GK
INDIAN ECONOMY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
of all the people
|
|
|
of people in the developed countries
|
|
|
of workers in the developing countries
|
|
|
none of the above
|
Detailed explanation-1: -Globalisation has led to an improvement in living conditions:a)of all the peopleb)of workers in the developing countriesc)of people in developed countriesd)none of the above. Correct answer is option ‘C’.
Detailed explanation-2: -In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.
Detailed explanation-3: -Globalization is clearly contributing to increased integration of labor markets and closing the wage gap between workers in advanced and developing economies, especially through the spread of technology. It also plays a part in increasing domestic income inequality.