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- Florida Institute Of Technology
Summary of 3 pages for the course BUS 1301 Basic Economics at Florida Institute Of Technology (Intro to business)
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Knowledge CheckGlobalization and the Global Economy
Directions
Read each statement and select the correct response. Answers are given on page 3.
Statements
1. Approximately 95 percent of the world’s population lives outside of the United States.
a. True
b. False
2. A multinational enterprise is any firm that sells its products in another country.
a. True
b. False
3. Globalization is the close integration of countries and peoples of the world.
a. True
b. False
4. Gross domestic product (GDP) is the measure of the sum of value added by resident firms,
households, and governments operating in an economy.
a. True
b. False
5. BRIC is an acronym for Brazil, Russia, Italy, and China.
a. True
b. False
6. The global economy can be viewed as a pyramid. At the base of the pyramid, people make
less than U.S. $5,000 per capita, per year.
a. True
b. False
7. GNP is different from GDP because it includes income from nonresident sources abroad.
a. True
b. False
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