Globalization and Trade

Questions 1–10 of 65

Q1. Exports involve selling goods or services to another country.

True False True False

Q2. What is a major objective of the WTO?

To establish rules for international trade and facilitate trade To control every country’s currency To ban all imports To manage only domestic markets

Q3. What is a possible employment benefit of globalization?

New jobs may be created in some sectors through exports and investment All jobs will be destroyed Employment will always become zero All local industry will collapse

Q4. What is one challenge of globalization for agriculture?

Farmers may face greater risk from changes in global market prices All crops growing in one day No need for irrigation No market demand

Q5. Why can globalization increase income inequality?

Its benefits may not be distributed equally among people with different skills, assets or market access Because everyone gets the same income Because trade stops completely Because everyone gets the same job

Q6. What is the full form of SEZ?

Special Economic Zone Social Export Zone State Economic Zoning Special Employment Zone

Q7. Which is an example of a trade barrier?

An import tariff Road improvement Technical training Domestic advertising

Q8. What can support knowledge transfer through globalization?

International cooperation and technology sharing Blocking information Trade restrictions Stopping training

Q9. What is an import?

Buying goods or services from another country Selling goods to another country Storing goods domestically Collecting taxes

Q10. How do lower communication costs help globalization?

Business coordination across countries becomes easier Trade is blocked Imports are banned Domestic markets are closed