WGU D080 Global Business Final Exam Questions With Answers | Graded A+ 2023/2024

WGU D080 Global Business Final Exam Questions With Answers | Graded A+ 2023/2024. Market economy, goods and services are owned by individuals or companies that can buy, sell, or lease them to make a profit with minimum interference by the government - ANSWERCommunism - ANSWER-A system in which all property is publicly owned and the government controls global trade Capitalism - ANSWER-A system in which the means of production is controlled by private owners who can choose to participate in global trade Socialism - ANSWER-A system in which the government controls the means of production and regulates global trade Industrialized - ANSWER-Prevalent formation of new markets with possibility of saturation Less developed - ANSWER-Focus on agriculture and raw materials with limited imports Developing - ANSWER-Growing population which leads to long term growth potential Civil Law - ANSWER-An inquisitorial system where the investigating judge investigates the facts of the case Common Law - ANSWER-Judges interpret the law, and judicial rulings can set precedent Religious Law - ANSWER-Is based on religious guidelines Customary Law - ANSWER-Can vary from community to community and is found in countries without strong formal justice systems Canon Law - ANSWER-This system is the body of laws and regulations made by a religious authority governing communities Special Drawing Rights - ANSWER-The international type of monetary reserve currency created by the IMF TRIPS - ANSWER-Trade Related Aspects of Intellectual Property Rights Privatization - ANSWER-Selling government holdings to private companies The International Monetary Fund (IMF) - ANSWER-Promote international economic cooperation, international trade, employment, and exchange rate stability by making financial resources available to member countries to meet their balance of payments needs World Bank - ANSWER-Helps build sustainable economic growth, invests in people, end extreme poverty, improve the income of the lowest 40% of citizens in each country, and build resilience to shocks and threats The European Central bank - ANSWER-Regulates the supply of euros Debt Instruments - ANSWER-A tool used by a company or any other entity to raise money or capital Federal Reserve Bank - ANSWER-U.S. central bank Criticisms of The World Bank - ANSWER-Power imbalance in leadership, not help to developing countries, privatization in general and specifically in the health sector, not considering how funding projects will adversely affect the environment, and emerging markets have been frustrated with their lack of influence in the World Bank Criticisms of IMF - ANSWER-Conditions of its loans, lack of accountability, and willingness to lend to countries with poor human rights records, requiring poor countries to reduce their government borrowing, an administrative underrepresentation of the global south, environmentalists criticize the IMF by blaming IMF loans for the exploitation of natural resources Criticisms of The WTO - ANSWER-Free trade is not equal across all industries, reserves the right to review each nation's trade policies, protects developed countries more than developing countries, has refused to address the impacts of free trade on labor rights, and ignoring environmental concerns One of the results of the Uruguay Round of the World Trade Organization negotiations, Decrease in tariffs - ANSWERSpecialization is - ANSWER-A method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency Tariffs - ANSWER-A tax or duty to be paid on a particular class of imports or exports Trade Surplus - ANSWER-When the value of a country's exports is greater than the value of goods being imported Mercantilism - ANSWER-One of the earliest economic theories, which stated that a country's wealth was determined by the amount of gold and silver they had in their possession Imports - ANSWER-Bringing goods or services into the country from abroad for the purpose of selling Exports - ANSWER-A commodity, good, or service sold abroad Protectionism - ANSWER-The theory or practice of protecting a country's domestic industries from foreign competition by taxing imports Government Subsidies - ANSWER-Money paid by the government to help an organization or industry reduce its costs Free trade - ANSWER-International trade left to its natural course without tariffs, quotas, or other restrictions Absolute Advantage - ANSWER-The ability of an individual or group to produce a good or service more efficiently than another Economies of Scale - ANSWER-A proportionate savings in costs gained by an increased level of production Convertible - ANSWER-A currency that can be used to buy or sell without government restrictions Foreign Direct Investment - ANSWER-An investment strategy of investing in a foreign market through direct involvement in the operations of a company, either by acquisition or partnership or by creating a new business. A company engages in this due to it wants to control organizational assets in another country Value Chain - ANSWER-Describes how a good is produced in stages. Industry privatization - ANSWER-When a country converts a state owned enterprise into a private company Skill specialization - ANSWER-When one country can gain a particular advantage in manufacturing one type of equipment by the nature of the labor skills and resources Quotas - ANSWER-A limited quantity of a particular product that can be produced, exported, or imported under official controls