SS classs test 2 answers

a) No, the most devastating impact of globalization on the world is environmental problems. Globalization requires a lot of natural resources to be
utilise to its maximum potential. Such resources are land, coal, oil, timber etc. There are many types of globalisation such as transport & communication.
New roads must be formed from natural habitat, oil was use in transporting vehicles and many human human needs such as cupboard was made out
of timber and wood. For vehicles that run on petrols, it releases poisonous gas such as carbon monoxide into the air and contaminate it. When trees were
cut down to make into cupboards or wood releated products, there would be less habitat for animals to survive in and even less oxygen released by the trees
into the air during photosynthesis. One such example is Indonesia cut down on her own forest and burned it to make more land for agriculture, rearing of
animals and new roads. No doubt doing all of the above will generate more revenue for the country but at the expense of the environment. After the
environment is gone, human would cease to exist. The other factor '' widening income gap between the rich and the poor'' is also important. Globalization
make the rich richer while making the poor poorer. People can expand their business into other countries and generate more revenue for themselves. As such,
the cost of living and purchasing an item would increase too. This makes a richer country getting more revenue from other countries through trades and sales.
The poorer country will remained as it is and when there are no countries willing to purchase their goods, they would be ended up in bankruptcy and people
lose their their jobs.


b) I think diversify the economy is the most important measure. The economy is made up of many things such as research and development, bioscience engineering
etc. By diversifying the economy, Singaporeans could work / study under a disipline and became expert of that field. This could help Singapore's economy by
attracting more foreign transnational corporations (TNCs) to set up here. This in turn could result in more jobs for people to apply and benefit Singapore economy
such as healthcare for the poor through the paying of taxes.

The second most important factor is nurturing growth of small and medium enterprises. Singapore economy status is mainly contributed by the small and
medium enterprises through sales of their products. Small and medium enterprises often lack enough capital to expand their business abroad, so they help
contribute to the economy by providing certain parts of a product to big TNCs. TNCs often made their products to be sold after gathering all the necessary
parts in other countries. The government of Singapore granted tax exemption from small and medium enterprises of $100,000 of income up till three years.
This ensures that they could still contribute to Singapore's economy.

The last important factor is expand market reach through economic cooperation. Singapore sent trained experts to foreign countries to built its TNCs. It
generates revenue for Singapore economy and at the same time provide jobs for the foreign country people. It is a win-win situation for both countries.
Imported goods could be exempt from taxes if an agreement was signed. This is the benefit for this factor.