Describe three factors that have led to the recent push toward globalization
The three factors cited in the text for the most recent push toward globalization are (1 ) the end of the Cold War, (2 ) advancing technology, and (3 ) policy changes that express an openness toward freer markets and long-distance trade. The end of the Cold War contributed to increased globalization because a political barrier that had once stood between certain groups of countries (separating the world into capitalist and communist countries) was no longer there. Technological advances, particularly in the area of communications, have allowed information and ideas to travel rapidly throughout the world. This has allowed even those people in developing countries to have access to information regarding prices and other important information which serves to enhance trade. Lastly, in recent years governments around the world have shown an increasing tendency to reduce trade restrictions and allow for trade between countries that at one time were barred from trading with one another.
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Refer to the figure below. If the price rises from $10 to $14, what will happen to the price elasticity of supply?
A. It stays the same. B. It decreases. C. It increases. D. This cannot be determined from the information provided.
For society, more money means more wealth
a. True b. False Indicate whether the statement is true or false
The U.S. government suspended the convertibility of the dollar into gold in
A. the 1930s. B. the 1950s. C. 1991, when the first Gulf War broke out. D. the 1970s.
Markets
A) rely on voluntary exchanges of goods, services, or resources B) refer to situations where almost all exchanges take place involuntarily. C) are based on extensive price controls imposed by a ruling authority. D) promote quantity determination free from the forces of demand and supply.