2024 – Question 1 Question Olive oil made in Italy and sold in the United States is an example of

Question 1. Question :

Olive oil made in Italy and sold in the United States is an example of which of the following?

Global brand

U.S. export

U.S. import

Standardized product

Question 2. Question :

Tacky Toys, a U.S.-based toy retailer, buys all its merchandise from Mushi Toys, a Japan-based toy manufacturer with production facilities in 12 nations. Mushi Toys markets its toys globally without modification. Mushi Toys selling its products to Tacky Toys is an example of ________.

importing

bartering

exporting

globalization

Question 3. Question :

Which of the following is most likely not an effect of globalization?

Increases in the variety of capital flows across national borders

Increases in the economic isolation of developing countries

Increases in the rate at which products are diffused worldwide

Increases in the volume of cross-border transactions

Question 4. Question :

Which of the following are products marketed in all countries essentially without any changes?

National products

Adapted products

Global products

Locally responsive products

Question 5. Question :

Two major forces that underlie the expansion of globalization are ________ and ________.

deregulation of tourism; the rise of nationalism

economic interdependence; the decline of international organizations

trade barriers; political unrest

falling barriers to trade and investment; technological innovation

Question 6. Question :

Jimmy’s Jeans creates denim in the United States. The jeans are sold by British retailers who mark up the price by an additional 10% to reflect the cost of taxes associated with importing the denim. The tax is known as a __________.

Import sanction

Tariff

Embargo

Nontariff barrier

Question 7. Question :

The three main goals of the ________ are to help the free flow of trade, help negotiate the further opening of markets, and settle trade disputes between its members.

General Agreement on Tariffs and Trade (GATT)

World Trade Organization (WTO)

World Bank

International Monetary Fund (IMF)

Question 8. Question :

Last year, Sabrina Shin started a business selling all types of spices and hot sauces. The business is small but this entrepreneur’s dreams are big. Given limited demand and sales fluctuations in the domestic market, Sabrina has been considering going international; however, she has little information, many doubts, and no guidance. If you were to advise Sabrina on the myths versus facts of exporting, which of the following would you state is a fact?

Only large companies can export successfully.

Sabrina’s products do not need export licensing.

Small businesses have no place to turn for export advice.

There is no export financing available for Sabrina’s business.

Question 9. Question :

For 75 years, from the start of the First World War to the end of the Cold War, there was a geographic divide between ________, and an ideological divide between ________.

North and South; protectionism and socialism

North and South; regionalism and globalization

East and West; regionalism and globalization

East and West; communism and capitalism

Points Received: 0 of 1

Question 10. Question :

Which of the following terms is used to refer to widespread job turnover throughout an economy?

Redeployment

Churning

Wage differentials

Attrition spectrum

Question 11. Question :

The “global business environment” consists of four distinct elements: globalization, national business environments, the international business environment, and ________.

falling trade and investment barriers

international firm management

technological innovation

multinational corporations

Question 12. Question :

Which of the following terms is used to refer to the positive or negative evaluations, feelings, and tendencies that individuals harbor toward objects or concepts?

Customs

Attitudes

Manners

Values

Question 13. Question :

Which of the following statements regarding cultural change is NOT true?

Cultural change occurs as new traits are accepted and absorbed into a culture.

Cultural diffusion occurs quickly in almost every culture.

Globalization is increasing the pace of cultural diffusion.

Technological advances are increasing the pace of cultural diffusion.

Question 14. Question :

Which of the following terms is used to refer to behavior that is shared by a heterogeneous group or by several groups?

Manners

Lingua franca

Popular custom

Folk custom

Question 15. Question :

A ________ is a system of social stratification in which people are born into a social ranking, with no opportunity for social mobility.

moksha system

class system

caste system

genealogy system

Question 16. Question :

When translated, the term Shinto means ________.

path of the heart

way of the gods

escape from reincarnation

achieving enlightenment

Question 17. Question :

According to Hofstede’s framework, which of the following describes the degree of inequality between people in different occupations?

Power distance

Uncertainty avoidance

Individualism

Collectivism

Question 18. Question :

Sid Maxwell is head of legal affairs for Hudson Inc., a producer of animal figurines that include an embedded software program that makes animal sounds. Hudson is expanding its market to include parts of Asia and Maxwell is concerned about reports of software piracy in the region. The software program embedded in Hudson’s figurines is an example of ________.

a copyright

intellectual property

a trademark

local content

Points Received: 0 of 1

Question 19. Question :

Global Trading, LLC, is a distributor of computer software and hardware, steel and copper scrap, and telephone and electric utility equipment. Involved in three very different types of industries, the company faces many types of risks in its global business. Global Trading just learned that the government in one country in which it does business has taken over the entire electric utility industry. The government’s actions are an example of ________.

confiscation

globalization

expropriation

nationalization

Question 20. Question :

Which of the following philosophies maintains that a company’s sole responsibility is to maximize profits for its owners?

Utilitarian view

Righteous moralist view

Friedman view

Cultural relativist view

Question 21. Question :

Which of the following terms is used to refer to personal behavior in accordance with guidelines for good conduct or morality?

Standardized behavior

Customary behavior

Ethical behavior

Adaptive behavior

Question 22. Question :

A bootleg Prada backpack that costs $500 in New York but sells for $100 in Rome is an example of which of the following?

Patent infringement

Pirated product

Copyright violation

Standardized product

Question 23. Question :

Which of the following was initially a code governing moral and ethical behavior that was later extended to govern commercial transactions?

Civil law

Hindu law

Common law

Islamic law

Question 24. Question :

The value of all goods and services produced by the domestic economy over a one-year period is called ________.

gross domestic product (GDP)

human development index (HDI)

gross national product (GNP)

purchasing power parity (PPP)

Question 25. Question :

Which of the following is an example of a political motive behind government intervention in trade?

Promote a strategic trade policy

Gain influence over other nations

Protect against unwanted cultural influence

Protect young industries from competition

Question 26. Question :

The ________ argument says that a country’s emerging industries need protection from international competition during their development.

national security

infant industry

strategic trade policy

GATT treaty

Question 27. Question :

Companies seek cross-border mergers and acquisitions for each of the following reasons EXCEPT to ________.

get a foothold in new geographic markets

increase a firm’s global competitiveness

fill in gaps in companies’ product lines in a global industry

free up company budgets for increased R & D

Question 28. Question :

Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves and erect a common trade policy against nonmembers is called a(n) ________.

economic union

customs union

common market

political union

Question 29. Question :

Typical buyers of bonds include all of the following except ________.

medium- to large-sized banks

pension funds

mutual funds

governments in need of funds

Question 30. Question :

Sandy Smith, vice president of marketing for a large consumer products company, will soon travel to Colombia to spearhead an effort to increase her company’s presence there. Sandy is concerned about her safety and has contacted a risk-assessment service for advice. If Sandy is asked for personal information, she should ________.

respond quickly and give detailed information

be vague but friendly with her response

give out her work or mobile phone number, but never her home phone number

demand to know why she is being asked for personal information

Question 31. Question:

Describe international trade including its potential benefits, and explain why a nation trading with a neomercantilist country would be at a disadvantage.

Question 32. Question :  

Explain the concept of balance of payments and describe its two major components.