Question : Globalization refers to the increasing:
Option 1: Localization of economic activities
Option 2: Integration of economies and societies
Option 3: Protectionism in trade and investments
Option 4: Autarky in international relations
Correct Answer: Integration of economies and societies
Solution : The correct answer is (b) Integration of economies and societies
Globalization refers to the increasing integration of economies and societies on a global scale. It involves the free flow of goods, services, capital, information, and people across national borders, leading to closer economic and social interactions among countries.
Globalization is characterized by the expansion of international trade, foreign investments, and cross-border economic activities. It encompasses various aspects such as the exchange of goods and services, financial transactions, technological advancements, cultural exchanges, and the movement of people.
Globalization has led to the formation of global supply chains, the growth of multinational corporations, the spread of cultural influences, and the integration of financial markets. It has transformed the way economies function and interact, promoting economic growth, innovation, and the sharing of knowledge and ideas.
Question : Statement 1: Globalization refers to the increasing integration of economies and societies worldwide.
Statement 2: Globalization promotes the localization of economic activities.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Statement 2: Globalization promotes the decentralization of economic activities.
Question : Globalization refers to:
Option 1: The integration of national economies
Option 2: The spread of local cultures
Option 3: The isolation of countries
Option 4: The decline of international trade
Question : The New Economic Policy of 1991 focused on liberalization, privatization, and:
Option 1: Localization
Option 2: Protectionism
Option 3: Globalization
Option 4: Nationalization
Question : What is a key characteristic of economic globalization?
Option 1: Decreased international trade
Option 2: Increased protectionism
Option 3: Increased flow of capital across borders
Option 4: Decreased foreign direct investment
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