WGU C211 GLOBAL ECONOMICS FOR MANAGERS (WGU) CENGAGE TEXT ACTUAL EXAM WITH VERIFIED & UPDATED ANSWERS 2023/2024

WGU C211 GLOBAL ECONOMICS FOR MANAGERS (WGU) CENGAGE TEXT ACTUAL EXAM WITH VERIFIED & UPDATED ANSWERS 2023/2024 Globalization - CORRECT ANSWER-The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) - CORRECT ANSWER-A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning - CORRECT ANSWER-A technique to prepare and plan for multiple scenarios (either high or low risk). Risk management - CORRECT ANSWER-The identification and assessment of risks and the preparation to minimize the impact of high-risk , unfortunate events. Gross National Income (GNI) - CORRECT ANSWER-GDP + income from non-resident sources abroad. GNI is the term used by the World Bank and other international organizations to supersede the term GNP. Gross National Product (GNP) - CORRECT ANSWER-GDP + income from non-resident sources abroad. reverse innovation - CORRECT ANSWER-An innovation that is adopted first in emerging economies and is then diffused around the world. International Business (IB) - CORRECT ANSWER-(1) A business or firm that engages in international crossborder economic activities and/or (2) the action of doing business abroad. semiglobalization - CORRECT ANSWER-A perspective that suggests that barriers to market integration at borders are high, but not high enough to insulate countries from each other completely. BRIC - CORRECT ANSWER-Brazil, Russia, India, and China base of the pyramid (BOP) - CORRECT ANSWER-Economies where people make less than $2,000 per capita per year. emerging economies - CORRECT ANSWER-A term that has gradually replaced the term "developing countries" since the 1990's. emerging markets - CORRECT ANSWER-A term that is often used interchangeably with "emerging economies" nongovernmental organizations (NGO's) - CORRECT ANSWER-An organization that is not affiliated with governments. Expatriate Manager - CORRECT ANSWER-A manager who works "abroad", or "expat" for short. Gross Domestic Product (GDP) - CORRECT ANSWER-The sum of value added by resident firms, households, and governments Foreign Direct Investment (FDI) - CORRECT ANSWER-Investment in, controlling, and managing value-added activities in other countries. Group of 20 (G-20) - CORRECT ANSWER-The group of 19 major countries plus the European Union (EU) whose leaders meet on a biannual basis to solve global economic problems. liability of foreignness - CORRECT ANSWER-The inherent disadvantage that foreign firms experience in host countries because of their non-native status. global business - CORRECT ANSWER-Business around the globe. international premium - CORRECT ANSWER-A significant pay raise when working overseas. multinational enterprise (MNE) - CORRECT ANSWER-A firm that engages in foreign direct investment (FDI) Triad - CORRECT ANSWER-North America, Western Europe, and Japan Expatriate Manager (expat) - CORRECT ANSWER-A manager who works abroad, or "expat" for short. Nontariff Barriers (NTB) - CORRECT ANSWER-Trade barrier that relies on nontariff means to discourage imports. tariff barrier - CORRECT ANSWER-Trade barrier that relies on tariffs to discourage imports. deadweight costs - CORRECT ANSWER-Net losses that occur in an economy as a result of tariffs.