Globalization Is Becoming More of a Worldwide Phenomenon Because

question 71

Multiple Choice

Globalization is becoming more of a worldwide phenomenon because

• A) more countries want to become self-sufficient.
• B) less-developed countries are increasing their trade restrictions.
• C) technological advancements are decreasing transportation costs.
• D) trade hurts workers in poor countries.

---

Definitions:

Households

Entities consisting of one person or a group of people who share living accommodations and make joint or separate decisions in consumption and investment.

Normal Good

A Normal Good is a type of good for which demand increases when the income of the consumer increases and falls when the income decreases, assuming the price remains constant.

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, and land.

Inputs

The resources (such as labor, materials, and capital) used in the production process to create goods or services.