Globalization 3.0 Was Characterized By

question 51

Multiple Choice

Globalization 3.0 was characterized by:

• A)ascension of multinational companies.
• B)nations dominating global expansion
• C)major software advances.
• D)how much industrial power countries could produce and apply.
• E)the introduction of modern communications and cheaper shipping costs.

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods or services.

Income Effect

How an alteration in the income of an individual or an economy influences the demand for a specific good or service.

Legal Hourly Minimum Wage

The lowest hourly pay that employers are legally allowed to pay their workers, as mandated by government law.

Secondary Labor Market

Employment sectors characterized by low pay, low job security, and poor working conditions, often distinguished from primary sectors which offer better employment conditions.