ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an increase in Australian trade surpluses.
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an increase in global trade barriers.
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a decline in global extreme poverty.
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a decline in Australian productivity.
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Detailed explanation-1: -Harrison first notes that most of the evidence on the links between globalization and poverty is indirect. To be sure, as developing countries have become increasingly integrated into the world trading system over the past 20 years, world poverty rates have steadily fallen.
Detailed explanation-2: -Economic growth is the main channel through which globalization can affect poverty. What researchers have found is that, in general, when countries open up to trade, they tend to grow faster and living standards tend to increase.
Detailed explanation-3: -Globalization isn’t in decline; it is simply changing. Although the COVID-19 crisis has seen a dramatic decline in goods trade, investments and the movement of people, a new type of globalization is emerging.
Detailed explanation-4: -In India after globalization process started in 1991, there has higher GDP and income growth leading to lower level of poverty in the country but inequality has increased because of distribution of income tilted in favour of rich.