Quiz on Economic Globalization

Question 1

It is the concept that in a global market, a product, or service is more likely to succeed when it is customized for the locality or culture in which it is sold.

Answer 1

Glocalization

Question 2

It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders.

Answer 2

Economic Globalization

Question 3

These companies have invested in and are present in many countries. They typically market their products and services to each individual local market.

Answer 3

Global Companies

Question 4

These companies have a central corporate facility but give decision-making, research and development (R&D), and marketing powers to each individual foreign market.

Answer 4

Transnational Companies

Question 5

These companies have investments in other countries, but do not have coordinated product offerings in each country and are more focused on adapting their products and services to each individual local market.

Answer 5

Multinational Companies

Question 6

These companies are importers and exporters, typically without investment outside of their home country.

Answer 6

International Companies

Question 7

This theory by Immanuel Wallerstein classifies states into three (3) categories namely CORE which are the rich & developed states, SEMI-PERIPHERY which are in-between or partly-industrialized states, and PERIPHERY which is the poor & dependent states.

Answer 7

World System’s Theory

Question 8

It is an international organization that began in 1957 which intended to integrate the European economy.

Answer 8

European Union (EU)

Question 9

It is one of the early capitalist ideas behind Economic Globalization which is the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons.

Answer 9

Division of Labor

Question 10

It is the only global international organization dealing with the rules of trade between nations. Its main goal is to help producers of goods and services, exporters and importers conduct their business.

Answer 10

World Trade Organization (WTO)

Question 11

The following are examples of Old Multinational Corporations way back in the 16th Century engaged in the Spice Trade Monopoly except:

a. Royal/ Dutch Shell
b. Dutch East India Company
c. British East India Company

Answer 11

A. Royal/ Dutch Shell

Question 12

This phenomenon is the massive migration of professionals skilled workers from their country to another in order to search for “Greener Pasture” or much higher-paying jobs.

Answer 12

Brain Drain

Question 13

This term refers to the official withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union in March 2017.

Answer 13

Brexit

Question 14

It also means forced labor which still exists today especially among the African people causing the economic problem of labor servitude.

Answer 14

Slavery

Question 15

The following are examples of Global Economic Inequities which are at the same time causes at poverty except:

a. Limited Income Opportunities
b. Equal access and distribution of resources
c. Limited Educational Opportunities

Answer 15

b. Equal access and distribution of resources

Question 16

Semi-periphery refers to the poor and dependent states where cheap labor and raw materials come from and brought to the Core and Periphery states.

Answer 16

False

Question 17

Among the issues in globalization and labor standards is that, in populous countries like China and India, most of their products and services are less expensive because of cheap labor; that is, workers are paid a meager salary compared to workers from other states.

Answer 17

True

Question 18

The manufacturing of the Vizio flat panel television involving several countries where raw materials come from and where parts are assembled is an example of Globalization of production of services.

Answer 18

False

Question 19

The presence of Jollibee fast food across the street where McDonald’s is also located is an example of economic competition.

Answer 19

True

Question 20

Child Labor is a kind of servitude where adult children are forced to work in order to help their parents augment their family income.

Answer 20

False