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What is often called economic globalization usually involves greater economic flows among different countries of the world. Choose the correct statements from the following about the features of economic globalization. 1. The restrictions imposed by different countries on allowing the imports of other countries have been reduced. 2. The restrictions on the movement of capital across the countries have been increased. 3. Developed countries carefully guarded their borders with visa policies to ensure that citizens of other countries cannot take away the jobs of their own citizens.

What is often called economic globalization usually involves greater economic flows among different countries of the world. Choose the correct statements from the following about the features of economic globalization. 1. The restrictions imposed by different countries on allowing the imports of other countries have been reduced. 2. The restrictions on the movement of capital across the countries have been increased. 3. Developed countries carefully guarded their borders with visa policies to ensure that citizens of other countries cannot take away the jobs of their own citizens. Correct Answer 1 and 3 only

The correct answer is 1 and 3 only.

  • The following are the economic implications of globalization:
    • It involves increased economic flows among various countries by enhancing trade in commodities among countries.

Key Points

  • The regulations on imports and movements of capital have also been minimized.
  • However, globalization has not led to the same degree of increase in the movement of people across the globe.
  • Developed countries have closely guarded borders with strict and carefully drafted visa policies thus ensuring that citizens of other countries cannot hamper the jobs of their citizens. 

Related Questions

The following sentences form a paragraph. The first and the last sentences of the paragraph are given. The rest of the sentences are numbered as P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in the correct order. 1. The concept of Globalisation by integrating nation states within the theme work of World Trade Organisation (WTO) is an alternative version of the Theory of Comparative Cost Advantage propagated by the classical economists for assuming unrestricted flow of goods between the countries for mutual benefit, especially from Great Britain to other less developed countries or to their colonies. P. However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.e., unrestricted trade flows, capital flows and technology flows. Q. They do not want to include the free flow labour within the parameter of globalisation set by them. R. In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. S. The World Commission on the Social Dimension of Globalisation (WCSDG) set up by ILO has also made some important observations on globalisation. 6. In the meantime, various countries of the world have adopted the policy of globalisation.
Which statement about Economic Globalisation is not correct?
1. People do not need Visa to travel to other countries
2. The consequence of economic globalisation is same across all countries
3. It has brought the entire world all together, without any divisions
4. Developed countries have opened up their borders for people from other countries
Two quantities I and II are given in the following questions. You have to find the values of both I and II by using your knowledge of mathematics and choose the most suitable relation between quantity I and II from the given options. Quantity I: Two persons A and B started a business with their certain initial capital. If A and B invested their capital in the business for 12 years and 8 years respectively and the ratio of their profit from the business is 21 : 16, then what is the initial capital invested by A if B invested Rs. 16000. (Consider only numerical value) Quantity II: Ratio of male to female who have a Visa card is 8 : 5 while the ratio of male to female who have a Master card is 4 : 7. The ratio of males who have a Visa card to those who have a Master card is 2 : 1. If the total number of males who have both cards is 15000 then find the total number of females who have both cards?
Assertion (A) : The volume of imports tends to be very high when there is a conjecture of high rate of economic growth and a sharp fall in the relative price of imports and vice versa. Reason (R) : High rate of growth, ceteris paribus, is associated with rise in imports and increase in the imports, ceteris paribus, is associated with a fall in the relative price of imports.
Each item consists of six sentences of a passage. The first and sixth sentences are given in the beginning as S1 and S6. The middle four sentences in each have been jumbled up and labelled as P, Q, R and S. You are required to find the proper sequence of the four sentences and markyour response accordingly on the Answer Sheet.
S1 :In a globalized world, no country can hope to impose tariffs without affecting its own economic interests.
S6 :The ongoing trade war also threatens the rules-based global trade order which has managed to amicably handle trade disputes between countries for decades.
