Which of the following best defines globalization?

A process of increasing government intervention in trade.

The economic integration of nations through increased cross-border movements.

A strategy to reduce international relations and trade.

The imposition of tariffs and quotas on imports.

What is one of the main characteristics of globalization?

Rising foreign ownership of companies.

Technological advancements in communication.

Effortless flows of capital across borders.

Free trade in goods and services.

Which statement best describes multinational corporations (MNCs)?

Small businesses operating within one country.

Companies with production facilities in two or more countries.

Government agencies promoting local industries.

Organizations focused solely on domestic markets.

What is one advantage of multinational corporations (MNCs)?

They often exploit local resources without compensation.

They reduce employment opportunities in host countries.

They enhance economies of scale and global market reach.

They contribute to increased trade barriers and protectionism.

What does free trade aim to achieve?

Increase government intervention in trade.

Restrict international trade flows.

Encourage international cooperation and collaboration.

Minimize the variety of goods and services available.

Which method is commonly used in protectionism to make imported goods more expensive?

Subsidies to domestic producers.

Quotas limiting import quantities.

Administrative barriers to trade.

What is the purpose of protectionism in trade?

To increase global production by emphasizing national expertise.

To shield nations from unfavorable consequences.

To promote free trade and eliminate trade restrictions.

To encourage international cooperation and collaboration.

What does a quota on imports aim to achieve?

Increase the availability of imported goods.

Encourage domestic producers to innovate.

Limit the quantity of imported goods.

Reduce government intervention in trade.

Which administrative barrier to trade?

Embargoes on specific products.

Subsidies to domestic producers.

Product specifications for imports.

Reduction of transportation costs.

How do subsidies to domestic producers impact international trade?

They reduce production costs for imported goods.

They encourage increased imports from foreign markets.

They enhance the competitiveness of domestic goods in international markets.

They promote the outsourcing of production to other countries.

Globalisation, Free Trade and Protection Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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