America and the Global Economy

Question 1

Which of the following is the best definition of globalization?

Revolt · Accepted Answer

the growing interconnection of the world’s many economies

Question 2

Which of the following best explains why the pace of globalization has increased dramatically in recent years?Check all of the boxes that apply.

Revolt · Accepted Answer

People have increased their demand for foreign goods.; Technology has greatly enhanced the ability to share information around the world.

Question 3

Which of these reasons explain why a company might choose to hire a workforce in another country?Check all of the boxes that apply.

Revolt · Accepted Answer

to lower labor costs; to gain access to specialized skills the company needs

Question 4

Which of the following are potential benefits of global competition?Check all of the boxes that apply.

Revolt · Accepted Answer

lower prices for consumers; more jobs for workers in countries with low labor costs

Question 5

Which of the following are potential problems caused by global competition?Check all of the boxes that apply.

Revolt · Accepted Answer

Companies in high-wage countries may be driven out of business.; Workers in high-wage countries may lose their jobs.

Question 6

Why would a nation bring a case before the World Trade Organization?

Revolt · Accepted Answer

to settle a trade dispute with another country

Question 7

Which of the following best describes the G20?

Revolt · Accepted Answer

The G20 is an organization representing the world’s largest economies.

Question 8

When was the World Bank created?1904✔ 19442004

Revolt · Accepted Answer

✔ 1944

Question 9

According to the text, what was the initial purpose of the World Bank?

Revolt · Accepted Answer

to help rebuild Europe following WWII

Question 10

According to the text, how does the World Bank receive its funding?

Revolt · Accepted Answer

donations from the world’s wealthiest countries

America and the Global Economy Answers