Unit LESSON 2

Question 1

is any commercial transaction that crosses the borders of two or more nations.

Answer 1

International business

Question 2

–– goods and services purchased abroad and brought into a country.
—goods and services sold abroad and sent out of a country.

Answer 2

Imports, Exports

Question 3

the trend toward greater economic, cultural,
political, and technological interdependence among national institutions and economies.

Answer 3

Globalization

Question 4

refers to the convergence in buyer preferences in markets around
the world.

Answer 4

Globalization of Markets

Question 5

refers to the dispersal of production activities to locations that help a company achieve its cost-minimization or quality-maximization objectives for a good or service.

Answer 5

Globalization of production

Question 6

a treaty
designed to promote free trade by reducing tariffs and nontariff barriers to international trade.

Answer 6

General Agreement on Tariffs and Trade (GATT)

Question 7

the international organization that enforces the rules of international trade

Answer 7

World Trade Organization (WTO)

Question 8

is an agency created to provide financing for national economic development efforts.

Answer 8

World Bank

Question 9

The process of changing information from analog to digital form for
use by computers and other information technologies is called _______

Answer 9

Digitalization