GSCM 211 UNITS 1-4 QUESTIONS WITH VERIFIED
ANSWERS
Protectionism is - Answers - The practice of shielding a country's domestic industries
from foreign competition by taxing imports.
According to the reading, which of the following is a free trade agreement that will
create the world's largest trading bloc and mark a significant achievement for China as it
battles the U.S. for influence and economic supremacy in the Asia-Pacific region? -
Answers - RECP (Regional Comprehensive Economic Partnership)
Egypt can produce cotton sheets very efficiently (lower opportunity costs) but can't
produce plastic very efficiently. According to competitive advantage Egypt should -
Answers - export cotton sheets and import plastic
"Creative destruction", where industries undergo dramatic changes or are replaced by
new industries in response to changing consumer preferences and innovation, resulting
in a demand for a labor market that is: - Answers - more flexible
Which of the following is a benefit of Global Trade? - Answers - experiencing
automation, jobs and investments are often exchanged and flow both ways, and raise
the standard of living for both developed and developing nations
World Health Organization, globalization refers to the opening of international borders
for faster flows of: - Answers - goods, services, and finance; ideas; and people
According to Milton Friedman, access to cheaper labor internationally has increased the
wage gap between high-skilled jobs and low-skilled jobs in advanced countries -
Answers - True
The Bretton Woods System became the foundation of world trade and created financial
commodity interdependence based on the US dollar. - Answers - True
Who is Thomas Friedman? - Answers - Someone who observed the world has moved
from periods of being round (where trade barriers are high) to periods of being flat
(where barriers to trade are lowered)
Which issue do all national cultures view as unethical and immoral? - Answers - None
Based on the Case "Did We Expand Too Quickly?", what was the initial "problem at
hand" that prompted discussion about expansion issues in the UK? - Answers - A
climber sued the company after falling 15 feet and hurting his back
ANSWERS
Protectionism is - Answers - The practice of shielding a country's domestic industries
from foreign competition by taxing imports.
According to the reading, which of the following is a free trade agreement that will
create the world's largest trading bloc and mark a significant achievement for China as it
battles the U.S. for influence and economic supremacy in the Asia-Pacific region? -
Answers - RECP (Regional Comprehensive Economic Partnership)
Egypt can produce cotton sheets very efficiently (lower opportunity costs) but can't
produce plastic very efficiently. According to competitive advantage Egypt should -
Answers - export cotton sheets and import plastic
"Creative destruction", where industries undergo dramatic changes or are replaced by
new industries in response to changing consumer preferences and innovation, resulting
in a demand for a labor market that is: - Answers - more flexible
Which of the following is a benefit of Global Trade? - Answers - experiencing
automation, jobs and investments are often exchanged and flow both ways, and raise
the standard of living for both developed and developing nations
World Health Organization, globalization refers to the opening of international borders
for faster flows of: - Answers - goods, services, and finance; ideas; and people
According to Milton Friedman, access to cheaper labor internationally has increased the
wage gap between high-skilled jobs and low-skilled jobs in advanced countries -
Answers - True
The Bretton Woods System became the foundation of world trade and created financial
commodity interdependence based on the US dollar. - Answers - True
Who is Thomas Friedman? - Answers - Someone who observed the world has moved
from periods of being round (where trade barriers are high) to periods of being flat
(where barriers to trade are lowered)
Which issue do all national cultures view as unethical and immoral? - Answers - None
Based on the Case "Did We Expand Too Quickly?", what was the initial "problem at
hand" that prompted discussion about expansion issues in the UK? - Answers - A
climber sued the company after falling 15 feet and hurting his back
