According to traditional economic theory, which of the following statements is true of globalization? a. It lowers the productivity and living standards of people in countries that open themselves to the global marketplace. b. It provides limited access to foreign capital. c. It increases poverty in countries that involve in global marketing. d. It relies on competition to drive down prices and to increase product and service quality.

Question

Will Arnold

Social Studies

30 December, 00:28

According to traditional economic theory, which of the following statements is true of globalization? a. It lowers the productivity and living standards of people in countries that open themselves to the global marketplace. b. It provides limited access to foreign capital. c. It increases poverty in countries that involve in global marketing. d. It relies on competition to drive down prices and to increase product and service quality.

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Bryanna Paul · Answer 1

Answer:d. It relies on competition to drive down prices and to increase product and service quality.

Explanation:

What is globalization?

This defines how effectively business carry their operations in various countries apart from their own countries.

This is creating a situation where the world come together without being hindered by borders.

This increase in interaction between countries makes it it easier for the countries to not operate as single parties but to work collaboratively to make the world a better place.

Product and service is increased due to the positive competition that exist through globalization.