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global business 1-4

The __ was created in 1944 by 44 nations that met in Breton Woods, NH to promote economic development
World Bank
The stock of foreign direct investment refers to
the total cumulative value of foreign investments
which of the following is not a characteristic of globalization
national economies are turning into self-contained economic systems
which of the following actions was implemented in the uruguay round, finalized in december 1993
establishment of the world trade center
which of the following factors contributing to the great depression of the 1930s
countries progressively raised trade barriers against each other
globalization critics argue that the decline in unskilled wage rates is due to the
migration of low-wage manufacturing jobs offshore
globalization has enabled organizations to reduce their costs of production by __
setting up manufacturing units in developing countries
at the doha round of the world trade organization in late 2001, an agenda was established to
phase out subsidies to agricultural producers
an international business is any firm that engages in international trade or investment
true
one concern frequency voicedby those opposed to globalization is that falling barrier to international trade destroy manufacturing jobs in wealthy advanced economies such as the united states and western europe
true. wages
country differences have no effect on the way an international firm conducts its business around the globe
false
__ the lender of the last resort
international monetary fund
If the Doha talks are ever completed, the biggest gain may come from discussion on agricultural products. The world’s poorer nations have the most to gain from any reduction in agricultural tariffs and subsidies; such reforms would give them access to the markets of the developed world.
true
what has revolutionized the transportation business, significantly lowering the costs of shipping goods over long distances
containerization
_
_
which of the following statements pertaining to changes in the global economy of the 21st century is true
the world is moving toward an economic system that is more favorable for international business
the World Bank has focused on making low-interest loans to cash-strapped governments in poor nations that wish to undertake significant infrastructure investments (such as building dams or roads).
true
globalization resulted in a decrease in non- US firms’ investment across national borders
false
the __ committed themselves to achieving socialism without resorting to violent revolution and dictartorship
social democrats
which of the following statements is true about trademarks
trademarks are designs and names by which bus
which of the following statements is true about trademarks?
trademarks are designs and names by which businesses differentiate their products
which of the following philosophies can be traced back to the ancient greek philosopher plato
collectivism
the role of the government in a market economy involves
encouraging vigorous and fair competition among private producers
__ is the extortion of income or resources of property holders by public officials such as politicians and government bureaucrats
public action
in the early twentieth century, the socialist ideology split into two broad camps, communist and social democrats
true
violation of civil liberty laws can result in imprisonment
true
a civil law system tends to be more adversarial than a common law system
false
contracts drafted under a common law framework tend to be
very detailed with contingencies spelled out
a legal system based on religious teachings is called a
theocratic law system
since the demise of command economies has of communism in the late 1980’s, the number of command economies has risen dramatically
false
__ refers to a philosophy that a person should have freedom in his or her economic and political pursuits
individualism
in pure command economy
all businesses are owned by the state
historically, command economies were found in __, where collectivist goals were given priority over idividual goals
communist countries
which of the following is a feature of the right-wing totalitarianism
provison of partial individual economic freefom along with restricted individual political freedom
a common feature of many right-wing dictatorships is that they support socialist or communist ideas
false
the common law system
is based on tradition, precedent, and custom
in a market economy, a supply restriction occurs when a single firm monopolizes a market
true
amazon.com was the earliest, major online bookstore, which allowed it to generate brand awareness and have a significant presense in the market. Amazon.com had a head start on a later entrants to the online bookstart market. In this example, amazon,com has
first-mover advantages
during the late 1980s and early 1990s a wave of democratic revolutions swept the world
true. communism
it can be more costly to do business in a country where there are no laws and regulations with regard to product safety
false
which of the following exemplifies privitization?
a country sells its postal services to a consortium of companies that runs it as a profit making venture without any state funding
entrepreneurs receive more incentives to innovate in a planned economy as compared to a market economy
false
purchasing power parity adjustment allows for
a more direct comparison of living standards in different countries
in the case of command economies, deregulation involves __
removing price controls
all of the following are reasons that would account for the spread of democracy except
the unchallenged pressure of entreprenuers and other business leaders for less accountable and closed governments
deregulation involves the establishment and operation of private enterprises
true
gni per person figures can be misleading because they don’t consider the cost of living
true
the newly privatized entities often have little incentive to restructure their operations to become more efficient when
they continue to receive subsidies from the state
in calculating gni data in some countries, the official figures takes into account the barter agreements that take place as part of daily business transactions
false
innovation and entrepreneurial activity help increaes economic activity
by creating new products and markets
united nations has developed the human development index to measure the
quality of human life in different nations
which of the following is true about economic risks of doing business in a country
the inflation rate in a country is an indicator of the economic risks of doing business in a country
which of the following is true about property rights
they must be strongly protected to promote economic growth
in samuel huntington’s thesis, global terrorism is a product of __
the clash of value systems and idealogy
which of the following is true about planned economies
in a planned economy, the state owns all means of productopm
a murdarabah contract of islamic banks is similar to a profit-sharing scheme
true
people who violate folkways are considered to be evil or bad
false
which of the following is a disadvantage of a high degree of managerial mobility between companies
lack of loyalty and commitment to and individual company
which of the following statements is true about caste system
a caste system is a rigid form of social stratification
the belief in the superoirity of one’s own culture is known as
ethnocentrism
values are
abstract ideas about what group believes to be good, right, and desirable
most of the world’s ethical systems are the product of religions
true
hofstede’s masculinity versus femininity dimension examined
the relationship between gender and work roles
what is the most widely practiced religion in the world
christianity
which of the following aspects of Protestantism paved the way for the subsequent emphasis on individual economic and political freedoms
the emphasis on individual religious freedom
it has been argued that the success of Japanese enterprises in the global economy has been based partly on all of the following except
the high degree of managerial mobility between companies
folkways
the routine conventions of everyday life
the value systems and norms of a country have little influence on the costs of doing business in that country
false
according to max weber
devout hindus would be less likely to engage in entrepreneurial activity than devout protestants
the group is the primary unit of organization in western societies
false
entrepreneurs and business-owners f high uncertainty avoidance cultures will be more willing to take risks and make changes
false
according to the findings of the world values survey
as countries get richer, there seems to be a shift from survival values to well-being vaues
what is a concept of understanding how cultural differences across and within nations can affect the way business is conducted
cross-cultural literacy
Which of the following is a closed system of stratification in which social position is determined by the family into which a person is born, and change in that position is usually not possible during an individual’s lifetime?
