This Chapter's "Focus on Globalization" Section Discusses Economic Globalization

question 7

Multiple Choice

This chapter's "Focus on Globalization" section discusses economic globalization. Which of the following is an outcome of our 21st-century global economy?

• A) Modern-day transnational finance has shifted economic control of local life to outsiders.
• B) Economic functions are now locally controlled.
• C) Foreigners now finance only a small percentage of the U.S. national debt.
• D) American companies are withdrawing from foreign markets.
• E) With increasing globalization there is increased face-to-face contact in economic transactions.

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Definitions:

Income Decreases

A situation where an individual's or household's earnings fall over a period, affecting their purchasing power and standard of living.

Choice Set

The collection of options or alternatives from which a decision-maker is able to choose in a decision-making process.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.

Total Utility

The sum satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.