Economic interdependence means that every country has an interest in global economic

Growth

As economies grow, they demand more

raw materials.

Globalization has affected developed countries by

turning their focus to providing services.

What are the purposes of international economic organizations? Select all that apply.

to resolve trade disputes
to observe global economics
to encourage trade in developing countries

Globalization has led groups of nations to join _____organizations.

trade

The graph shows US Oil Import Prices from 1995 to 2010.
What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?

A global recession

NAFTA can be defined as

an agreement between bordering nations.

Which group is an example of a commodity organization?

Organization of Petroleum Exporting Countries

A multinational organization is defined as a business that

operates in multiple countries.

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The graph below shows global trade and percentage of GDP.
What conclusion should be drawn from the graph?

Trade increases create higher GDP percentage rates.

In countries such as China, globalization has led to

a better standard of living.

How can businesses best take advantage of globalization?

by increasing employment and production

Which of the following causes the most problems in countries with low economic growth?

higher standard of living

The graph shows US trade with Mexico.
In what years did US exports to Mexico remain approximately the same?

2000-2005

Why do companies choose to outsource work?

to increase profits

What is the primary purpose of the European Union?

to allow more trade between countries