GEB exam 1 modules 1,2,3 Questions with complete solutions

Globalization of markets: what does it refer to? correct answer: refers to the interconnectedness of national economies and the growing interdependence of buyers, producers, suppliers, and governments around the world. What role has technology played in globalization? correct answer: -has been the Internet and information systems. Massive amounts of information and data are available via the World Wide Web, and there is rarely a question that cannot be answered with a search engine. -offering products or services worldwide, communication, finding information, the world has become a "small place". What are the drivers of globalization? correct answer: five major kinds. 1.) Political (more friendly towards trade, FDI) 2.) Technological (communication, delivery of services) 3.) Market (e.. Tap into demand or suppliers in other markets) 4.) Cost (e.g. economies of scale, wage differentials) 5.) Competitive (internationalize or die) The internationalization of business: is this a new process?*** correct answer: -is the process of increasing involvement of enterprises in international markets In a nutshell: the consensus is that free trade is good or bad for economic development? correct answer: good