Question 1

Fifteen years ago,China _________________ with the countries of Europe.Today,China ______________________ most European countries.

Accepted Answer

The first part of the sentence implies that 15 years ago China did not trade much with Europe, so options A and B can be eliminated. The second part of the sentence states that currently China is one of the top five trading partners for most European countries. Therefore, option C is the best choice. Option D is incorrect because it contradicts the second part of the sentence.

Question 2

Globalization

Accepted Answer

Globalization refers to the growing interconnectedness and integration of the national economies of the world. It involves the movement of goods, services, capital, technology, and people across national borders. While it may lead to changes in the job market and employment opportunities, it is not necessarily linked to higher unemployment rates in the United States.

Question 3

In the early 1900s tariffs accounted for ____________ of all federal government revenues,whereas today they account for less than ____________ percent.

Accepted Answer

D

Question 4

Between 1980 and 2000,income per person in India

Accepted Answer

According to the World Bank, between 1980 and 2000, India's Gross Domestic Product (GDP) per capita doubled, indicating that income per person also doubled during that time period.

Question 5

In 2000,the top 100 transnational companies produced about _____________ percent of the entire world's output.

Accepted Answer

The answer of In 2000,the top 100 transnational companies produced...

Question 6

Between 1940 and 2000,income per person in China

Accepted Answer

According to the data provided, the income per person in China increased from 1940 to 2000. As the options only provide for an increase or decrease in percentage, the best choice would be C, quadrupled, as it represents the highest increase.

Question 7

In recent years,the Chinese government has _____________ bonds issued by the U.S.government which has _____________ interest rates in the United States beyond what they would have been otherwise.

Accepted Answer

The Chinese government has bought bonds issued by the U.S. government, which increases demand for these bonds and subsequently lowers interest rates in the United States.

Question 8

According to the textbook,some people refer to the period from ___________________ as the First Era of globalization.

Accepted Answer

The answer of According to the textbook,some people refer to...

Question 9

Globalization is closely aligned with which of the following?

Accepted Answer

Globalization is associated with increased free enterprise, meaning a greater emphasis on private ownership and less government regulation of markets. This leads to increased competition among businesses and greater access to goods and services for consumers.

Question 10

One study from the United Kingdom (cited in the textbook)showed that almost ______ times as many firms that faced global competition reported innovations in product or process compared to firms that did not face global competition.

Accepted Answer

The answer of One study from the United Kingdom (cited...

Question 11

In 1946 the average tariff rate in the United States was around ___________ percent,while the average tariff in 2012 was about ____________ percent.

Accepted Answer

According to historical data from the World Bank, the average tariff rate in the United States was around 40.0% in 1946, while the average tariff in 2012 was about 1.8%. Therefore, the best choice is C, which shows these numbers. None of the other choices match the correct historical data.

Question 12

According to the text,in which of the following countries was tipping found to occur very infrequently?

Accepted Answer

Tipping is generally less common in Vietnam compared to countries like the United States or Mexico, where it is a more established practice.

Question 13

The Cold War

Accepted Answer

The Cold War created a political barrier between countries which reduced the likelihood that those countries would engage in trade with one another. This hindered globalization. While some countries did engage in trade during the Cold War, the overall impact was negative on globalization.

Question 14

Which of the following factors are repeated in many different definitions of globalization?

Accepted Answer

All of the above factors are repeated in many different definitions of globalization. The concept of globalization involves the idea of creating a smaller, interconnected world where people, economies, and cultures are increasingly dependent on each other, leading to greater impact and interaction across different parts of the world. This is often seen as a result of the movement towards a global economy, where trade and commerce transcend national borders and create new opportunities and challenges for individuals and businesses alike. Ultimately, globalization is a complex and multifaceted phenomenon that reflects many different aspects of our global world today.

Question 15

North Korea has ____________ the process of globalization,while South Korea has _______________ it. A likely result of this is that South Koreans have a much ______________ standard of living than North Koreans.

Accepted Answer

The answer of North Korea has ____________ the process of...

Question 16

In economics,the term foreign exchange trading means

Accepted Answer

Foreign exchange trading refers to the buying and selling of foreign currencies in order to make profits based on their fluctuations in value. This involves exchanging one currency for another in order to facilitate international trade or investment.

Question 17

Economist David Friedman has compared free international trade to

Accepted Answer

Friedman has compared free international trade to a technology, specifically the internet. He argues that just as the internet has revolutionized communication and information sharing, free trade has revolutionized the way goods and services are produced and exchanged globally.

