UNIT 2

Question 1

Define Globaloization

Answer 1

Globalization is the increasing integration and interdependence of national economies around the world.

Question 2

2019 1ST, 5TH, AND 10TH

Answer 2

1st- Singapore
5th- Switzerland
10t- Denmark

Question 3

2013-2014 1st, 5th & 10th

Answer 3

1st- Switzerland
5th- Sweden
10th- United Kingdom

Question 4

reasons for trade

Answer 4

Expanding Market, Focusing on relative strengths, keeping up with competitors and acquiring materials, goods and services.

Question 5

How is trade measured

Answer 5

Balance of Trade and Balance of Payments

Question 6

Barriers to International Trade

Answer 6

Tariffs- taxes, surcharges, or duties levied against imported goods.

Quotas- limits the amount of particular goods that countries allow to be imported during a given year.

Embargoes- a complete ban on the import or export of certain products or even all trade between certain countries.

Restrictive import standards- countries-

Question 7

What is Balance of Trade

Answer 7

The total value of a country’s exports minus the total value of its imports, over some period of time.

Question 8

What can a country’s balance of trade represent.

Answer 8

Trade Surplus or Trade Deficit.

Question 9

What is Balance of Payments

Answer 9

Broadest indicator of international trade.
The total flow of money into the country minus the total flow of money out of the country over some period of time.

Question 10

Focusing on relative strength

Answer 10

Each country should specialize in those areas where it can produce efficiently than other countries.