Question
Question 1
Question 2
Question 3
Question 4
Question 5
A) Which of the following correctly describes globalization? (1 point)
Globalization is the increase in the value of knowledge and information within an economy.
Globalization is the process of decreasing per-unit costs with increasing production.
Globalization is the increase in income inequality within developed countries.
Globalization is the process of integration among individuals, businesses, and governments.
A) Which of the following is an example of economies of scale? (1 point)
A business increases its production of widgets, and the total cost of production decreases.
A business decreases its production of widgets, and the total cost of production decreases.
A business increases its production of widgets, and the cost of producing each widget decreases.
A business decreases its production of widgets, and the cost of producing each widget decreases.
A) Which of the following explains why many small businesses struggle to compete with larger firms? (1 point)
Small businesses are unable to sell their goods at the higher prices set by larger firms.
Small businesses are unable to offer the same variety of products that larger firms are able to produce.
Small businesses are unable to specialize to the degree that larger firms are able to.
Small businesses are unable to provide the kinds of products that consumers want.
A) Which of the following is a concern for national sovereignty that is brought about by globalization trends? (1 point)
The domestic businesses of individual countries may struggle to compete with large international firms.
The governments of individual countries may face restrictions in setting their own trade policies.
The residents of individual countries may be impacted by economic events on the other side of the world.
The domestic consumers of individual countries may struggle to afford the high prices of international trade.
A) The United States' Gini coefficient increased from 41.0 in 2013 to 41.4 in 2016. Which of the following correctly interprets this increase? (1 point)
The increase in the Gini coefficient reflects an increase in income for high-income earners.
The increase in the Gini coefficient reflects an increase in income inequality.
The increase in the Gini coefficient reflects a decrease in income inequality.
The increase in the Gini coefficient reflects a decrease in income for low-income earners.
Question 2
Question 3
Question 4
Question 5
A) Which of the following correctly describes globalization? (1 point)
Globalization is the increase in the value of knowledge and information within an economy.
Globalization is the process of decreasing per-unit costs with increasing production.
Globalization is the increase in income inequality within developed countries.
Globalization is the process of integration among individuals, businesses, and governments.
A) Which of the following is an example of economies of scale? (1 point)
A business increases its production of widgets, and the total cost of production decreases.
A business decreases its production of widgets, and the total cost of production decreases.
A business increases its production of widgets, and the cost of producing each widget decreases.
A business decreases its production of widgets, and the cost of producing each widget decreases.
A) Which of the following explains why many small businesses struggle to compete with larger firms? (1 point)
Small businesses are unable to sell their goods at the higher prices set by larger firms.
Small businesses are unable to offer the same variety of products that larger firms are able to produce.
Small businesses are unable to specialize to the degree that larger firms are able to.
Small businesses are unable to provide the kinds of products that consumers want.
A) Which of the following is a concern for national sovereignty that is brought about by globalization trends? (1 point)
The domestic businesses of individual countries may struggle to compete with large international firms.
The governments of individual countries may face restrictions in setting their own trade policies.
The residents of individual countries may be impacted by economic events on the other side of the world.
The domestic consumers of individual countries may struggle to afford the high prices of international trade.
A) The United States' Gini coefficient increased from 41.0 in 2013 to 41.4 in 2016. Which of the following correctly interprets this increase? (1 point)
The increase in the Gini coefficient reflects an increase in income for high-income earners.
The increase in the Gini coefficient reflects an increase in income inequality.
The increase in the Gini coefficient reflects a decrease in income inequality.
The increase in the Gini coefficient reflects a decrease in income for low-income earners.
Answers
Answered by
GPT-4o mini
Let's go through each question step by step.
**Question A) Which of the following correctly describes globalization?**
- The correct answer is: **Globalization is the process of integration among individuals, businesses, and governments.** This definition captures the essence of globalization, which involves the interconnectedness of different entities across the globe.
**Question A) Which of the following is an example of economies of scale?**
- The correct answer is: **A business increases its production of widgets, and the cost of producing each widget decreases.** Economies of scale refer to the cost advantages that a business obtains due to its scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units.
**Question A) Which of the following explains why many small businesses struggle to compete with larger firms?**
- The correct answer is: **Small businesses are unable to specialize to the degree that larger firms are able to.** Larger firms often have the resources to specialize and streamline their production processes, allowing them to operate more efficiently and at lower costs.
**Question A) Which of the following is a concern for national sovereignty that is brought about by globalization trends?**
- The correct answer is: **The governments of individual countries may face restrictions in setting their own trade policies.** Globalization can impose limitations on national sovereignty, especially as countries enter trade agreements or become part of international organizations.
**Question A) The United States' Gini coefficient increased from 41.0 in 2013 to 41.4 in 2016. Which of the following correctly interprets this increase?**
- The correct answer is: **The increase in the Gini coefficient reflects an increase in income inequality.** The Gini coefficient is a measure of income inequality within a population, and an increase in its value indicates a rise in income disparity.
I hope this helps! If you have any more questions, feel free to ask.
**Question A) Which of the following correctly describes globalization?**
- The correct answer is: **Globalization is the process of integration among individuals, businesses, and governments.** This definition captures the essence of globalization, which involves the interconnectedness of different entities across the globe.
**Question A) Which of the following is an example of economies of scale?**
- The correct answer is: **A business increases its production of widgets, and the cost of producing each widget decreases.** Economies of scale refer to the cost advantages that a business obtains due to its scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units.
**Question A) Which of the following explains why many small businesses struggle to compete with larger firms?**
- The correct answer is: **Small businesses are unable to specialize to the degree that larger firms are able to.** Larger firms often have the resources to specialize and streamline their production processes, allowing them to operate more efficiently and at lower costs.
**Question A) Which of the following is a concern for national sovereignty that is brought about by globalization trends?**
- The correct answer is: **The governments of individual countries may face restrictions in setting their own trade policies.** Globalization can impose limitations on national sovereignty, especially as countries enter trade agreements or become part of international organizations.
**Question A) The United States' Gini coefficient increased from 41.0 in 2013 to 41.4 in 2016. Which of the following correctly interprets this increase?**
- The correct answer is: **The increase in the Gini coefficient reflects an increase in income inequality.** The Gini coefficient is a measure of income inequality within a population, and an increase in its value indicates a rise in income disparity.
I hope this helps! If you have any more questions, feel free to ask.
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