INTB Exam 1 Ed IMM
Globalization correct answersActions or processes that involve the entire
world and result in making something worldwide in scope.
Globalization of Markets correct answersthe merging of historically distinct
and separate national markets into one huge global marketplace
- Walmart Diaper Story, China Hotel Story
Globalization of Production correct answersRefers to the sourcing of goods
and services from locations around the globe to take advantage of national
differences in the cost and quality of factors of production.
- Boeing, P&G example
- Outsourcing
Factors of production correct answersInputs into the productive process
of a firm, including labor, management, land, capital and technological
know-how.
General Agreement on Tariffs and Trade (GATT) correct answersa 1948
International treaty that committed signatories to lowering barriers to the
free flow of goods across national borders and led to the WTO.
World Trade Organization (WTO) correct answersThe organization that
succeeded the General Agreement on Tariffs and Trade (GATT) as a result of
the successful completion of the Uruguay Round of GATT negotiations.
Primarily responsible for policing the world trading system and making
sure nation- states adhere to the rules laid down in trade treaties signed
by two member states.
-164 nations
International Monetary Fund (IMF) correct answersan international
organization that acts as a lender of last resort, providing loans to
troubled nations, and also works to promote trade through financial
cooperation
- Known as the last resort
World Bank correct answersInternational institution set up to promote
general economic development in the world's poorer nations.
Created in 1944 by 44 nations that met at Bretton Woods, NH wanting fair
globalization
, United Nations correct answersAn international organization made up of
193 countries headquartered in New York City, formed in 1945 to promote
peace, security, and cooperation.
Purpose: To maintain international peace and security, develop friendly
relations among nations, to cooperate in solving international problems and
in promoting respect for human rights, and to be a center for harmonizing
the actions of nations.
Group of 20 (G20) correct answersEstablished in 1999, the G20 comprises
the finance ministers and central bank governors of the 19 largest
economies in the world, plus representatives from the European Union and
the European Central Bank.
International Trade correct answersOccurs when a firm exports goods or
services to consumers in another country.
foreign direct investment (FDI) correct answersInvestment made by a
foreign company in the economy of another country.
Moore's law correct answersThe power of microprocessor technology
doubles and its costs of production fall in half every 18 months.
stock of FDI correct answersThe total accumulated value of assets
owned by firms domiciled in a nation outside of that nation's borders at
a given time.
Multinational Enterprise correct answersa firm that operates on a
worldwide scale without ties to any specific nation or region
What did Donald Trump do during office correct answers- Saw
globalization as a threat
- pulled United States out of the Trans Pacific partnership
- placed tariffs on china
supporters of globalization correct answersbelieve that "free trade" can lead
to more efficient allocation of resources, lower prices, more employment,
and higher output, with all countries involved in the trade benefiting
Critics of globalization correct answerslost languages, poor get poorer,
small countries have no say, loss of culture
International Business correct answersAny firm that engages in
international trade or investment.
Political Economy correct answersthe political, economic, and legal
systems of a country
Globalization correct answersActions or processes that involve the entire
world and result in making something worldwide in scope.
Globalization of Markets correct answersthe merging of historically distinct
and separate national markets into one huge global marketplace
- Walmart Diaper Story, China Hotel Story
Globalization of Production correct answersRefers to the sourcing of goods
and services from locations around the globe to take advantage of national
differences in the cost and quality of factors of production.
- Boeing, P&G example
- Outsourcing
Factors of production correct answersInputs into the productive process
of a firm, including labor, management, land, capital and technological
know-how.
General Agreement on Tariffs and Trade (GATT) correct answersa 1948
International treaty that committed signatories to lowering barriers to the
free flow of goods across national borders and led to the WTO.
World Trade Organization (WTO) correct answersThe organization that
succeeded the General Agreement on Tariffs and Trade (GATT) as a result of
the successful completion of the Uruguay Round of GATT negotiations.
Primarily responsible for policing the world trading system and making
sure nation- states adhere to the rules laid down in trade treaties signed
by two member states.
-164 nations
International Monetary Fund (IMF) correct answersan international
organization that acts as a lender of last resort, providing loans to
troubled nations, and also works to promote trade through financial
cooperation
- Known as the last resort
World Bank correct answersInternational institution set up to promote
general economic development in the world's poorer nations.
Created in 1944 by 44 nations that met at Bretton Woods, NH wanting fair
globalization
, United Nations correct answersAn international organization made up of
193 countries headquartered in New York City, formed in 1945 to promote
peace, security, and cooperation.
Purpose: To maintain international peace and security, develop friendly
relations among nations, to cooperate in solving international problems and
in promoting respect for human rights, and to be a center for harmonizing
the actions of nations.
Group of 20 (G20) correct answersEstablished in 1999, the G20 comprises
the finance ministers and central bank governors of the 19 largest
economies in the world, plus representatives from the European Union and
the European Central Bank.
International Trade correct answersOccurs when a firm exports goods or
services to consumers in another country.
foreign direct investment (FDI) correct answersInvestment made by a
foreign company in the economy of another country.
Moore's law correct answersThe power of microprocessor technology
doubles and its costs of production fall in half every 18 months.
stock of FDI correct answersThe total accumulated value of assets
owned by firms domiciled in a nation outside of that nation's borders at
a given time.
Multinational Enterprise correct answersa firm that operates on a
worldwide scale without ties to any specific nation or region
What did Donald Trump do during office correct answers- Saw
globalization as a threat
- pulled United States out of the Trans Pacific partnership
- placed tariffs on china
supporters of globalization correct answersbelieve that "free trade" can lead
to more efficient allocation of resources, lower prices, more employment,
and higher output, with all countries involved in the trade benefiting
Critics of globalization correct answerslost languages, poor get poorer,
small countries have no say, loss of culture
International Business correct answersAny firm that engages in
international trade or investment.
Political Economy correct answersthe political, economic, and legal
systems of a country
