Which of the following is the most accurate statement about the globalization of markets?

• A. Globalization of markets causes all countries to adopt identical economic policies.
• B. Globalization of markets leads to increased integration and interdependence among national economies.
• C. Globalization of markets eliminates all trade barriers between countries.
• D. Globalization of markets results in the disappearance of local consumer preferences.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of globalization of markets. It refers to the process by which national markets become more integrated and interdependent through increased trade, investment, and communication.
2. Step 2: Analyze each statement in the problem to see if it aligns with the definition and effects of globalization of markets.
3. Step 3: Evaluate the statement 'Globalization of markets causes all countries to adopt identical economic policies.' Consider whether globalization forces countries to have the same policies or if differences remain.
4. Step 4: Consider the statement 'Globalization of markets eliminates all trade barriers between countries.' Reflect on whether globalization completely removes trade barriers or just reduces them.
5. Step 5: Review the statement 'Globalization of markets results in the disappearance of local consumer preferences.' Think about whether local preferences vanish or if they coexist with global trends.