Question : Statement 1: Globalization refers to the increasing integration of economies and societies worldwide.
Statement 2: Globalization promotes the localization of economic activities.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true. Globalization involves the exchange of goods, services, ideas, and culture across borders, leading to increased interconnectedness and interdependence between countries.
Statement 2 is false. Globalization is characterized by the expansion of international trade, investment, and economic cooperation, which often leads to the opposite of localization. Globalization encourages businesses to operate on a global scale, accessing markets and resources in different countries rather than confining their activities to a specific locality.
