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Chapter 1: 28 (page 25)

Can you think of ways that globalization has

helped you economically? Can you think of ways that it

has not?

Short Answer

Expert verified

Globalization provides varieties of goods and services to consumers and brings much needed investment. It also increases competition for domestic producers sometimes pushing them out of business causing loss of jobs.

Step by step solution

01

Step 1. Definition

Globalization is the integration of markets in the global economy, which means the free movement of people, goods, and services across boundaries.

02

Step 2. Benefits

Globalization helps economies in enjoying comparative advantage. It provides varieties of goods and services in the market, gives more choice to the consumer at different prices.

03

Step 3. Effects

Globalization increases competition in the market for the domestic producers. This is especially difficult for producers in low-income countries who are forced to compete with goods and services from advanced economies. This may push some business out of the market, causing people tolose their jobs, and thus increase in unemployment.

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Most popular questions from this chapter

If a nation has high and persistent inflation, the most likely explanation is

A. the central bank creating excessive amounts of money.

B. unions bargaining for excessively high wages.

C. the government imposing excessive levels of taxation.

D. firms using their monopoly power to enforce excessive price hikes.

Explain whether each of the following government activities is motivated by concern about equality or a concern about efficiency. In the case of efficiency discuss the type of market failure involved.

  1. Regulating cable TV prices
  2. Providing some poor people with vouchers that can be used to buy food
  3. Prohibiting smoking in public places
  4. Breaking up standard oil (which once owned 90 percent of all U.S. oil refineries) into several smaller companies
  5. Imposing higher personal income tax rate on people with higher incomes.
  6. Enacting laws against driving while intoxicated

The main reason that some nations have higher average living standards than others is that

A. the richer nations have exploited the poorer ones.

B. the central banks of some nations have created more money.

C. some nations have stronger laws protecting worker rights.

D. some nations have higher levels of productivity.

Suppose, as an economist, you are asked to analyze

an issue unlike anything you have ever done before.

Also, suppose you do not have a specific model for

analyzing that issue. What should you do? Hint: What

would a carpenter do in a similar situation?

Adam Smith鈥檚 鈥渋nvisible hand鈥� refers to:

  1. The subtle and often hidden methods that businesses use to profit at customers鈥� expense.
  2. The ability of free markets to reach desirable outcomes, despite the self-interest of market participants.
  3. The ability of government regulation to benefit consumers even if the consumers are unaware of the regulations.
  4. The way in which producers or consumers in unregulated markets expose costs on innocent bystanders.
See all solutions

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