5. Protectionism a. is the use of cheap labor to protect firms from paying high wages. b. is the use of trade barriers to protect domestic firms from foreign competition. c. refers to reductions in tariffs and other barriers that protect consumers from paying high prices. d. refers to the use of copyright and trademark laws to protect inventors and artists from losing the rights to their creative efforts. e. refers to the use of non-tariff barriers to protect the environment in the home country. 6. Match each concept to its definition. a. World Trade Organization (WTO) (1). Taxes imposed by a government on goods imported into a country. b. Quotas (2) Argument against globalization claiming that the WTO tends to favor high-income countries. c. USMCA agreement (3) An international organization that oversees international trade agreements. d. Tariffs (4) A numerical limit a government imposes on the quantity of goods that can be imported into a country. e. WTO bias (5) A free trade agreement signed by the US, Mexico and Canada in 2019-2020. 7. The process of countries becoming more open to foreign trade and investment is known as a. autarky. b. foreign exchange. c. globalization. d. protectionism. e. internationalization.
5. Protectionism
a. is the use of cheap labor to protect firms from paying high wages.
b. is the use of trade barriers to protect domestic firms from foreign competition.
c. refers to reductions in tariffs and other barriers that protect consumers from
paying high prices.
d. refers to the use of copyright and trademark laws to protect inventors and artists
from losing the rights to their creative efforts.
e. refers to the use of non-tariff barriers to protect the environment in the home country.
6. Match each concept to its definition.
a. World Trade Organization (WTO) (1). Taxes imposed by a government on
goods imported into a country.
b. Quotas (2) Argument against globalization claiming
that the WTO tends to favor high-income
countries.
c. USMCA agreement (3) An international organization that oversees
international trade agreements.
d. Tariffs (4) A numerical limit a government imposes on
the quantity of goods that can be imported
into a country.
e. WTO bias (5) A free trade agreement signed by the US,
Mexico and Canada in 2019-2020.
7. The process of countries becoming more open to foreign trade and investment is known as
a. autarky. b. foreign exchange. c. globalization.
d. protectionism. e. internationalization.
8. A trade war is a situation in which countries impose economic sanctions and embargoes on other
countries due to political or ideological reasons.
a. True b. False
To answer questions 9 through 12, watch the video “Globalization”. You will find it in Blackboard,
under the International Trade module (click on folder “The Extra Mile”).
9. Name three factors that, according to the video, have helped promoting globalization.
a. __________________________________________________________
b. __________________________________________________________
c. __________________________________________________________
10. The video mentions three main areas of globalization. Which are these areas? Select up to three
from the options below.
a. culture b. military c. technology
d. economy e. environment f. transportation
g. tariffs h. infrastructure i. politics
11. Name a country or region in the world that has benefited from globalization: _________________
Name a country or region in the world that has been suffering more than benefiting from
globalization: ________________________
12. How does the video characterize the impact of globalization on industrialized, high-income countries
such as the United States?
a. Globalization has been largely beneficial for industrialized countries.
b. Globalization has been mostly problematic for industrialized countries.
c. Globalization has been both a threat and an opportunity for industrialized countries.
d. Globalization has posed many new challenges for industrialized countries.
e. Globalization has largely benefited consumers in industrialized countries.
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