BUS 280 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
Any commercial transaction that crosses the borders of two or more nations is
known as ________. - ANSWER International Business
Goods and services purchased abroad and brought into a country are called
________. - ANSWER Imports
________ are all goods and services sold abroad and sent out of a country. -
ANSWER exports
A business that has direct investments (in the form of marketing or
manufacturing subsidiaries) abroad in several countries is called a ________. -
ANSWER multinational corporation
The rise of a new international entity called the ________ suggests that any
company, regardless of age, experience, and resources, can engage in
international
business. - ANSWER born global firm
________ is the trend toward greater economic, cultural, political, and
technological interdependence among national institutions and economies. -
ANSWER Globalization
Globalization is characterized by ________. - ANSWER national boundaries
becoming less relevant
Which of the following refers to convergence in buyer preferences in markets
around the world? - ANSWER Globalization of markets
Which of the following refers to the use of computer networks to purchase, sell,
or exchange products; service customers; and collaborate with partners? -
ANSWER e-commerce
, ________ is defined as the dispersal of production activities to locations that
help a company achieve its cost-minimization or quality-maximization
objectives for a good or service. - ANSWER globalization of production
Which of the following is an example of globalization of production? -
ANSWER a U.S. company that builds a computer hardware manufacturing
facility in India
The purpose of the General Agreement on Tariffs and Trade (GATT) was to
________. - ANSWER promote free trade
________ place limits on the quantity of a product being imported. - ANSWER
nontariff barriers
A major flaw of the original General Agreement on Tariffs and Trade (GATT)
was that it lacked the power to ________. - ANSWER enforce world trade
rules
The ________ replaced the institution of GATT while retaining all of the
former GATT agreements. - ANSWER world trade organization
The value of all goods and services produced by a country's domestic and
international activities over a one-year period is the country's ________. -
ANSWER gross national product (GNP)
Opponents argue that globalization ________. - ANSWER eliminates
manufacturing jobs in developed nations
Globalization is criticized because it? - ANSWER exploits workers in low-
wage nations
Which of the following is defined as a group of people who share a unique way
of life within a larger, dominant culture? - ANSWER sunculture
Which of the following is a cultural component that implies gauging the beauty
and appeal of artwork? - ANSWER aesthetics
ANSWERS
Any commercial transaction that crosses the borders of two or more nations is
known as ________. - ANSWER International Business
Goods and services purchased abroad and brought into a country are called
________. - ANSWER Imports
________ are all goods and services sold abroad and sent out of a country. -
ANSWER exports
A business that has direct investments (in the form of marketing or
manufacturing subsidiaries) abroad in several countries is called a ________. -
ANSWER multinational corporation
The rise of a new international entity called the ________ suggests that any
company, regardless of age, experience, and resources, can engage in
international
business. - ANSWER born global firm
________ is the trend toward greater economic, cultural, political, and
technological interdependence among national institutions and economies. -
ANSWER Globalization
Globalization is characterized by ________. - ANSWER national boundaries
becoming less relevant
Which of the following refers to convergence in buyer preferences in markets
around the world? - ANSWER Globalization of markets
Which of the following refers to the use of computer networks to purchase, sell,
or exchange products; service customers; and collaborate with partners? -
ANSWER e-commerce
, ________ is defined as the dispersal of production activities to locations that
help a company achieve its cost-minimization or quality-maximization
objectives for a good or service. - ANSWER globalization of production
Which of the following is an example of globalization of production? -
ANSWER a U.S. company that builds a computer hardware manufacturing
facility in India
The purpose of the General Agreement on Tariffs and Trade (GATT) was to
________. - ANSWER promote free trade
________ place limits on the quantity of a product being imported. - ANSWER
nontariff barriers
A major flaw of the original General Agreement on Tariffs and Trade (GATT)
was that it lacked the power to ________. - ANSWER enforce world trade
rules
The ________ replaced the institution of GATT while retaining all of the
former GATT agreements. - ANSWER world trade organization
The value of all goods and services produced by a country's domestic and
international activities over a one-year period is the country's ________. -
ANSWER gross national product (GNP)
Opponents argue that globalization ________. - ANSWER eliminates
manufacturing jobs in developed nations
Globalization is criticized because it? - ANSWER exploits workers in low-
wage nations
Which of the following is defined as a group of people who share a unique way
of life within a larger, dominant culture? - ANSWER sunculture
Which of the following is a cultural component that implies gauging the beauty
and appeal of artwork? - ANSWER aesthetics
