CSEET · Economic and Business Environment · Global Environment
Which of the following best describes globalisation in an economic sense?
Globalisation is the growing integration of national economies through cross-border flows of goods, services, capital, technology, information and people. It does not mean scrapping regulation, self-sufficiency or a single world currency; governments still regulate while economies become more interdependent.
- AGrowing integration of national economies through flows of trade, investment, finance, technology and peopleCorrect
- BComplete removal of all government regulation over domestic industries
- CA policy under which a country produces everything it needs within its borders
- DMerger of all national currencies into a single world currency
Explanation
Globalisation refers to increasing interconnection of economies through cross-border movement of goods, services, capital, technology and people. It does not mean the end of regulation, nor self-sufficiency (which is the opposite, autarky), nor a single currency.
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