Globalization is characterized by increased trade in
e.all of these.
3.European exploration and colonization of the Americas could be interpreted as
c.increasing returns-to-scale tariffs.
d.quantity-value subsidies of exploration.
e.a race to the bottom.
4.The forces that drive globalization
a.focus on fairness and equality.
b.are a result of World War II.
c.have existed as long as humans have been around.
d.were initiated in the United States.
e.are all of these.
5.The economic basis for trade is
a.the race to the bottom.
e.none of these.
6.Trade based on comparative advantage
a.reduces the need for Asian tigers.
b.turns NICs into WHIPs.
c.reduces transaction costs.
d.facilitates political control.
e.raises living standards.
7.During the period between World War I and World War II, the value of international trade
a.shifted from goods to services.
b.expanded with the creation of the Internet.
c.neither increased nor decreased.
d.was controlled by the United Nations.
8.Today, world trade as a fraction of world GDP is about the same as it was
a.at the end of the 19th century
b.at the beginning of World War I
c.at the end of World War I
d.at the beginning of World War II
e.at the end of World War II
9.Most of the countries that are closed to global trade are
b.among the poorest countries in the world.
d.among the largest economies and therefore do not need to trade with other countries.
e.geographically isolated from the rest of the world.
10.The movement of people across international borders is
a.an alternative to globalization.
b.a result of the race to the bottom.
c.greatly limited by government policies.
d.a buffer against speculative attacks.
e.all of these.
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