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WorksheetsEconomic Globalization
Total questions: 25
Worksheet time: 25mins
Local issues, like worker exploitation in sweatshops (or wildlife markets) can become major global issues like global income disparity (or pandemics) showcasing just how much the world has become more ___________ with globalization, economic or otherwise.
Sovereign
Interdependent
Culturally Relevant
Isolationist
This institution (and/or its acronym) regulates world economic transactions by insisting that global peace be best maintained through tariff free, economic globalization and, in particular, the process of trade liberalization: (three words, or the acronym)
(a)
The entities listed on the attached world map can best be described as:
Multicorps
NGOs
UNESCO
Transnationals
A major difference between NAFTA (1993-2018) and the USMCA (2018 - present) revolves around American insistence that Canada:
Open up 3% of its dairy market to large-scale produced USA milk products
Is free & sovereign to make any economic deal it likes with China
Has no mechanism of disputing tariffs American imposes on Canadian made goods
Offer cheaper streaming services to downplay international copyright issues
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
The main effect of the General Agreement on Tariffs and Trade (GATT) on the United States was (a)
increased access to foreign markets
decreased employment for women and POC
increased availability of foreign workers
decreased funding for national parks
Referring to the video, identify and explain at least ONE criticism directed at Wal-Mart - the retail superstore that has benefited directly, and handsomely, from economic globalization in the past 30 years?
State ONE fundamental difference between the ideas of economic globalization presented by John Maynard Keynes at the Bretton Woods Conference in 1944 and those of Frederich Hayek (think in terms of the role of government in managing YOUR economy and economic future)
What roles do the World Bank and the IMF play in today’s global economy?
Important roles
Minor roles
No roles
Opposing roles
A large company such as McDonalds that has operations in more than one country.
Domestic Corporation
Multinational Corporation
Foreign Corporation
State Corporation
Which are negative effects of Globalisation? (Pick two)
Efficient world economy.
Loss of local culture.
Faster Economic Growth.
Reduced power of Governments to control economic activities.
A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).
Free Trade
Trade War
Goods and Services
Supply and Demand
Which actor plays a crucial role in facilitating economic globalization by creating favorable policies and regulations?
Multinational Corporations (MNCs)
International Financial Institutions
Non-Governmental Organizations (NGOs)
Governments
Which technological innovation has revolutionized economic globalization by facilitating instant communication and reducing transaction costs?
E-commerce
Digital platforms
Internet
Global Supply Chains
Which actor operates across multiple countries, establishing production facilities, supply chains, and distribution networks?
International Financial Institutions
Non-Governmental Organizations (NGOs)
Technological Innovations
Multinational Corporations (MNCs)
Which organization is primarily responsible for providing loans to developing countries to foster economic development?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
United Nations
What is the term for the economic theory that suggests countries should specialize in producing goods where they have a lower opportunity cost?
Comparative Advantage
Absolute Advantage
Trade Surplus
Protectionism
Which agreement aimed to reduce trade barriers and promote free trade among Canada, the United States, and Mexico?
European Union (EU)
North American Free Trade Agreement (NAFTA)
Trans-Pacific Partnership (TPP)
Mercosur
What is the primary goal of the World Trade Organization (WTO)?
To provide financial aid to developing countries
To regulate international trade
To promote environmental sustainability
To enforce labor rights
Which concept refers to the increasing interconnectedness and interdependence of world economies?
Isolationism
Globalization
Nationalism
Protectionism
What is a potential negative impact of economic globalization on local industries?
Increased innovation
Job creation
Loss of cultural identity
Market expansion
Which economic policy involves reducing tariffs and other barriers to trade?
Protectionism
Free Trade
Subsidization
Nationalization
What is the role of multinational corporations in economic globalization?
To restrict international trade
To promote local businesses
To facilitate global trade and investment
To enforce national laws
Which economic indicator is often used to measure a country's economic performance in the context of globalization?
Gross Domestic Product (GDP)
Inflation Rate
Unemployment Rate
Exchange Rate
What is the effect of globalization on consumer choice?
Limited options
Increased variety of products
Higher prices
Decreased quality
