GMS 723 Final Exam Terms questions
with complete solutions
Andean Pact - correct answer ✔✔A customs union between Bolivia, Colombia, Peru, and Ecuador
Anti-Dumping - correct answer ✔✔Tax charged on an imported product that is priced below normal
market prices or below cost
ASEAN (Association of Southeast Asian Nations) - correct answer ✔✔A free trade agreement between
Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Brunei, Cambodia, Myanmar, and Laos
Autonomous Trade - correct answer ✔✔Trade that is conducted on its own
BCG Matrix - correct answer ✔✔a means of evaluating strategic business units on the basis of (1) their
business growth rates and (2) their share of the market
Bill of Lading - correct answer ✔✔A document that provides the terms of the contract between the
shipper and the transportation company to move freight between stated points at a specified charge
Buyer Insolvency - correct answer ✔✔When aa buyer can no longer meet their financial obligations to
lenders
Capitalism - correct answer ✔✔An economic and political system in which a country's trade and industry
are controlled by private owners for profit, rather than by the state
Clear Commerce - correct answer ✔✔Commerce without restriction
Collectivism - correct answer ✔✔The practice or principle of giving a group priority over each individual
in it
, Common Market - correct answer ✔✔No barriers to trade between member countries. A common
external trade policy. Free movement of the factors of production
Commonwealth of Nations (CON) - correct answer ✔✔A group of nations who were formerly a part of
the British Empire
Countertrade - correct answer ✔✔A general international trade term for a variety of methods to
conduct reciprocal traded in which the seller is required to accept goods or other instruments of trade in
partial or whole payment for its products
Court of Justice - correct answer ✔✔The supreme appeals court for EU law
Cultural Accommodation - correct answer ✔✔The process by which individuals may take on values and
beliefs of the host culture and accommodate them in the public sphere, while maintaining the parent
culture in the private sphere
Cultural Empathy - correct answer ✔✔The ability to empathize with the feelings, thoughts, and
behaviours of members of groups with a different cultural background
Cultural Transfer - correct answer ✔✔generally a mutual and unidirectional cultural exchange of ideas,
products and trends/fads
Culture - correct answer ✔✔Beliefs, customs, and traditions of a specific group of people.
Customs Union - correct answer ✔✔Eliminates trade barriers between member countries. Adopts
common external trade policy
Disruptive Innovation - correct answer ✔✔Helps create a new market and value network. Eventually
disrupts an existing market and value network. Coined by Clayton Christensen
Dual Use Item - correct answer ✔✔Items that have both commercial/scientific, and military/proliferation
applications
with complete solutions
Andean Pact - correct answer ✔✔A customs union between Bolivia, Colombia, Peru, and Ecuador
Anti-Dumping - correct answer ✔✔Tax charged on an imported product that is priced below normal
market prices or below cost
ASEAN (Association of Southeast Asian Nations) - correct answer ✔✔A free trade agreement between
Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Brunei, Cambodia, Myanmar, and Laos
Autonomous Trade - correct answer ✔✔Trade that is conducted on its own
BCG Matrix - correct answer ✔✔a means of evaluating strategic business units on the basis of (1) their
business growth rates and (2) their share of the market
Bill of Lading - correct answer ✔✔A document that provides the terms of the contract between the
shipper and the transportation company to move freight between stated points at a specified charge
Buyer Insolvency - correct answer ✔✔When aa buyer can no longer meet their financial obligations to
lenders
Capitalism - correct answer ✔✔An economic and political system in which a country's trade and industry
are controlled by private owners for profit, rather than by the state
Clear Commerce - correct answer ✔✔Commerce without restriction
Collectivism - correct answer ✔✔The practice or principle of giving a group priority over each individual
in it
, Common Market - correct answer ✔✔No barriers to trade between member countries. A common
external trade policy. Free movement of the factors of production
Commonwealth of Nations (CON) - correct answer ✔✔A group of nations who were formerly a part of
the British Empire
Countertrade - correct answer ✔✔A general international trade term for a variety of methods to
conduct reciprocal traded in which the seller is required to accept goods or other instruments of trade in
partial or whole payment for its products
Court of Justice - correct answer ✔✔The supreme appeals court for EU law
Cultural Accommodation - correct answer ✔✔The process by which individuals may take on values and
beliefs of the host culture and accommodate them in the public sphere, while maintaining the parent
culture in the private sphere
Cultural Empathy - correct answer ✔✔The ability to empathize with the feelings, thoughts, and
behaviours of members of groups with a different cultural background
Cultural Transfer - correct answer ✔✔generally a mutual and unidirectional cultural exchange of ideas,
products and trends/fads
Culture - correct answer ✔✔Beliefs, customs, and traditions of a specific group of people.
Customs Union - correct answer ✔✔Eliminates trade barriers between member countries. Adopts
common external trade policy
Disruptive Innovation - correct answer ✔✔Helps create a new market and value network. Eventually
disrupts an existing market and value network. Coined by Clayton Christensen
Dual Use Item - correct answer ✔✔Items that have both commercial/scientific, and military/proliferation
applications
