Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 16, Problem 6CQ
To determine
Explain the reason for agreeing or disagreeing with the statement.
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Economics: Private and Public Choice (MindTap Course List)
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- List down the important ideas/concepts. Globalization is the term used to describe how countries are becoming more interconnected economically and culturally. Globalization is an international process driven by trade, investment technology, and finances; this process affects culture, political systems, economic development and prosperity, and human physical well-being worldwide. Globalization is not new, though. For thousands of years, people and later corporations bought from and sold to each other at great distances. One such example is the thin silk road across central Asia that connected China and Europe during the middle ages. Still, what exactly has driven globalization over the past 20 years? These have been significant developments in both communications and transport technologies. The introduction of specialized bulk carriers and container ships has helped reduce the cost of transportation and significantly increase the volume of world trade. Recent developments in…arrow_forwardGlobal Media is a ________ type of globalization? Environmental Political Economic Social It is he sending of goods to another country for profit Barter Export Trade Import Bringing goods in another country for profit refers to: Import Trade Export Barter Which among the following are the negative effects of globalization? Workers are exploited Pollution and Deforestation Low wages in less developed regions All of the abovearrow_forwardIdentify the erroneous term in each item and write the correct word/phrase to revise the statement. "The impact of liberalization of trade and investment has been even as some nations have benefited more than others."arrow_forward
- Why do many people feel that local self-sufficiency is important? What consequences of globalization may threaten sustainability? How can open democratic societies help to promote sustainability?arrow_forwardHow Asian countries cope with the rapid growth of globalization? Elaboratearrow_forwardThe theories of absolute and comparative advantage have been offered as an economic rationale for trade between and among regions and countries. Compare and contrast the two concepts. Which of the two do you think is more important for explaining the growth in global trade during the last 25 years? Why” The size of a country’s population and the associated age distribution can be causal factors for economic growth. Why is the size of the population important to economic development? Can size be a disadvantage? Why is age distribution important?arrow_forward
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