Question 18

Between 1977 and 2004,the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries

Accepted Answer

The passage states that "the inflation-adjusted prices for an array of goods traded between countries fell," indicating a decrease in prices. It does not make any mention of an increase in prices for goods not traded between countries, so we cannot assume that option B is correct. Option C is also incorrect, as the passage does not state that prices for goods not traded between countries decreased. Option D is incorrect as well, as the passage does not state that the prices for goods not traded between countries rose.

Question 19

Economists are fairly confident that globalization leads to a(n)_____________ standard of living based on their comparisons of countries with __________________ characteristics.

Accepted Answer

Economists have found that countries with similar characteristics that engage in globalization tend to experience an increase in their standard of living.

Question 20

_______________ is the practice of hiring people in other countries to do a job that was once done domestically.

Accepted Answer

Offshoring is the practice of hiring people in other countries to do a job that was once done domestically. Onshoring refers to the opposite, where jobs are brought back to the domestic location. Insourcing refers to using internal employees to complete a task, rather than outsourcing to an external company. Megasourcing is not a commonly used term in the business world.

Quiz 36: Globalization and International Impacts on the Economy

Fifteen years ago,China _ with the countries of Europe.Today,China ______ most European countries.

Globalization

In the early 1900s tariffs accounted for of all federal government revenues,whereas today they account for less than percent.

Between 1980 and 2000,income per person in India

In 2000,the top 100 transnational companies produced about _____________ percent of the entire world's output.

Between 1940 and 2000,income per person in China

In recent years,the Chinese government has _ bonds issued by the U.S.government which has _ interest rates in the United States beyond what they would have been otherwise.

According to the textbook,some people refer to the period from ___________________ as the First Era of globalization.

Globalization is closely aligned with which of the following?

One study from the United Kingdom (cited in the textbook) showed that almost ______ times as many firms that faced global competition reported innovations in product or process compared to firms that did not face global competition.

In 1946 the average tariff rate in the United States was around _ percent,while the average tariff in 2012 was about __ percent.

According to the text,in which of the following countries was tipping found to occur very infrequently?

The Cold War

Which of the following factors are repeated in many different definitions of globalization?

North Korea has ____ the process of globalization,while South Korea has _ it. A likely result of this is that South Koreans have a much ________ standard of living than North Koreans.

In economics,the term foreign exchange trading means

Economist David Friedman has compared free international trade to

Between 1977 and 2004,the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries

Economists are fairly confident that globalization leads to a(n) _ standard of living based on their comparisons of countries with ______ characteristics.

_______________ is the practice of hiring people in other countries to do a job that was once done domestically.

Quiz 36: Globalization and International Impacts on the Economy

Fifteen years ago,China _________________ with the countries of Europe.Today,China ______________________ most European countries.

Globalization

In the early 1900s tariffs accounted for ____________ of all federal government revenues,whereas today they account for less than ____________ percent.

Between 1980 and 2000,income per person in India

In 2000,the top 100 transnational companies produced about _____________ percent of the entire world's output.

Between 1940 and 2000,income per person in China

In recent years,the Chinese government has _____________ bonds issued by the U.S.government which has _____________ interest rates in the United States beyond what they would have been otherwise.

According to the textbook,some people refer to the period from ___________________ as the First Era of globalization.

Globalization is closely aligned with which of the following?

One study from the United Kingdom (cited in the textbook) showed that almost ______ times as many firms that faced global competition reported innovations in product or process compared to firms that did not face global competition.

In 1946 the average tariff rate in the United States was around ___________ percent,while the average tariff in 2012 was about ____________ percent.

According to the text,in which of the following countries was tipping found to occur very infrequently?

The Cold War

Which of the following factors are repeated in many different definitions of globalization?

North Korea has ____________ the process of globalization,while South Korea has _______________ it. A likely result of this is that South Koreans have a much ______________ standard of living than North Koreans.

In economics,the term foreign exchange trading means

Economist David Friedman has compared free international trade to

Between 1977 and 2004,the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries

Economists are fairly confident that globalization leads to a(n) _____________ standard of living based on their comparisons of countries with __________________ characteristics.

_______________ is the practice of hiring people in other countries to do a job that was once done domestically.

Fifteen years ago,China _ with the countries of Europe.Today,China ______ most European countries.

In the early 1900s tariffs accounted for of all federal government revenues,whereas today they account for less than percent.

In recent years,the Chinese government has _ bonds issued by the U.S.government which has _ interest rates in the United States beyond what they would have been otherwise.

In 1946 the average tariff rate in the United States was around _ percent,while the average tariff in 2012 was about __ percent.

North Korea has ____ the process of globalization,while South Korea has _ it. A likely result of this is that South Koreans have a much ________ standard of living than North Koreans.

Economists are fairly confident that globalization leads to a(n) _ standard of living based on their comparisons of countries with ______ characteristics.