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Chapter 5 Review Questions - BBB4M Correct Answers
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Chapter 5 Review Questions - BBB4M Correct Answers
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Chapter 5 Review Questions - BBB4MCorrect Answers
Explain how globalization leads to increased productivity and innovation. - Answer-
Globalization increases productivity through cheaper labour and raw materials, and it
allows for comparative advantage. Globalization increases innovation because open
borders stimulate creative ideas from other countries.
Explain how globalization speeds the spread of disease. State two examples - Answer-
Globalization leads to more travel for business and pleasure. Travellers contract
diseases and take them back home to their home countries. Examples include SARS,
HIV/AIDS, and H1N1. (also Ebola)
What is the difference between a trade agreement and a trade organization? - Answer-
A trade agreement is a legally binding, enforceable treaty. A trade organization is
established to help the flow of trade between countries. It is not enforceable.
Name five of Canada's trade agreements - Answer-NAFTA, EFTA, Canada-Chile,
Canada-Israel, Canada-Costa Rica
Why was the euro created? - Answer-It was created to make business between
countries easier to conduct. It provides price transparency, decreases the risk of
exchange rate fluctuations, allows for easy billing, and increased markets.
Describe how the formation and expansion of the EU is beneficial to Canada. - Answer-
Canada has a strong reputation with EU countries, especially England and France. The
EU is Canada's second largest trading partner
What are Canada's priorities with respect to WTO negotiations? - Answer-As a country
with a very small population and little power, the WTO gives strength and support to our
trade dealings. Canada's priorities with respect to WTO negotiations are to reform
global agricultural trade, improve market access for Canadian exporters, enhance the
rules on dumping and subsidies, and speed up border crossings.
What is the purpose of APEC? - Answer-APEC's goals are to foster open and free trade
among the countries, increase prosperity and economic growth, and develop the Asia-
Pacific community.
Why was the G20 created? - Answer-It was established during the economic crisis of
the 1990s to provide a forum for discussion for the major economies of the world. It
filled the need to develop beyond the G8 and acknowledge the impact and influence
other countries such as Brazil, Russia, India, and China (BRIC countries) were having
on world economics and trade.
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