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- 1. Multiple Choice
Which of the following represents the idea of a "global economy"?
policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors
Includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services.
an economic system based on the private ownership of the means of production and their operation for profit..
- 2. Multiple Choice
Which of the following define(s) a Multinational Corporation (MNC) / Transnational Corporation (TNC)?
any corporation that has production lines in less developed countries to lower costs of production
any corporation that is registered and operates in more than one country at a time.
businesses that maintain revenues, assets or a number of employees below a certain threshold.
- 3. Multiple Choice
Which of these is NOT an impact of a Free Trade Agreement (FTA)?
Improve price competitiveness for local businesses
Lower costs due to simplified trade procedures
Exploitation of low wage workers
- 4. Multiple Choice
Which of these is not a POSITIVE economic impact of globalisation on COUNTRIES?
FDI allows for countries to gain financing and technology from other countries
FTA increases overall trade and hence economic growth for the country
Countries becoming increasing interconnected and interdependent, hence becoming more susceptible to external developments.
- 5. Multiple Choice
Companies can benefit from globalization because...
It allows them to increase market share
It will increase competitiveness within the industry
It allows them to hire talents from all around the world
It allows them to lower costs of production
- 6. Multiple Choice
Which of these is NOT a challenge that Small Medium Enterprises (SMEs) face as a result of globalisation?
Lack of support from Singapore government
Increased competition from MNCs and foreign businesses
Lack of manpower
- 7. Multiple Choice
What should small local companies do to avoid losing out to MNCs?
Set cheaper prices
Continually innovate its products
Sell fewer items
- 8. Fill in the Blank
Due to globalisation, there is increased .... [can be 1 or 2 words] for individuals and hence, improving their standard of living and benefitting them.
- 9. Fill in the Blank
Due to globalisation, there is ..... [more than 1 word] for individuals, hence lowering their standard of living and would not benefit them.
- 10. Multiple Choice
Which of the following is NOT how individuals can respond to these negative economic impacts arising from globalisation?
By taking up courses online
By using the GST vouchers given by government
By using Skillsfuture to pursue their hobbies
By using their Workfare Training Support Scheme
- 11. Multiple Choice
The lack of transference of knowledge and skills to the locals is a negative impact of FDI. True or False?
True
False
- 12. Multiple Choice
Which of the following best describes the TENSIONS arising from economic impacts of globalization?
Tensions refer to the negative sentiment which people have towards globalisation
Tensions refer to the challenges which companies, individuals and countries have to deal with
Tensions refer to the uneven impacts felt by different stakeholders
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