P :So both the U.S. and China, which have blamed each other for the ongoing trade war, are doing no good to their own economic fortunes by engaging in this tit-for-tat tariff battle.
Q : Apart from disadvantaging its consumers, who will have to pay higher prices for certain goods, tariffs will also disrupt the supply chain of producers who rely on foreign imports.
R : China, which is fighting an economic slowdown, will be equally affected.
S :The minutes of the U.S. Federal Reserve June policy meeting show that economic uncertainty due to the trade war is already affecting private investment in the U.S., with many investors deciding to scale back or delay their investment plans
The correct sequence should be
Study the following information and select appropriate logical conclusion based on it. The Consumer Pyramids Household Survey quantifies the sharp fall in the rate of growth of jobs for the better educated in recent years. Over the last three years - between early 2016 and late 2018 -38 million jobs were added for people who completed only primary education, that is up to 5th standard. This implied that jobs for these barely educated people increased by nearly 45% over these three years. In comparison, people who had acquired a little better education that is between 6th and 9th standard, saw an addition of much lesser 18 million jobs implying also a lower 26% increase in jobs for these people. People who had completed secondary-to-higher secondary school education - 10th, 11th or 12th - saw a growth of 13 million jobs reflecting only a 12% growth over a three years period.
A university library budget committee must reduce exactly five of eight areas of expenditure - I, J, K. L, M, N, O and P - in accordance with the following conditions: If both I and O are reduced, P is also reduced. If L is reduced, neither N nor O is reduced. If M is reduced, J is not reduced. Of the three areas J, K and N exactly two are reduced. If both K and N are reduced, which one of the following is a pair of areas neither of which could be reduced?
A university library budget committee must reduce exactly five of eight areas of expenditure—I, J, K, L, M, N, O and P—in accordance with the following conditions: If both I and O are reduced, P is also reduced.
If L is reduced, neither N nor O is reduced.
If M is reduced, J is not reduced.
Of the three areas J, K, and N exactly two are reduced. Question : If both K and N are reduced, which one of the following is a pair of areas neither of which could be reduced?
Given below are six sentences of a  passage. The first and sixth sentences are given in the beginning as S1 and S6. The middle four-sentence in each have been jumbled up and labelled as P, Q, R and S. You are required to find the proper sequence of the four sentences. S1: In a globalised world, no country can hope to impose tariffs without affecting its own economic interests. S6: The ongoing trade war also threatens the rules-based global trade order which has manages to amicably handle trade disputes between countries for decades. P: So both the U.S. and China, which have blamed each other for the ongoing trade war, are doing no good to their own economic fortunes by engaging in tit-for-tat tariff battle. Q: Apart from disadvantaging its consumers, who will have to pay higher prices for certain goods, tariffs will also disrupt the supply chain of producers who rely on foreign imports. R: China, which is fighting an economic showdown, will be equally affected. S: The minutes of the U.S. Federal Reserve June policy meeting show that economic uncertainty due to the trade war is already affecting private investment in the U.S., with many investors deciding to scale back or delay their investment plans.
The question given below consists of a statement, followed by three arguments numbered I, II and III. You have to decide which of the arguments is/are ‘strong’ arguments and which is/are ‘weak’ arguments and accordingly choose your answer from the alternatives given below each question. Statement: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while improving access to credit and insurance programs. He pushed policies that helped bring 310 million people into the formal banking system in just four years, according to the World Bank. Based on the arguments stated below and he information stated above, which of the following arguments state the reason for the problem, ‘But many of India’s villages still lack bank branches or ATMs to help service new customers, while the pace of building new financial infrastructure has actually slowed’.  Arguments: I. Because Modi’s government effectively forced poor citizens into the banking system by linking some welfare benefits to bank accounts, villagers have ended up stuck in long queues and struggling with ATMs that often run out of cash or break down.  II. With an election due next year, the mismatch between the government’s policies and the rural banking system is generating frustration among a key slice of India’s electorate. III. The banking system struggled to keep up, while some gains proved temporary. Nearly half of Indian bank accounts were inactive in 2017, meaning they weren’t used at all in the previous 12 months