midterm

Question 1

it is the recognition by
organizations that business must
have a global, not local focus.

Answer 1

globalization

Question 2

refers to a new perspective, or attitude,
about relationships with other people in
other nations.

Answer 2

globalization

Question 3

the
expansion and intensification
of social relations and
consciousness across world
-
time and across world
-space.

Answer 3

globalization

Question 4

refer to the creation
of the international marketplace
including the international cultural
environment where education, social
institutions, material elements are
connected and occur at different
levels.

Answer 4

expansion

Question 5

refers to the expansion,
stretching, and acceleration of the networks

Answer 5

intensification

Question 6

the process through
which an increasingly flow of ideas,
people, goods and services, technology
and capital leads to the integration of
economics and societies at a speed
unprecedented

Answer 6

globalization

Question 7

globalization according
to Stoner et.al. (1995)
consists of three
interrelated factors

Answer 7

priximity, location, attitude

Question 8

an organization of 189
countries, working to foster
global monetary cooperation,
secure financial stability,
facilitate international trade,
promote high employment
and sustainable economic
growth, and reduce poverty
around the world.

Answer 8

international monetary fund(imf)

Question 9

refer to a country’s
preparedness for future competitive
interactions.

Answer 9

competitiveness

Question 10

Several measures for the criterion

Answer 10

cost of labors in a country,
education level of a country’sworkforce

Question 11

measures long distance flow
of goods, capital, and services
as well as information and
perception that accompany
market exchanges

Answer 11

economic globalization

Question 12

measures the spread
of ideas, information,
images, and people

Answer 12

social globalization

Question 13

measures the
diffusion of government policies in
terms of the number of embassies and
consulates in a country, membership in
international organization, likewise
participation of a counktry in United
Nations peace missions and similar
advocates.

Answer 13

political globalization

Question 14

an index of the degree
of globalisation of 122
countries

Answer 14

kof index of globalization

Question 15

*It relies on
households and
firms to allocate
resources.

Answer 15

market

Question 16

Consumers decide
what goods they
desire, and firms
determine how
much is made.

Answer 16

market

Question 17

The market system
is an economic
democracy where
people have the
option to buy
according to their
choice and budget.

Answer 17

market

Question 18

The country or nation has broad
powers to serve the public
interest on what is appropriate
based on their judgment.

Answer 18

command

Question 19

Consumers are free to spend their money
on what is available but government
planners make decisions about what is
produced, and therefore, what is available

Answer 19

command

Question 20

There is little reliance on product
differentiation, advertising, and
promotion; distribution is handled by
the government to cut out
“exploitation” by intermediaries.

Answer 20

command

Question 21

*It stems on the
principle that
there is no “pure
market or
command
allocation systems
among the world’s
economies.”

Answer 21

mixed

Question 22

It means all market systems
have a command sector and
all command systems have
a market sector which
means they are mixed.

Answer 22

mixed

Question 23

total income earned by the nations factors of productions, regardless of where located.

Answer 23

GNP

Question 24

total income earned by domestically located factors of production, regardless of nationality

Answer 24

GDP

Question 25

world bank four category system

Answer 25

high, upper middle, lower middle, low income countries

Question 26

characteristics of low income countries

Answer 26

high birth rates
low literacy rates
heavy reliance on foreign aid
political stability and unrest

Question 27

countries that can be
assigned to the lower income and
lower-middle income categories
are known collectively as

Answer 27

ldc

Question 28

UMIC that achieve highest rates of
economic growth are sometimes referred
to collectively as

Answer 28

newly industrializing economies

Question 29

UMIC that achieve highest rates of
economic growth are sometimes referred
to collectively as

Answer 29

NEWLY industrializing economies

Question 30

Group of Seven

Answer 30

us, japan, france, britain, canada, italy, germany

Question 31

a strong indicator of a country’s economic performance
and strength. It is measured by the added value of all final goods
and serviced produced and manufactured by a country.

Answer 31

GDP

Question 32

a geographical area
under the jurisdiction of
another country or sovereign
power or state

Answer 32

Territory

Question 33

• discovering a continent,
  an island, or land with no
  inhabitants, then placing it
  under its political
  administration

Answer 33

Discovery and occupation