Chapter 19: Problem 26

Which statement is the most accurate? a) Our economy would be much better off if the entire globalization process were reversed. b) The globalization process creates billions of winners and no losers. c) The process of globalization could easily be reversed if Congress and the president were willing to act. d) Globalization ensures a more efficient allocation of resources throughout the world.

Short Answer

Expert verified

The most accurate statement is d) "Globalization ensures a more efficient allocation of resources throughout the world."

Step by step solution

Analyze each statement for accuracy

Start by looking at each statement and determining how accurate it is in describing the effects of globalization.

Statement a)

"Our economy would be much better off if the entire globalization process were reversed." When analyzing this option, we need to evaluate whether reversing globalization would indeed be beneficial for the entire economy. Keep in mind that globalization has both positive and negative aspects, and not all aspects of the economy may benefit from its reversal.

Statement b)

"The globalization process creates billions of winners and no losers." This statement appears to be overly optimistic, as it's unlikely that any complex process, such as globalization, would result in no negative consequences for anyone.

Statement c)

"The process of globalization could easily be reversed if Congress and the president were willing to act." This statement implies that reversing globalization is a simple task that only requires the cooperation of the US government. In reality, globalization is an intricate process involving many countries, governments, and trade agreements. It's unlikely that a single government could easily undo the entire process of globalization.

Statement d)

"Globalization ensures a more efficient allocation of resources throughout the world." This statement addresses one of the key benefits of globalization: efficiency in resource allocation. Generally, globalization allows for the specialization of countries in the production of certain goods and services, leading to an overall improved global efficiency.

Choose the most accurate statement

After analyzing each statement, we can conclude that statement d) - "Globalization ensures a more efficient allocation of resources throughout the world." - is the most accurate statement of the four options given. While it may not address every aspect of globalization, it accurately describes one of its primary benefits.