Caste system
Which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living?
Purchasing power parity (PPP) adjustment
The overall attractiveness of a country as a potential market or investment site for an international business depends on balancing the benefits, costs, and risks associated with doing business in that country.
True
In a(n) _____ 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
Which of the following statements is true about the murabaha contract?
The murabaha contract is widely used among the world’s Islamic banks because it is the easiest to implement.
Norms refer to:
the social rules and guidelines that prescribe appropriate behavior in particular situations.
The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship.
False
A _____ is a less rigid form of social stratification in which social mobility is possible.
class system
Plato, to whom the advocacy of collectivism is traced back, did not equate collectivism with equality.
True
An upper-middle-class manager tends to have a hostile relationship with the working-class employees in the firm because of his tendency to perceive himself as superior to them based on his class background. In this example, the manager exhibits:
class consciousness.
New information and communication technologies have enabled the spread of democratic ideals.
True
Which of the following refers to the extent to which individuals can move out of the strata into which they are born?
Social mobility
In several Western democracies, the poor performance of state-owned enterprises, because of protection from competition and guaranteed government financial support, led to _______.
privatization
Some totalitarian regimes have fostered a market economy and strong property rights protection and have experienced rapid economic growth.
True
An antagonistic relationship between management and labor classes may result in lower costs of production.
False
Like Christianity and Judaism, Islam is a polytheistic religion.
False
Economic growth appears to be a function of a country’s capacity for growth and ___________.
its free market system
Outsourcing is a process that is limited to manufacturing enterprises.
False
The ______ is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by member states.
World Trade Organization
The most global markets currently are markets for consumer products.
False
The most rigid system of stratification is a class system.
False
A change in political regime in a country can result in laws that _____ to international businesses.
are less favorable
Democracy is one of the consequences of economic growth and progress.
True
Managing an international business is much easier than managing a domestic business.
False
All of the following are key components of a country’s legal system except:
establishing a mixed economy.
Modern socialists trace their intellectual roots to Karl Marx (1818-83), although socialist thought clearly predates Marx.
True
The World Bank has focused on policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties.
False
Since the collapse of communism at the end of the 1980s, the erstwhile communist nations have transformed their economies by globalizing their markets. This involves ____.
privatizing state-owned enterprises
Most property in poor countries is owned legally by investors.
False
Social rules and guidelines that prescribe appropriate behavior in particular situations are best described as:
norms.
A domestic business must find ways to work within the limits imposed by governmental intervention in the international trade and investment system.
False
The World Trade Organization promotes ____.
lowering of barriers to cross-border trade and investment
Cross-cultural literacy refers to:
an understanding of how cultural differences can affect business.
The finance minister of a country considers several large, state-owned iron manufacturing units to be inefficient and a source of corruption. To generate resources for public expenditure and promote economic growth, the government decides to auction an entire iron manufacturing plant to sell it to a strategic investor. This process exemplifies ____.
privatization
It is possible to have a democratic political system that emphasizes a mix of collectivism and individualism.
True
Guanxi is an important mechanism for building long-term business relationships and getting business done in China.
True
The ________ believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.
communists
Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring expensive licenses or permits from property holders is called _______.
public action
The likelihood that a trading partner will opportunistically break a contract or expropriate property rights is called a(n) ____.
legal risk
Interdependent political, economic, and legal systems of a country make up its:
political economy.
Max Weber thought that devout Hindus would be less likely to engage in entrepreneurial activity than devout Protestants.
True
The sale of state assets through an auction is most likely to lead to ____.
privatization
Political scientist Samuel Huntington predicts that there will be a more harmonious world dominated by a universal civilization characterized by democratic regimes and free market capitalism.
False
A class system is a rigid form of social stratification in which the position a person has by birth cannot be changed through his/her own achievements or luck.
True
False
Which of the following is a consequence of globalization?
Increasing outsourcing of services
GNI per person figures can be misleading because ____.
they don’t consider differences in the cost of living
For privatization to work, it must also be accompanied by:
a general deregulation of the economy.
Judges under a civil law system have more flexibility than those under a common law system.
False
The parties to an agreement normally resort to contract law when one party feels the other has violated either the letter or the spirit of an agreement.
True
One visible indicator of political risks tends to be a country’s inflation rate.
False

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