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Question
Which one of the following statements best describes the meaning of 'Globalisation'?
Options
Removal of tax barriers on trade
Providing higher standard of living
Process of rapid integration between countries
Taking special steps to attract foreign companies
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Solution
Process of rapid integration between countries
Explanation:
Greater foreign investment and trade have resulted in greater integration of production and markets across countries. Globalisation is the process of rapid integration or interconnection between countries. MNCs are playing a major role in this process. More and more goods and services, investments, and technology are moving between countries.
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