While the Lowering of Trade Barriers Made Globalization of Markets

question 94

Multiple Choice

While the lowering of trade barriers made globalization of markets and production a theoretical possibility, what has made it a tangible reality?

• A) the advances in communication, information processing, and transportation technologies
• B) the rise of communism and the need for independent economies on a global scale
• C) the increasing diversity in consumer tastes and preferences worldwide
• D) the increasing differences in the material culture the world over
• E) the decreasing significance of the World Trade Organization

---

Definitions:

Pension Plan Asset

The resources set aside to meet future pension obligations, including investments and other assets.

IFRS

International Financial Reporting Standards is a set of accounting standards developed by the International Accounting Standards Board (IASB) that is applied globally.

U.S. GAAP

The Generally Accepted Accounting Principles in the United States, a framework of accounting standards and procedures used in the U.S. to compile financial statements.

Prior Service Cost

The cost of retroactive benefits awarded in a pension plan amendment, which is recognized over future periods.