Question 1

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 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 process of decreasing per-unit costs with increasing production.

Globalization is the process of integration among individuals, businesses, and governments.

Globalization is the process of integration among individuals, businesses, and governments.

Globalization is the increase in income inequality within developed countries.

Globalization is the increase in income inequality within developed countries.

Question 2

A) Which of the following is an example of economies of scale?(1 point)

A business decreases 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 business increases its production of widgets, and the total cost of production decreases.

A business increases 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 increases its production of widgets, and the cost of producing each widget decreases.

A business decreases 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.

Question 3

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 sell their goods at the higher prices set by larger firms.

Small businesses are unable to specialize to the degree that larger firms are able to.

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.

Small businesses are unable to provide the kinds of products that consumers want.

Small businesses are unable to offer the same variety of products that larger firms are able to produce.

Small businesses are unable to offer the same variety of products that larger firms are able to produce.

Question 4

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 domestic businesses of individual countries may struggle to compete with large international firms.

The domestic consumers of individual countries may struggle to afford the high prices of international trade.

The domestic consumers of individual countries may struggle to afford the high prices of international trade.

The residents of individual countries may be impacted by economic events on the other side of the world.

The residents of individual countries may be impacted by economic events on the other side of the world.

The governments of individual countries may face restrictions in setting their own trade policies.

The governments of individual countries may face restrictions in setting their own trade policies.

Question 5

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 inequality.

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 inequality.

The increase in the Gini coefficient reflects a decrease in income for low-income earners.

The increase in the Gini coefficient reflects a decrease in income for low-income earners.

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 for high-income earners.