GMS 522 EXAM QUESTIONS WITH
COMPLETE ANSWERS
Social Institutions - Answer-Social institutions affect the way people relate.
Culture Classifications - Answer-high context or low context
high-context - Answer-meaning changes depending on individual behavior or speech
(reading between the lines) (Japan, Latin America, European)
low context - Answer-intentions expressed verbally. meaning is explicit (u.s. Russia,
Australia and new Zealand)
Hofstede's Framework: - Answer-Individualism vs. collectivism
Power distance
Uncertainty avoidance
Masculine vs. feminine
Individualism vs. collectivism - Answer-the extent to which different culture emphasizes
the individual over the group
power distance - Answer-society accepts social inequality
uncertainty avoidance - Answer-tolerant of ambiguity
masculine vs. feminine - Answer-culture is nurturing
Kluckhohn-Strodtbeck Framework: - Answer-- environment controls them or that they
control their environments
-focus on past events, the present or the future implications of their actions
-trusted to act freely and responsibly.
- accomplishments in life, a carefree life or a spiritual life.
-Do people believe that individuals or groups are responsible for each person's welfare
- conduct activities in private or public.
Gannon's Metaphors - Answer-descriptive metaphors for different cultures
(american football = competitive and individualistic)
Importance of International Trade - Answer--Allows countries to specialize in the
production of those products they are best suited to producing
- a wider range of products
-greater efficiency and productivity = econ growth
-Source of revenue for govt
, Exports - Answer-manufacture in home country sold foreignly
imports - Answer-produced in a foreign country sold in home country
the Thucydides' Trap - Answer-rising power challenged established power (16 instances
12 military conflicts)
Protectionism - Answer-measures to unduly (excessive) restrict trade and foreign
investment
Protectionist measures include: - Answer--tariffs
-quotas
-voluntary export restrictions
-quality standards
-IP protection
-investment restrictions
Tariff - Answer-tax imposed by a domestic government on an internationally traded
product.
export tariff - Answer-imposed
transit tariff - Answer-imposed on a product which is being trans-shipped from one
country to another
Ad valorem - Answer-%of market value of imported product
specific - Answer-$ amount/unit of product which enters ,leaves or is transshipped
compound - Answer-both ad valorem and specific components
Quotas - Answer-quantitative restriction on the volume of a product over a specified
period of time
Absolute quotas - Answer-place a strict limit on the volume of imports coming into a
country
voluntary Export Restraints (VERs) - Answer-a promise by one country to limit exports
of a product to some pre-specified volume or pre-specified percentage of the overall
size of the foreign market
Exchange controls - Answer-limit the amount of foreign exchange importers can
purchase and thereby impedes their ability to transact with foreign exporters.
Product Standards - Answer-national governments may impose product quality or
testing standards on foreign goods entering a country
COMPLETE ANSWERS
Social Institutions - Answer-Social institutions affect the way people relate.
Culture Classifications - Answer-high context or low context
high-context - Answer-meaning changes depending on individual behavior or speech
(reading between the lines) (Japan, Latin America, European)
low context - Answer-intentions expressed verbally. meaning is explicit (u.s. Russia,
Australia and new Zealand)
Hofstede's Framework: - Answer-Individualism vs. collectivism
Power distance
Uncertainty avoidance
Masculine vs. feminine
Individualism vs. collectivism - Answer-the extent to which different culture emphasizes
the individual over the group
power distance - Answer-society accepts social inequality
uncertainty avoidance - Answer-tolerant of ambiguity
masculine vs. feminine - Answer-culture is nurturing
Kluckhohn-Strodtbeck Framework: - Answer-- environment controls them or that they
control their environments
-focus on past events, the present or the future implications of their actions
-trusted to act freely and responsibly.
- accomplishments in life, a carefree life or a spiritual life.
-Do people believe that individuals or groups are responsible for each person's welfare
- conduct activities in private or public.
Gannon's Metaphors - Answer-descriptive metaphors for different cultures
(american football = competitive and individualistic)
Importance of International Trade - Answer--Allows countries to specialize in the
production of those products they are best suited to producing
- a wider range of products
-greater efficiency and productivity = econ growth
-Source of revenue for govt
, Exports - Answer-manufacture in home country sold foreignly
imports - Answer-produced in a foreign country sold in home country
the Thucydides' Trap - Answer-rising power challenged established power (16 instances
12 military conflicts)
Protectionism - Answer-measures to unduly (excessive) restrict trade and foreign
investment
Protectionist measures include: - Answer--tariffs
-quotas
-voluntary export restrictions
-quality standards
-IP protection
-investment restrictions
Tariff - Answer-tax imposed by a domestic government on an internationally traded
product.
export tariff - Answer-imposed
transit tariff - Answer-imposed on a product which is being trans-shipped from one
country to another
Ad valorem - Answer-%of market value of imported product
specific - Answer-$ amount/unit of product which enters ,leaves or is transshipped
compound - Answer-both ad valorem and specific components
Quotas - Answer-quantitative restriction on the volume of a product over a specified
period of time
Absolute quotas - Answer-place a strict limit on the volume of imports coming into a
country
voluntary Export Restraints (VERs) - Answer-a promise by one country to limit exports
of a product to some pre-specified volume or pre-specified percentage of the overall
size of the foreign market
Exchange controls - Answer-limit the amount of foreign exchange importers can
purchase and thereby impedes their ability to transact with foreign exporters.
Product Standards - Answer-national governments may impose product quality or
testing standards on foreign goods entering a country
