WSU I BUS 380 Exam 2024 with Guaranteed Accurate Answers

European Union is example of which of the following levels of regional integration? - correct answer Economic Union What countries are characterized by limited industrialization and stagnant economies? - correct answer Developing Economies What is the belief that national prosperity achieved by maximizing exports and minimizing imports? - correct answer Mercantilism Nations running trade surplus - correct answer Export more than import What refers to a nation being able to produce a good more efficiently than any other nation? - correct answer Comparative Advantage What theory states a countries exports eventually can become an import to the same country? - correct answer International product life cycle theory Country risk is similar to - correct answer Political Risk What legal system refers to the existence of law based on clear rules and fair enforcement? - correct answer Rule of Law What is the official ban on exports to or imports from a particular country - correct answer Embargo Voluntary refusal to engage in commercial dealing with a nation or a company - correct answer Boycott What are the advantages to imposing trade restrictions such as tariffs or quotas or other countries? - correct answer reduces availability of product in the home market A flat fee or fixed amount per unit imposed by the government - correct answer Specific Tariff What is a characteristic of an advanced economy? - correct answer High Purchasing Power, Greater GDP The theory of producing what is most efficient and importing the rest - correct answer Competitive Advantage theory What is New Trade Theory? - correct answer Countries can improve economy through more customers and lower costs What are the three Political Systems? - correct answer Democracy Socialism Authoritarianism National Governance Command vs. Market Economy - correct answer Command is not free and Market is free Common Law System - correct answer A legal system based on custom and court rulings, more freedom Civil Law System - correct answer A system of law based on a very detailed set of written laws and codes. Religious Law System - correct answer Based on religious beliefs of the region Government seizures, seizure of foreign companies without compensation - correct answer Confiscation Expropriation - correct answer the action by the state or an authority of taking property from its owner for public use or benefit Creeping Expropriation - correct answer Taxation and regulation making it harder and harder over time for a business to own land Types of Tariff - Ad Volerem - correct answer Percentage