BUSI 303 Test 1 Question and answers
correctly solved 2026
Globalization - correct answer ✔the growing integration of the economies and societies of the world
Glocalization - correct answer ✔Product or service is adapted specifically to each locality or culture to
which it is marketed
Prime Characteristics of Globalization - correct answer ✔-Interdependency among nations
-Transparency
-Seamless international marketplace
-Blending/merging of cultures
Integration vs. Assimilation - correct answer ✔-assimilation: progression where a minority culture
eventually assumes and resembles the characteristics of the prevailing culture
Importance of International Trade - correct answer ✔-Maximizing production & efficiency
-Increasing market audience
-Receiving foreign direct investments
Global vs Domestic business - correct answer ✔-Scope (territory)
-Culture (shared attributes, values, goals, and practices that characterize a particular category)
-Market factors (demographic, sociological, and economic forces that vary)
-Management skills
, International transaction - correct answer ✔occurs when a firm in one nation exchanges products,
services, resources, or capital with a firm located in another nation
Pax Romona - correct answer ✔Roman peace - a period of peace and prosperity in the Roman Empire
that lasted from 27 BC to AD 180.
Magna Carta Libertatum - correct answer ✔chartered as a way to formally recognize the legal
limitations of a king's power. sometimes credited with stimulating the growth of free trade during this
time period.
Industial Revolution - correct answer ✔heralded the introduction of mass production, improved
transportation, technological progress, and the industrial factory system.
Information Age - correct answer ✔era in which information is considered to be a valuable resource
and its capture and distribution generates competitive advantage to organizations.
Pax Americana - correct answer ✔"American Peace," period of relative peace in the Western world
since the end of WWII in 1945, which coincided with the dominant military and economic position of the
United States
Driving forces of globalization - correct answer ✔-Barriers to trade
-Foreign investment
-Communication/transportation
-Multinational corporations
International Organization for Standardization (ISO) - correct answer ✔Specify the requirements for
state-of-the-art products, services, processes, materials and systems, and for good conformity
assessment, managerial and organizational practices. ISO standards are designed to be implemented
worldwide. ISO cargo containers aka isotainers.
correctly solved 2026
Globalization - correct answer ✔the growing integration of the economies and societies of the world
Glocalization - correct answer ✔Product or service is adapted specifically to each locality or culture to
which it is marketed
Prime Characteristics of Globalization - correct answer ✔-Interdependency among nations
-Transparency
-Seamless international marketplace
-Blending/merging of cultures
Integration vs. Assimilation - correct answer ✔-assimilation: progression where a minority culture
eventually assumes and resembles the characteristics of the prevailing culture
Importance of International Trade - correct answer ✔-Maximizing production & efficiency
-Increasing market audience
-Receiving foreign direct investments
Global vs Domestic business - correct answer ✔-Scope (territory)
-Culture (shared attributes, values, goals, and practices that characterize a particular category)
-Market factors (demographic, sociological, and economic forces that vary)
-Management skills
, International transaction - correct answer ✔occurs when a firm in one nation exchanges products,
services, resources, or capital with a firm located in another nation
Pax Romona - correct answer ✔Roman peace - a period of peace and prosperity in the Roman Empire
that lasted from 27 BC to AD 180.
Magna Carta Libertatum - correct answer ✔chartered as a way to formally recognize the legal
limitations of a king's power. sometimes credited with stimulating the growth of free trade during this
time period.
Industial Revolution - correct answer ✔heralded the introduction of mass production, improved
transportation, technological progress, and the industrial factory system.
Information Age - correct answer ✔era in which information is considered to be a valuable resource
and its capture and distribution generates competitive advantage to organizations.
Pax Americana - correct answer ✔"American Peace," period of relative peace in the Western world
since the end of WWII in 1945, which coincided with the dominant military and economic position of the
United States
Driving forces of globalization - correct answer ✔-Barriers to trade
-Foreign investment
-Communication/transportation
-Multinational corporations
International Organization for Standardization (ISO) - correct answer ✔Specify the requirements for
state-of-the-art products, services, processes, materials and systems, and for good conformity
assessment, managerial and organizational practices. ISO standards are designed to be implemented
worldwide. ISO cargo containers aka isotainers.
