Meaning of Globalization - SS3 Economics Past Questions & Answers - page 1

1

What is globalization?

A

The process of increasing interconnectedness and interdependence among people, businesses, and countries around the world

B

The process of reducing interconnectedness and interdependence among people, businesses, and countries around the world

C

The process of isolating countries from each other and preventing the flow of goods and services

 

D

The process of creating barriers to communication and information sharing between people and businesses around the world

CORRECT OPTION: a
2

What is an example of globalization?

A

The widespread availability of products from around the world

B

The process of reducing international trade and investment

C

The isolation of countries from each other

D

The prevention of the movement of people across borders for work or education 

 

CORRECT OPTION: a
3

What are some potential benefits of globalization?

A

New opportunities and improved living standards for people around the world

B

Increased competition, inequality, and environmental degradation

C

Isolation of countries and prevention of the flow of goods and services

D

Reduction in international trade and investment

 

CORRECT OPTION: a
4

What are some potential risks of globalization?

A

 Increased competition, inequality, and environmental degradation

B

New opportunities and improved living standards for people around the world

 

C

Isolation of countries and prevention of the flow of goods and services

D

Reduction in international trade and investment

CORRECT OPTION: a
5

What is one way in which globalization can be seen in modern life?

A

The ease of communication through technologies like the internet and social media

B

The prevention of the movement of people across borders for work or education

C

The reduction in international trade and investment

 

D

The isolation of countries from each other

CORRECT OPTION: a
6

Define globalization in your own words.

 

Globalization is the process of increasing interconnectedness and interdependence among people, businesses, and countries around the world, which involves the flow of goods, services, capital, information, and ideas across borders.

7

What are some potential risks of globalization?

Some potential risks of globalization include increased competition, inequality, and environmental degradation.

 

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