Globalization: Definition, Causes, and Impacts

What is a key component of the definition of globalization?

• Political alliances

• Economic and financial integration

• Social media influence

• Cultural exchange

Which factor is NOT mentioned as a driver of globalization?

• Technology and communications

• Cultural festivals

• Transportation

• Comparative advantages

How has globalization affected specialization in countries?

• It has made specialization obsolete

• It has no impact on specialization

• It has led to intense specialization

• It has reduced specialization

What is one environmental impact of globalization?

• Depletion of natural resources

• Reduction in pollution

• Increased biodiversity

• Stabilization of climate

What is a significant dependency impact of globalization?

• Increased reliance on each other

• Countries becoming more self-sufficient

• Decreased international trade

• Isolation of economies

How has globalization impacted income distribution?

• It has no effect on income distribution

• It has widened income disparities

• It has reduced income inequality

• It has equalized income distribution globally

What is a major risk associated with increased interdependency due to globalization?

• Increased self-sufficiency

• Decreased global trade

• Simultaneous economic rise and fall

• Countries becoming more isolated

What has been a consequence of globalization for the UK's trade balance?

• A consistent trade surplus

• An ever-increasing trade deficit

• A balanced trade account

• No change in trade balance

What is one positive effect of globalization on the UK economy?

• Increased inflation

• Controlled prices and growth in real output

• Decreased employment opportunities

• Reduced economic capacity

Which year marked the deregulation of financial markets known as Big Bang?

• 1992

• 1991

• 2000

• 1986