Trading Blocs and Globalisation Quizizz

Question 1

Benfits of globalisation

Answer 1

Access to Foriegn Investment (FDI)
Low inflation
More employment opportunities

Question 2

Role of multinational corporations in the process of globalisation

Answer 2

Multinational corporations play a significant role in globalisation by expanding their operations across borders, facilitating the flow of goods, services, and capital, and influencing global economic policies

Question 3

Free Trade Area (FTA)

Answer 3

Trading bloc where trade barriers are removed between member countries but each member can impose trade restrictions on non-members

Question 4

What process slows globalisation

Answer 4

Moving away from trade liberalisation policies

Question 5

Relationship between globalisation and inequality

Answer 5

• Globalisation increases inequality, as it can lead to the concentration of wealth and power in the hands of a few, while leaving others behind
• However, it can also create opportunities for economic growth and development that can reduce inequality

Question 6

Technological advancements contribution to globalisation

Answer 6

Facilitating communication
Transportation
Trade across borders

Question 7

Custom Union

Answer 7

Where there is free trade between member countries combined with a common external tariff on goods from countries outside the customs union

Question 8

Trading blocs

Answer 8

Groups of countries that agree to reduce or eliminate trade barriers between themselves

Question 9

Trading blocs benfit

Answer 9

Trade creation

Question 10

Globalisation impact on cultural diversity

Answer 10

Positive: lead to the spread of different cultures and ideas
Negative: result in the homogenization of cultures and the loss of traditional practices

Question 11

Monetary union

Answer 11

Customs unions which adopt a common currency e.g. the Eurozone

Question 12

Cost of regional trade agreement

Answer 12

Goods, services, people and investments between countries

Question 13

Trade diversion

Answer 13

When trade is diverted from a more efficient exporter towards a less efficient producer

Question 14

Argument against globalisation

Answer 14

Causes volatile capital flows that can lead to economic instability

Question 15

Potential benefits of globalisation for developing countries

Answer 15

Access to new markets
Foreign investment
Technology transfer
Economic growth

Question 16

Factors influencing globalisation

Answer 16

Communication systems and the internet

Question 17

Political implications of globalisation

Answer 17

Positive: increased interdependence between nations, changes in political power dynamics, spread of democratic ideals
Negative: challenges in regulating global trade and addressing inequality within and between countries

Question 18

Common markets

Answer 18

Include the free movement of factors of production (e.g. labour) between member countries