ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
lead to higher rates of domestic inflation.
|
|
|
create short term structural unemployment in less efficient industries.
|
|
|
result in increase deficits in Australia’s trade balance.
|
|
|
lead to lower rates of economic growth.
|
Detailed explanation-1: -Globalisation and free trade can lead to shifting patterns of manufacture and labour demand. In recent decades, many firms have shifted the manufacture of clothes from high wage, western economies to Asian economies, such as China, India and Bangladesh.
Detailed explanation-2: -Negative Effects An increase in hidden unemployment, a lack of new job openings, and a deterioration of real wage rates are the consequences of globalization in most developing economies, which were unable to adapt the new technologies.
Detailed explanation-3: -Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
Detailed explanation-4: -Widening Gap Between the Haves and the Have-Nots. Loss of Domestic Companies and Jobs. Unequal Power and the Rise of the Multinational Corporations. Loss of Cultural Identity. Unpredictable Markets. Balance of Payments Problems. 23-Aug-2022