GEB 3375 Exam 1 ucf Question and
answers correctly solved
Globalization of markets - correct answer ✔refers to the interconnectedness
of national economies and the growing interdependence of buyers, producers,
suppliers, and governments around the world
Role of Technology in Globalization - correct answer ✔technology offers
products/services worldwide, communication finding information, the world
has become a "small place"
Examples of Technology's Role in Globalization - correct answer ✔-shorter
flight times -declining cost of global communication
-growing # of internet users
-ease of offering your product to a world-wide audience
-ease of paying a supplier/receiving money abroad
-ease of delivering a service abroad
Drivers of Globalization (all based on change) - correct answer ✔1. Political
2. Technological
3. Market
4. Cost
5. Competitive
Example of Political driver of globalization - correct answer ✔more friendly
towards trade, FDI
,Example of Technological driver of globalization - correct answer
✔communication, delivery of services
Example of Market driver of globalization - correct answer ✔tap into demand
or suppliers in other markets
Example of Cost driver of globalization - correct answer ✔economies of
scale, wage differentials
Example of Competitive driver of globalization - correct answer
✔internationalize or die
Is the idea of doing business internationally new? - correct answer ✔Of
course not
Importing - correct answer ✔the transportation of any good or service into a
country or region from a foreign origination point
Arguments against globalization - correct answer ✔1. it has produced
uneven results across nations and people
2. deleterious effects on labor and labor standards
3. decline in environmental and health conditions
Top 3 largest trading nations - correct answer ✔1. China
2. United States
3. Germany
Major trading partners of the U.S. - correct answer ✔1. China
, 2. Canada
3. Mexico
2013 largest markets for american exports - correct answer ✔about 1/2 went
to other nations in North America
Trade balance - correct answer ✔value of imports = value of exports
Trade surplus - correct answer ✔the amount by which the value of a national
exports exceeds the value of its imports
Trade deficit - correct answer ✔the amount by which the value of imports
into a nation exceeds the value of its exports
Economies of scale - correct answer ✔the predictable decline in the average
cost of producing each unit of output as a production facility gets larger and
output increases (also works for services)
Experience curve - correct answer ✔the rising scale on which efficiency
improves as a result of cumulative experience and learning (works for
manufacturing and services)
What do the concepts of "economies of scale" and "experience curve" have to
do with the issue of international trade? - correct answer ✔because they can
permit a nation's industries to become low-cost producers without having an
abundance of the resources used as inputs, such as minerals or labor
Regionalization of trade - correct answer ✔in many industries firms tend to
cluster together on a geographic basis
answers correctly solved
Globalization of markets - correct answer ✔refers to the interconnectedness
of national economies and the growing interdependence of buyers, producers,
suppliers, and governments around the world
Role of Technology in Globalization - correct answer ✔technology offers
products/services worldwide, communication finding information, the world
has become a "small place"
Examples of Technology's Role in Globalization - correct answer ✔-shorter
flight times -declining cost of global communication
-growing # of internet users
-ease of offering your product to a world-wide audience
-ease of paying a supplier/receiving money abroad
-ease of delivering a service abroad
Drivers of Globalization (all based on change) - correct answer ✔1. Political
2. Technological
3. Market
4. Cost
5. Competitive
Example of Political driver of globalization - correct answer ✔more friendly
towards trade, FDI
,Example of Technological driver of globalization - correct answer
✔communication, delivery of services
Example of Market driver of globalization - correct answer ✔tap into demand
or suppliers in other markets
Example of Cost driver of globalization - correct answer ✔economies of
scale, wage differentials
Example of Competitive driver of globalization - correct answer
✔internationalize or die
Is the idea of doing business internationally new? - correct answer ✔Of
course not
Importing - correct answer ✔the transportation of any good or service into a
country or region from a foreign origination point
Arguments against globalization - correct answer ✔1. it has produced
uneven results across nations and people
2. deleterious effects on labor and labor standards
3. decline in environmental and health conditions
Top 3 largest trading nations - correct answer ✔1. China
2. United States
3. Germany
Major trading partners of the U.S. - correct answer ✔1. China
, 2. Canada
3. Mexico
2013 largest markets for american exports - correct answer ✔about 1/2 went
to other nations in North America
Trade balance - correct answer ✔value of imports = value of exports
Trade surplus - correct answer ✔the amount by which the value of a national
exports exceeds the value of its imports
Trade deficit - correct answer ✔the amount by which the value of imports
into a nation exceeds the value of its exports
Economies of scale - correct answer ✔the predictable decline in the average
cost of producing each unit of output as a production facility gets larger and
output increases (also works for services)
Experience curve - correct answer ✔the rising scale on which efficiency
improves as a result of cumulative experience and learning (works for
manufacturing and services)
What do the concepts of "economies of scale" and "experience curve" have to
do with the issue of international trade? - correct answer ✔because they can
permit a nation's industries to become low-cost producers without having an
abundance of the resources used as inputs, such as minerals or labor
Regionalization of trade - correct answer ✔in many industries firms tend to
cluster together on a geographic basis
