Question:
‘Globalization’ is best described as the process of:
(1) restricting international trade to protect local industries.
(2) increasing interdependence of world economies through cross-border trade and financial flows.
(3) establishing a single world currency.
(4) promoting political isolationism.
(5) reducing the role of the World Trade Organization.
Correct Answer:
(2)
Answer Explanation:
Globalization refers to the increasing integration of national economies into a global market through the movement of goods, services, capital, people, and data.
Topic: International Trade Year: 2024
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