Road

• The Silk Road

• The Hard Road

• The Gold Road

Which of the following is a primary driver of globalization?

• Trade Barriers

• War

• Technological Advancement

• Weak Competition

What term refers to the increasing sameness in the world due to the spread of cultural inputs and political orientations?

• Homogeneity

• Heterogeneity

• Cultural Diffusion

• Politicization

According to Keynesian theory, what is the effect of an increase in aggregate demand in the economy?

• It leads to a decline in employment and prices

• It promotes setting up financial institutions to manage the economy

• It promotes general economic growth and reduced unemployment

• It leads to stagflation, a decline in growth with rising prices

What is the economic phenomenon characterized by a long-term decline in growth alongside rising prices?

• Inflation

• Stagflation

• Depression

• Deflation

Which of the following is NOT a characteristic of neoliberalism?

• Emphasis on free-market capitalism

• Reducing tariffs and opening economies

• Government intervention in the economy to manage demand

• Privatization of government-controlled services