Question

1. What is the major feature/effect of globalization?

a.Cultural hybridization (combining different elements of various cultures).

b.International terrorism.

c.Political transition.

d.Economic organization of the world into a global marketplace.

2. One major criticism of globalization is that it

a.weakens a nation’s security.

b.tends to benefit the rich and the powerful Western nations.

c.creates too many manufacturing jobs in the Western nations.

d.makes workers and organized labour too powerful.

3. The global financial crisis due to COVID 19 demonstrates that

a.government financial bailouts to help individuals, banks and various industries are unnecessary.

b.Canada is unaffected by financial crises happening in other countries.

c.The real estate market is the foundation of market stability no matter what else happens.

d.There is an ever-widening worldwide income gap between rich and poor, especially now.

4. Due to globalization, a potentially negative effect of the increasing interdependence of nations may be:

a.Westernization will have its impact reduced.

b.Major decisions will be made by multinational corporations, not democratic governments.

c.The production of goods and services will drop globally.

d.Cheap labour will become rare as wages rise.

5. An argument previously used in favour of globalization is that it would

a.eventually help create a stable world-wide government.

b.lead to a more efficient world-wide currency.

c.generate prosperity and better living conditions for countries worldwide.

d.improve international communication because the English language would eventually dominate all trade.

Answer 1

1. Option D

Global market economy or global economy means a place where all the economies of the world merge and transactions of goods and services are carried on at the international level.

2. Option B.

Under the process of Globalisation, big business has done well despite the slow productivity growth. Globalisation has helped the corporate elites to be more and more rich and wealthy. The poor continue to face poverty and exploitation

3.Option D

Pandemics like Covid 19 adversely affects the poorer and vulnerable segments of society several times more as compared to other segments.IMF research shows that the inequality gap between rich and poor has widened after previous epidemics and COVID-19 will be no different.

4.Option B

Multinational corporations can also follow a number of political strategies in their bargaining with host states,t can appeal to their home governments for support, they can use their economic power to participate in the local political process, legally or illegally, lobbying for obtaining personal gains.

5. Option D

Globalization has brought everything together but the English language made Globalization more possible and effective one. Due to globalization, English language emerged as a global force.As per statistics English language is the most widely spoken tongue in the world today.