C211 WGU EXAM | 2024-2025 LATEST UPDATED | COMPLETE
QUESTIONS AND 100% RATED CORRECT ANSWERS | GET IT
CORRECT!(ALREADY GRADED A+)
Base of the pyramid (BOP) - (answers)Economics where people make less $2,000 per capita per
year.
BRIC - (answers)Brazil, Russia, India, and China
Emerging economies - (answers)a term that has gradually replaced the term "developing
countries" since the 1990s.
Emerging markets - (answers)a term that is often used interchangeably with "emerging
economies."
expatriate manager - (answers)a manager who works abroad, or "expat" for short.
FDI: foreign direct investment - (answers)investment in, controlling, and managing value-added
activities in other countries.
global business - (answers)business around the globe including both international (cross-border)
activities and domestic activities.
globalization - (answers)the close integration of countries and people of the world.
GDP: gross domestic product - (answers)the sum of value added by resident firms, households,
and governments operating in an economy.
GNI: gross national income - (answers)GDP plus income from non-resident sources abroad.
group of 20 (G-20) - (answers)the group of 19 major countries plus the European Union (EU)
whose leaders meet on a biannual basis to solve global economic problems.
,international business (IB) - (answers)1. a business or firm that engages in international (cross-
border) economic activities and/or
2. the action of doing business abroad.
international premium - (answers)a significant pay raise when working overseas.
liability of foreignness - (answers)the inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
MNE: Multinational enterprise - (answers)a firm that engages in foreign direct investments (FDI)
NGO: nongovernmental organization - (answers)an organization that is not affiliated with
governments.
PPP: purchasing power parity - (answers)a conversion that determines the equivalent amount of
goods and services that different currencies can purchase.
reverse innovation - (answers)an innovation that is adopted first in emerging economies and is
then diffused around the world.
scenario planning - (answers)a technique to prepare and plan for multiple scenarios (either high
or low risk).
semiglobalization - (answers)a perspective that suggests that barriers to market integration at
borders are high, but not high enough to insulate countries from each other completely.
triad - (answers)North America, Western Europe, and Japan.
absolute advantage - (answers)The economic advantage one nation enjoys that is absolutely
superior to other nations.
three views of globalization - (answers)1. a new force in recent times.
, 2. a long-running historical evolution.
3. a pendulum swinging between extremes.
Administrative policy - (answers)Bureaucratic rules that make it harder to import foreign goods.
Antidumping duty - (answers)Tariffs levied on imports that have been "dumped" (selling below
costs to "unfairly" drive domestic firms out of business).
Balance of trade - (answers)The aggregation of importing and exporting that leads to the
country-level trade surplus or deficit.
Classical trade theories - (answers)The major theories of international trade that were advanced
before the 20th century, which consist of (1) mercantilism, (2) absolute advantage, and (3)
comparative advantage.
Comparative advantage - (answers)Relative (not absolute) advantage in one economic activity
that one nation enjoys in comparison with other nations.
Deadweight cost - (answers)Net losses that occur in an economy as a result of tariffs.
export - (answers)Selling abroad.
Factor endowment - (answers)The extent to which different countries possess various factors of
production such as labor, land, and technology.
Factor endowment theory (Heckscher-Ohlin theory) - (answers)A theory that suggests that
nations will develop comparative advantages based on their locally abundant factors.
First-mover advantage - (answers)Advantage that first movers enjoy and do not share with late
entrants.
Free trade - (answers)The idea that free market forces should determine how much to trade with
little or no government intervention.
QUESTIONS AND 100% RATED CORRECT ANSWERS | GET IT
CORRECT!(ALREADY GRADED A+)
Base of the pyramid (BOP) - (answers)Economics where people make less $2,000 per capita per
year.
BRIC - (answers)Brazil, Russia, India, and China
Emerging economies - (answers)a term that has gradually replaced the term "developing
countries" since the 1990s.
Emerging markets - (answers)a term that is often used interchangeably with "emerging
economies."
expatriate manager - (answers)a manager who works abroad, or "expat" for short.
FDI: foreign direct investment - (answers)investment in, controlling, and managing value-added
activities in other countries.
global business - (answers)business around the globe including both international (cross-border)
activities and domestic activities.
globalization - (answers)the close integration of countries and people of the world.
GDP: gross domestic product - (answers)the sum of value added by resident firms, households,
and governments operating in an economy.
GNI: gross national income - (answers)GDP plus income from non-resident sources abroad.
group of 20 (G-20) - (answers)the group of 19 major countries plus the European Union (EU)
whose leaders meet on a biannual basis to solve global economic problems.
,international business (IB) - (answers)1. a business or firm that engages in international (cross-
border) economic activities and/or
2. the action of doing business abroad.
international premium - (answers)a significant pay raise when working overseas.
liability of foreignness - (answers)the inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
MNE: Multinational enterprise - (answers)a firm that engages in foreign direct investments (FDI)
NGO: nongovernmental organization - (answers)an organization that is not affiliated with
governments.
PPP: purchasing power parity - (answers)a conversion that determines the equivalent amount of
goods and services that different currencies can purchase.
reverse innovation - (answers)an innovation that is adopted first in emerging economies and is
then diffused around the world.
scenario planning - (answers)a technique to prepare and plan for multiple scenarios (either high
or low risk).
semiglobalization - (answers)a perspective that suggests that barriers to market integration at
borders are high, but not high enough to insulate countries from each other completely.
triad - (answers)North America, Western Europe, and Japan.
absolute advantage - (answers)The economic advantage one nation enjoys that is absolutely
superior to other nations.
three views of globalization - (answers)1. a new force in recent times.
, 2. a long-running historical evolution.
3. a pendulum swinging between extremes.
Administrative policy - (answers)Bureaucratic rules that make it harder to import foreign goods.
Antidumping duty - (answers)Tariffs levied on imports that have been "dumped" (selling below
costs to "unfairly" drive domestic firms out of business).
Balance of trade - (answers)The aggregation of importing and exporting that leads to the
country-level trade surplus or deficit.
Classical trade theories - (answers)The major theories of international trade that were advanced
before the 20th century, which consist of (1) mercantilism, (2) absolute advantage, and (3)
comparative advantage.
Comparative advantage - (answers)Relative (not absolute) advantage in one economic activity
that one nation enjoys in comparison with other nations.
Deadweight cost - (answers)Net losses that occur in an economy as a result of tariffs.
export - (answers)Selling abroad.
Factor endowment - (answers)The extent to which different countries possess various factors of
production such as labor, land, and technology.
Factor endowment theory (Heckscher-Ohlin theory) - (answers)A theory that suggests that
nations will develop comparative advantages based on their locally abundant factors.
First-mover advantage - (answers)Advantage that first movers enjoy and do not share with late
entrants.
Free trade - (answers)The idea that free market forces should determine how much to trade with
little or no government intervention.
