Which of the Following Statements Is True About Globalization

question 22

Multiple Choice

Which of the following statements is true about globalization?

• A) It is a term used by different people to mean different things.
• B) It covers more than just economics.
• C) It is not a new phenomenon.
• D) All of the above.

---

Definitions:

External Benefit

A positive effect or advantage that extends beyond the direct participants of an economic transaction to affect others who are not involved in the transaction.

First-Chair Violinist

The lead violinist in a symphony orchestra, often responsible for playing solos and leading the violin section.

Symphony Orchestra

A large ensemble of musicians, typically including strings, woodwinds, brass, and percussion, performing classical and other types of music.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be consumed by everyone and one person's consumption does not diminish another's.