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questions Flashcards

1
Q

_____ refers to the shift toward a more integrated and interdependent world economy.

Universalization
Mass customization
Globalization
Internationalization

A

Globalization

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1
Q

Globalization results in a greater degree of _____ across markets than would be present otherwise.

regulatory control
diversity
homogeneity
heterogeneity

A

homogeneity

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2
Q

Although Boeing is incorporated in the United States, a supplier in Singapore makes the doors for the nose landing gear, and suppliers in Italy manufacture wing flaps. Boeing is taking part in:

exporting.
licensing.
outsourcing.
franchising.

A

outsourcing

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3
Q

Identify the international treaty committed signatories to lowering barriers to the free flow of goods across national borders and is the predecessor to the WTO.

The North American Free Trade Agreement
The G-20
The Warsaw Pact
The General Agreement on Tariffs and Trade

A

The General Agreement on Tariffs and Trade

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4
Q

Why was the International Monetary Fund established?

To maintain order in the international monetary system
To usurp sovereignty of borrowing nations
To promote respect for human rights
To regulate policies of poor nations and create infrastructure development

A

To maintain order in the international monetary system

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5
Q

Identify a macro factor that seems to underlie the trend toward greater globalization.

The increase in global economic stability.
Reversal of deregulation trends.
Implementation of protectionist policies.
The decline in barriers to the trade.

A

The decline in barriers to the trade

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6
Q

Which of the following refers to the exporting of goods or services to consumers in another country?

Situational commerce
World exchange
International trade
Cross-national barter

A

International trade

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7
Q

Although Gillette is an American company, it has invested substantial business resources in activities outside the United States. This practice is referred to as:

transnational commerce.
foreign direct investment.
third party outsourcing.
organizational divestment.

A

foreign direct investment.

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8
Q

The advanced industrial nations of the West committed themselves after World War II to removing barriers to the free flow of goods, services, and capital between nations. This goal was enshrined in the:

Inter-American Treaty of Reciprocal Assistance.
Comprehensive Economic Partnership Agreement.
General Agreement on Tariffs and Trade.
North American Free Trade Agreement.

A

General Agreement on Tariffs and Trade

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9
Q

In 2001, the WTO launched a new round of talks aimed at further liberalizing the global trade and investment framework. It was held at:

Uruguay.
Doha.
Kyoto.
Seattle

A

doha

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10
Q

Collectively, we refer to political, economic, and legal systems as constituting the _____
economy of a country, thus reflecting how these systems are interdependent

domestic
civic
administrative
political

A

political

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11
Q

When _____ is practiced in a society, the needs of society as a whole are generally viewed as being more important than individual freedoms.

totalitarianism
collectivism
individualism
capitalism

A

collectivism

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12
Q

_____ is a political philosophy that advocates substantial public involvement, through government ownership, in the means of production and distribution.

Socialism
Capitalism
Individualism
Fascism

A

Socialism

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13
Q

Modern socialism traces its intellectual roots to:

Aristotle.
David Hume.
Karl Marx.
Adam Smith.

A

Karl Marx.

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14
Q

_____ stresses that the interests of the individual should take precedence over the interests of the state.

Totalitarianism
Socialism
Individualism
Humanism

A

Individualism

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15
Q

A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.

mixed
command
market
trade

A

market

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16
Q

Which of the following is an advantage of private ownership?

It protects businesses from volatile economic conditions.
It helps businesses to take advantage of state subsidies.
It eliminates competitors and reduces pressure to lower production costs.
It gives entrepreneurs an incentive to search for better ways of serving consumer needs.

A

It gives entrepreneurs an incentive to search for better ways of serving consumer needs

17
Q

In a pure _____ economy, the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold

command
market
trade
civic

A

command

18
Q

Identify the legal system that is based on tradition, precedent, and custom

Common law
Civil law
Theocratic law
Monarchy law

A

common law

19
Q

Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute:

assets which receive no protection under law.
intangible assets.
non-property assets.
intellectual property.

A

intellectual property.

20
Q

Culture is:

a system of values and norms.
the same as religion.
a code of conduct to achieve spiritual enlightenment.
a system of codifying one’s spiritual and religious beliefs.

A

a system of values and norms

21
Q

In a society, actions of people directed toward one another are governed by a set of social rules called:

norms.
manifestoes.
structures.
scriptures.

