Globalization Has Enabled Nations to Specialize in Industries Where They

question 28

True/False

Globalization has enabled nations to specialize in industries where they have comparative advantages based on the favorable mix of skills and resources unique to their countries.

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Definitions:

Virtual Monopolies

Situations where a single company or entity dominates an entire market or industry, even though technically there may be minor competitors.

Essential Resource

A fundamental input required for the production of goods and services, often characterized by its scarcity and necessity.

International Nickel Company

A multinational corporation that was historically involved in nickel mining and smelting; now part of Vale S.A.

DeBeers Diamond Company

A large multinational corporation that specializes in diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond manufacturing sectors.