AnswersGA-GSE Personal Finance and EconomicsGlobalization

Globalization Answers

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four

b
by shipping raw materials to manufacture goods in other countries
b
by shortening travel time
b
by opening up new trade markets worldwide
b
by connecting business partners the fastest
b
by increasing options for travel destinations
2
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Purchasing power parity is used to compare the gross domestic product between

A
businesses.
B
consumers.
C
stock markets.
D
countries' currencies.
3

The graph shows China’s workforce from 2000 to 2019.

Question illustration
A
agriculture and away from services.
B
services and away from agriculture.
C
industry and away from services.
D
agriculture, services, and industry.
4

The business practice of hiring workers in another country is known as

A
globalization.
B
insourcing.
C
subcontracting.
D
outsourcing.
5

The images show the cost of the same bike in the United States and Britain.

Question illustration
A
purchasing power parity.
B
exchange rates.
C
factors of production.
D
gross domestic product.
6

Global trade provides consumers with

A
more options and lower prices.
B
fewer options and lower prices.
C
more options and higher prices.
D
fewer options and higher prices.
7

Technologies that allow for instant worldwide communication include

h
high-speed trains and naval ships.
m
mobile phones and Internet access.
a
airplanes and container shipping.
o
outsourcing and new trade markets.
8

Globalization leads to more trade between

A
consumers.
B
businesses.
C
factories.
D
countries.
9

Which statement best describes how globalization connects the world?

A
Globalization helps create new forms of transportation, communication, and technology.
B
Globalization helps expand old forms of transportation, communication, and technology.
C
Globalization helps mandate new forms of transportation, communication, and technology.
D
Globalization helps share old forms of transportation, communication, and technology.
10

The chart shows a circular flow model describing the movement of goods and services.

Question illustration
T
The foreign sector influences how services move between firms and households.
T
The foreign sector influences how imports and exports move between firms and households.
T
The foreign sector influences how factors of production move between firms and households.
T
The foreign sector influences how goods move between firms and households.
11

What are the most likely reasons a US corporation would open a factory in China? Choose four answers.to take advantage of affordable land pricesto take advantage of abundant resourcesto take advantage of lower labor coststo take advantage of favorable tax lawsto take advantage of US employment opportunities

A
to take advantage of affordable land prices
B
to take advantage of abundant resources
C
to take advantage of lower labor costs
D
to take advantage of favorable tax laws
E
to take advantage of US employment opportunities
12

best

Question illustration
T
The US and Western Europe are strong because they have high GDPs.
T
The US and Western Europe are weak because they have low GDPs.
T
The US and Western Europe are strong because they have low GDPs.
T
The US and Western Europe are weak because they have high GDPs.
13

The graph shows households in the world with internet access from 2003 to 2019.

Question illustration
A
A 30 percent increase in internet access has most likely had little effect on globalization.
B
A 40 percent decrease in internet access has most likely had little effect on globalization.
C
A 50 percent increase in internet access has most likely sped up globalization.
D
A 60 percent decrease in internet access has most likely slowed down globalization.

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