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Economics
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May 1, 2024
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**Assignment: Globalization and International Trade**
**Instructions:**
1. Review the prompt below carefully.
2. Choose one of the provided options for each question.
3. Write your selected answer on a separate sheet of paper or document.
**Prompt:**
Explore the impact of globalization on international trade, considering the opportunities and
challenges it presents for economies around the world. Assess the role of multinational
corporations, trade agreements, and technological advancements in shaping global trade
patterns. Provide examples and evidence to support your arguments.
**Questions:**
1. How does globalization influence international trade?
- A. Globalization has no impact on international trade; trade patterns are determined solely by
domestic factors.
- B. Globalization leads to the isolation of economies and a decrease in international trade.
- C. Globalization fosters increased interconnectedness between economies, leading to
expanded international trade and investment.
- D. Globalization primarily benefits developed countries and has little effect on international
trade in developing economies.
- E. Globalization results in the decline of international trade due to protectionist measures
implemented by governments.
2. What role do multinational corporations (MNCs) play in shaping global trade patterns?
- A. MNCs have no influence on global trade patterns; trade is solely determined by
government policies and market forces.
- B. MNCs facilitate global trade by establishing supply chains, investing in foreign markets,
and promoting the exchange of goods and services across borders.
- C. MNCs primarily focus on restricting global trade to protect their domestic markets from
foreign competition.
- D. MNCs contribute to the decline of international trade by advocating for protectionist
measures and trade barriers.
- E. MNCs have no interest in global trade and focus solely on domestic markets.
3. How do trade agreements contribute to globalization and international trade?
- A. Trade agreements hinder globalization by restricting the flow of goods and services
between countries.
- B. Trade agreements promote globalization by facilitating the removal of trade barriers, such
as tariffs and quotas, and promoting free trade among participating countries.
- C. Trade agreements have no impact on globalization and international trade; trade patterns
are determined by other factors.
- D. Trade agreements primarily benefit developed countries and disadvantage developing
economies.
- E. Trade agreements are irrelevant to globalization as they only focus on bilateral trade
between two countries.
**Answers:**
1. C
2. B
3. B
**Note:** Analyze each question carefully before selecting your answer. This assignment
evaluates your understanding of the impact of globalization on international trade and the roles
of different factors in shaping global trade patterns.
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