Question

One of the most significant benefits that advances in technology have contributed to manufacturing is of 1 Select one: O a. promoting traditional lifestyles and values worldwide b. reducing production costs O O c. promoting nationalization of consumer strategies d. reducing costly cross-border flow of factors of production The initial phase of globalization was triggered by the introduction of the railroads and ocean transport. Select one: O True of 1 • False

Answer 1

1. Option B.

One of the most significant benefits that advances in technology have contributed to manufacturing is reducing production costs.

Introduction of new and enhanced technology increases the speed and ease of production.

It has made automation more easier than the human effort required to produce goods and services.

This allows firms to produce more output easily thereby reducing the overall production costs.

2. True.

Globalisation was initially triggered by the railroads and ocean transport.

They helped in shaping various economy as trade began emerging through these roads and oceans.

As trade expanded through the world, various other phases of globalisation started emerging too.