A

norms

22
Q

A _____ is an association of two or more individuals who have a shared sense of identity and who interact with each other in structured ways on the basis of a common set of expectations about each other’s behavior.

crowd
conference
group
colony

A

group

23
Q

A society’s _____ refers to its basic social organization.

social structure
social bureaucracy
social scripture
social stricture

A

social structure

24
Q

Hierarchical social categories, often based on family background, occupation, and income, are referred to as:

social modes.
social statute.
social strata.
social etiquette.

A

social strata

25
Q

_____ refers to a condition where people tend to perceive themselves in terms of their class background, and this shapes their relationships with members of other classes.

Social mindedness
Class consciousness
Class literacy
Social consciousness

A

Class consciousness

26
Q

The four most dominant religions in terms of number of adherents in the world today are:

Christianity, Islam, Hinduism, and Buddhism.
Islam, Christianity, Judaism, and Hinduism.
Christianity, Confucianism, Islam, and Hinduism.
Islam, Christianity, Buddhism, and Judaism

A

Christianity, Islam, Hinduism, and Buddhism

27
Q

In the context of quality of life attributes, as countries get richer, there seems to be a shift from _____ values to _____ values.

self-expression; survival
survival; well-being
inclusive; xenophobic
egalitarian; authoritative

A

survival; well-being

28
Q

A belief in the superiority of one’s own ethnic group or culture, often resulting in disregard or contempt for the culture of other countries, is termed

acculturation.
egocentrism.
ethnocentrism.
ethnic gloss

A

ethnocentrism

29
Q

Why was the World Bank created?

To maintain order in the international monetary system
To promote economic development
To regulate what economic policies nations adopt
To maintain peace and security

A

To promote economic development

30
Q

Which of the following is a key macro factor that underlies the trend toward greater globalization?

Technological change, particularly in communication, information processing, and transportation.
Uniformity achieved in the level of education and standards of living across the world.
Establishment of global institutions like the WTO and IMF to promote spread of
globalization.
Increase in subsidies to ailing sectors like agriculture.

A

Technological change, particularly in communication, information processing, and transportation

31
Q

Which of the following is NOT true regarding the volume of world trade today?

More firms are engaging in outsourcing than before.
Economies of the world’s nation-states are becoming more intertwined.
The world has become significantly wealthier since 1950.
The value of international trade in services is dropping.

A

The value of international trade in services is dropping

32
Q

How have low-cost jet travel and global communication networks impacted the world culturally?

They have made it possible for managers to oversee a globally dispersed production system.
They have resulted in a polarization of the differences between cultures and radicalization of most ethnic cultures.
They have prompted traditional cultures to step up efforts to differentiate the uniqueness of their cultures from what they perceive as the western culture.
They have reduced the cultural distance between countries and are bringing about some convergence of consumer tastes and preferences.

A

They have reduced the cultural distance between countries and are bringing about some convergence of consumer tastes and preferences

33
Q

In recent years, which of the following countries has seen its share of world output fall?

The United States
Thailand
Taiwan
China

A

The United States

34
Q

The sustained flow of foreign investment into developing nations is:

essential to recapture the lost share of total stock of FDI for developed nations.
essential to ensuring a steady/reciprocal flow of FDI back into developed nations.
aimed at Western powers building political influence in those regions.
an important stimulus for economic growth in those countries

A

an important stimulus for economic growth in those countries

35
Q

Many economists and business leaders believe that globalization offers several benefits including:

the rising prices of essential goods.
rising incomes of consumers.
acting as an essential brake on unfettered economic growth.
regulation of the international monetary system.

A

rising incomes of consumers

36
Q

NAFTA was formed between:

Canada, Mexico, and the United States.
Venezuela, Brazil, and Argentina.
Canada, Argentina, and Chile.
Peru, Venezuela, and Chile

A

Canada, Mexico, and the United States

37
Q

The system of government in a nation is referred to as its:

common system.
political system.
domiciliary system.
legal system.

A

political system

38
Q

Which of the following is the political system in which government is by the people, exercised either directly or through elected representatives?

Despotism
Democracy
Totalitarianism
Collectivism

A

Democracy

39
Q

In many Western societies, such as the U.S., the _____ is the basic building block of social organization.

family
community
peer group
individual

A

individual

global environment of business (2 decks)

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