9.4 Economics in the Global Age

• What are the key characteristics of globalization in the global economy?

  Free trade agreements, multinational corporations, digital communication
• What is the definition of globalization in the context of the study material?

  Increasing interconnectedness of countries
• Regional economic integration focuses on reducing trade barriers within specific regions.


  True
• How does globalization differ from regional economic integration?

  Worldwide interconnectedness vs. regional cooperation
• What are the key characteristics of the global economy according to the study material?

  Free trade agreements, multinational corporations, digital communication
• What are examples of regional economic integration agreements?

  NAFTA, Mercosur
• Match the concept with its key example:

  Globalization ↔️ World Trade Organization (WTO)

  Regional Economic Integration ↔️ North American Free Trade Agreement (NAFTA)
• Emerging markets like BRICS have become significant economic powers due to globalization.

  True
• What is the role of international trade in globalization?

  Increased exchange of goods/services
• Developed countries benefit from globalization through increased access to cheaper labor.


  True
• Increased access to global markets and investment can spur economic growth in developing countries.


  True
• Globalization can exacerbate income inequality within countries.


  True
• BRICS is an example of emerging markets that have become significant economic powers.
• What is the role of multinational corporations in the global economy?

  Operate across multiple countries
• The spread of global culture can lead to the loss of local traditions and customs.

  True
• The interconnectedness of global financial markets can amplify economic crises, leading to financial instability.
• The World Bank provides financial assistance to developing countries.
• What are some objectives of the IMF?

  Exchange rate stability
• The WTO can resolve trade disputes between countries.


  True
• What factors determine the specific effects of globalization on labor and employment?

  Economic structure, policies
• Technological advancements have boosted productivity and efficiency since 1900.


  True
• Order the economic contributions of international trade:

  1️⃣ Promotes specialization

  2️⃣ Fosters competition

  3️⃣ Increases economic activity
• Globalization can exacerbate income inequality within and between countries.
• Rapid industrialization can strain the environment.

  True
• The IMF promotes international monetary cooperation and exchange rate stability
• Summarize the effects of globalization on labor and employment:

  1️⃣ Developed countries lose manufacturing jobs due to offshoring

  2️⃣ Developing countries gain manufacturing jobs

  3️⃣ Automation leads to job losses in some sectors

  4️⃣ Exploitation of labor in developing countries
• What is a major sustainability concern related to globalization?

  Environmental degradation
• What is needed to achieve a more sustainable global economy?

  Concerted effort on multiple fronts
• Globalization differs from regional economic integration, which involves cooperation within specific regions
• Key characteristics of globalization include free trade agreements, multinational corporations, and digital communication
• What are the primary drivers of globalization as described in the study material?

  Trade, investment, migration, technology
• Globalization and regional economic integration share the same goals of reducing trade barriers worldwide.

  False
• Globalization differs from regional economic integration, which involves economic cooperation within specific regions
• What is the definition of regional economic integration?

  Cooperation within specific regions
• How has globalization affected interconnectedness and economic integration between countries?

  Increased through free trade agreements
• What is an example of a free trade agreement that promotes globalization?

  WTO
• Multinational corporations facilitate global production and distribution networks
• What is the impact of globalization on economic specialization?

  Promotes economic integration
• What is one potential downside of globalization for developed countries in terms of employment?

  Potential job losses
• Match the term with its definition:

  Globalization ↔️ Increased interconnectedness of countries

  Global Economy ↔️ International system of producing and exchanging goods