Question

15.Read the given statements and choose the correct option . 1

A. Globalization has been the only way for economic development of a country

B. Regional trade blocks has promoted the process of globalization.

C. Liberalization and privatization has been the main pillars of globalization

D. Trade barriers are good for spreading the benefits of globalization across regions​

Answer 1

Answer:

1 a

2b

3c

4d

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Answer 2

The correct option is - . Regional trade blocks has promoted the process of globalization.

• For global trade, trading blocks have become highly powerful. They allow easy trade between countries which further leads to substantial prices, increased export opportunities, faster growth, economies of scale and higher competition.
• Globalization refers to the reduction of economic barriers between countries that allow for more trade and independent movement of labour and capital. This mechanism is speeded up by trading blocs like the EU.
• An increased integration among a trading block's active members is typically promoted. Trading blocks are believed to support globalisation by making global negotiations simpler.  
• In the case of trade agreements, for instance, as a single trading block, the EU will negotiate, making it easier to push through practises which increase free trade.