Multiple Choice
Which of the following alternatives best summarizes the Keynesian perspective of the Aggregate Demand/Aggregate Supply (AD/AS) model?
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1. Introduction to Macroeconomics
Introduction to Economics
Multiple Choice
Which of the following is one effect of economic globalization in the twentieth century?
A
Decline in international communication and technology exchange
B
Reduction in the movement of labor across borders
C
Increased integration of national economies through trade and investment
D
Complete elimination of all trade barriers worldwide
Verified step by step guidance1
Step 1: Understand the concept of economic globalization, which refers to the increasing interdependence and integration of national economies through cross-border trade, investment, technology, and labor movement.
Step 2: Analyze each option by considering the typical effects of economic globalization during the twentieth century. For example, globalization generally leads to increased communication and technology exchange, not a decline.
Step 3: Recognize that economic globalization tends to increase the movement of labor across borders rather than reduce it, as people seek opportunities in different countries.
Step 4: Note that while trade barriers have been reduced in many cases, complete elimination of all trade barriers worldwide has not occurred, so this option is not accurate.
Step 5: Conclude that the most accurate effect of economic globalization in the twentieth century is the increased integration of national economies through trade and investment, reflecting the growing interconnectedness of markets.
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