Exam 1: Globalization

One argument in the debate surrounding globalization is about the inequality between nations.Discuss the major points of the inequality between nations argument and describe how falling barriers to trade and investment might help reduce the inequality between nations.

Scenario: Donna Bader,Globalization opponent Donna Bader spent her final year at college studying the effect of various economic factors on the economy of developing nations.Based on the results of her study,she concluded that globalization does these countries more harm than good. -Which of the following statements,if true,weakens her argument?

The power of the General Agreement on Tariffs and Trade (GATT)to settle trade disputes is what sets it apart from the World Trade Organization (WTO).

The General Agreement on Tariffs and Trade (GATT)was designed to promote free trade by reducing both tariffs and nontariff barriers to international trade.

Imports are goods and services purchased abroad and brought into a country.

________ involves the idea that a nation-state is autonomous,cannot intervene in the affairs of other nations,and can enter into binding international agreements.

Supporters affirm that globalization ________.

Small businesses will be completely immune to events in the international business environment.

The term "globalization of production" refers to convergence in buyer preferences in markets around the world.

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs indicates ________.

Which of the following refers to convergence in buyer preferences in markets around the world?

Any commercial transaction that crosses the borders of two or more nations is known as ________.

Which of the following actions can be adopted by developed nations to lessen the negative effects of globalization?

A major flaw of the original General Agreement on Tariffs and Trade (GATT)was that it lacked the power to ________.

Multinational corporations (MNCs)have direct investments abroad in multiple countries.

The population of a(n)________ market is mostly rural and is characterized by poor infrastructure with little credit or collateral.

The role of the World Bank is to provide financing for national economic development efforts.

International business is any commercial transaction that crosses the borders of two or more nations.

Resistance to worldwide trade agreements has resulted in some nations placing greater emphasis on regional pacts.

Scenario: Donna Bader,Globalization opponent Donna Bader spent her final year at college studying the effect of various economic factors on the economy of developing nations.Based on the results of her study,she concluded that globalization does these countries more harm than good. -Her argument is vulnerable to criticism because it fails to ________.