International Logistics Final Exam with correct detailed answers.

International Logistics Final Exam with
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correct detailed answers
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3 |flows |in |every |supply |chain |- |CORRECT |ANSWER-1) |physical

2) |money

3) |information



Trade |Theories |- |CORRECT |ANSWER-1) |absolute |advantage

2) |comparative |advantage

3) |factor |endowment

4) |international |product |life |cycle

5) |cluster

6) |logistics |cluster



Absolute |Advantage |- |CORRECT |ANSWER-ability |of |an |individual |or |group |to |carry |out |a |particular |
economic |activity |more |efficiently |than |some |other |group



comparative |advantage |- |CORRECT |ANSWER-ability |of |an |individual |or |group |to |carry |out |a |particular |
economic |activity |more |efficiently |than |another |activity



factor |endowment |- |CORRECT |ANSWER-holds |that |countries |are |likely |to |be |abundant |in |different |
types |of |resources



international |product |lifecycle |- |CORRECT |ANSWER-first |innovation |must |occur, |then |products |can |be |
sold |within |the |country

after |time, |other |countries |will |start |to |sell |your |products

trade |with |other |countries |is |based |off |of |life |cycle |of |a |product

,cluster |- |CORRECT |ANSWER-regions |within |a |country |come |together |to |be |located |by |each |other |so |
that |trade |becomes |better/easier



logistics |cluster |- |CORRECT |ANSWER-any |"HUB" |for |logistics |or |trade |will |continue |to |grow |bigger |
because |of |the |fact |that |everything |needed |is |available



3 |factors |that |led |to |globalization |- |CORRECT |ANSWER-1) |laws |loosened

- bretton |woods
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- international |monetary |fund
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- general |agreement |on |tariffs |and |trade
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2) |lower |cost, |less |time |to |transport

3) |people |OK |with |foreign |things



trade |drivers |for |a |firm |- |CORRECT |ANSWER-1) |cost

- export: |companies |require |large |capital |investment |making |strong |incentive |to |spend |those |fixed |
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costs |over |a |large |number |of |units

- import/outsourcing: |find |goods |at |lowest |cost
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2) |competition

- companies |allow |domestic |competitors |abroad |to |maintain |global |market-share
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3) |market

- shift |in |customers' |taste/preference, |willing |to |try |new |foreign |alternatives
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4) |technology

- diffusion |of |information |is |universal, |competition |for |products |is |wolrdwide
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what |are |the |5 |characteristics |of |culture |- |CORRECT |ANSWER-1) |learned

2) |respond |to |problems

3) |group-based

4) |group |members

5) |gestalt

, levels |of |culture |- |CORRECT |ANSWER-1) |country

2) |industry

3) |company

4) |business |unit



layers |of |culture |- |CORRECT |ANSWER-1) |implicit

- believe, |think
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2) |explicit

- do, |say, |think
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hofstede's |6 |dimensions |- |CORRECT |ANSWER-1) |power |distance |index

- respect |for |authority
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2) |individualism |vs. |collectivism

- more |you |think |for |yourself
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3) |masculinity |vs. |femininity

4) |uncertainty |avoidance |index

- how |much |risk |you |are |willing |to |take
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5) |long-term |vs. |short-term |orientation

- how |much |you |look |into |the |future, |or |are |you |more |into |the |present
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6) |indulgence |vs |restraint

- love |extra |bribe |with |deals
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4 |stages |of |international |logistics |- |CORRECT |ANSWER-1) |early |slow |days

- silk |road: |get |goods |in |good |condition, |procurement |and |good |relations
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2) |the |movement |towards |speed

- more |efficient, |cheaper, |faster
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time-defined |air |shipping |- |CORRECT |ANSWER-1) |customer |satisfaction |emphasis

- interest |rates |high |= |inventory |low
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