Saint GBA440 midterm exam

Grade Details – All Questions

Question 1. Question :

All goods and services purchased abroad and brought into a country are called ________.

Student Answer: domestic products

exports

national products

CORRECT imports

Points Received: 1 of 1

Comments:

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 ________.

Student Answer: importing

bartering

CORRECT exporting

globalization

Points Received: 1 of 1

Comments:

Question 3. Question :

Which of the following refers to convergence in buyer preferences in markets around the world?

Student Answer: Homogenization of markets

CORRECT Globalization of markets

Internationalization of markets

Denationalization of markets

Points Received: 1 of 1

Comments:

Question 4. Question :

Which of the following is an example of the globalization of production?

Student Answer: Canadian consumers buy foods imported from Australia

A Chinese company sells textiles to European car makers

CORRECT A U.S. company builds a manufacturing facility in India

A Swiss watch manufacturer builds a manufacturing facility in Switzerland

Points Received: 1 of 1

Comments:

Question 5. Question :

The purpose of the General Agreement on Tariffs and Trade (GATT) was to ________.

Student Answer: create an international currency

regulate exchange rates

create regional trade organizations

CORRECT promote free trade

Points Received: 1 of 1

Comments:

Question 6. Question :

A limit placed on the quantity of an imported product is known as which of the following?

Student Answer: Import sanction

Tariff

Embargo

CORRECT Nontariff barrier

Points Received: 1 of 1

Comments:

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.

Student Answer: General Agreement on Tariffs and Trade (GATT)

CORRECT World Trade Organization (WTO)

World Bank

International Monetary Fund (IMF)

Points Received: 1 of 1

Comments:

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. Yet she has little information, many doubts, and no guidance. If Sabrina needs $500,000 to expand her business internationally, which of the following organizations might best be able to assist her?

Student Answer: Export-Import Bank

World Trade Organization

CORRECT Small Business Administration

International Monetary Fund

Points Received: 1 of 1

Comments:

Question 9. Question :

The first age of globalization extended from ________.

Student Answer: the mid-1700s to the 1850s

CORRECT the mid-1800s to the 1920s

1920 to 1950

1960 to 2000

Points Received: 1 of 1

Comments:

Question 10. Question :

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

Student Answer: Redeployment

CORRECT Churning

Wage differentials

Attrition spectrum

Points Received: 1 of 1

Comments:

Question 11. Question :

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

Student Answer: falling trade and investment barriers

CORRECT international firm management

technological innovation

multinational corporations

Points Received: 1 of 1

Comments:

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?

Student Answer: Customs

CORRECT Attitudes

Manners

Values

Points Received: 1 of 1

Comments:

Question 13. Question :

Which of the following refers to the process whereby cultural traits spread from one culture to another?

Student Answer: Cultural imperialism

Social mobility

CORRECT Cultural diffusion

Cultural literacy

Points Received: 1 of 1

Comments:

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?

Student Answer: Manners

Lingua franca

CORRECT Popular custom

Folk custom

Points Received: 1 of 1

Comments:

Question 15. Question :

A ________ is a system of social stratification in which personal ability and actions determine an individual’s social status and mobility.

Student Answer: genealogy system

moksha system

caste system

CORRECT class system

Points Received: 1 of 1

Comments:

Question 16. Question :

Which of the following statements about China is NOT true?

Student Answer: China’s population includes more than 50 distinct ethnic groups.

CORRECT The Chinese are outspoken and tend to express what they think.

Business people are considered important role models for youth.

China is home to most of Confucianism’s 225 million followers.

Points Received: 1 of 1

Comments:

Question 17. Question :

All of the following are dimensions developed by Hofstede for examining cultures except ________.

Student Answer: individualism versus collectivism

power distance

uncertainty avoidance

CORRECT caste system versus class system

Points Received: 1 of 1

Comments:

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. Which of the following could Hudson obtain to protect its rights to the proprietary software embedded in the figurines?

Student Answer: Trademark

Patent

CORRECT Copyright

Users license

Points Received: 1 of 1

Comments:

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. Had the government taken over (with compensation) the assets of Global Trading but not those of any other company, the government’s actions would be an example of ________.

Student Answer: CORRECT expropriation

nationalization

confiscation

communism

Points Received: 1 of 1

Comments:

Question 20. Question :

Susan Smith works in marketing at Reconditioned Refrigerators (R&R), a global manufacturing company. Susan knows that to advance into upper management she must gain broader experience and was recently told that she can choose from several locations in which R&R is active for her first international assignment. Susan knows little about other nations, their cultures, and their political systems, so she has embarked on an ambitious research project to make an informed decision. Susan’s personal political beliefs are congruent with those of a democracy. Susan’s beliefs are most likely reflected in which of the following political ideologies?

Student Answer: Anarchism

CORRECT Pluralism

Totalitarianism

Socialism

Points Received: 1 of 1

Comments:

Question 21. Question :

A cultural relativist would most likely argue that ethical truths are ________.

Student Answer: consistent in application

CORRECT different from group to group

based on ancient principles

absolute across societies

Points Received: 1 of 1

Comments:

Question 22. Question :

The Nike “Swoosh” is an example of a ________.

Student Answer: patent

fad

copyright

CORRECT trademark

Points Received: 1 of 1

Comments:

Question 23. Question :

Which of the following legal systems is based on a detailed set of written rules and statutes that constitute a legal code?

Student Answer: International law

CORRECT Civil law

Tribal law

Common law

Points Received: 1 of 1

Comments:

Question 24. Question :

Which of the following is the broadest measure of economic development?

Student Answer: Gross domestic product (GDP)

Purchasing power parity (PPP)

CORRECT Gross national product (GNP)

Human development index (HDI)

Points Received: 1 of 1

Comments:

Question 25. Question :

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

Student Answer: Promote a strategic trade policy

CORRECT Gain influence over other nations

Protect against unwanted cultural influence

Protect young industries from competition

Points Received: 1 of 1

Comments:

Question 26. Question :

Which of the following is an example of an economic motive for nations’ attempts to influence international trade?

Student Answer: CORRECT Pursue strategic trade policy

Protect jobs

Respond to “unfair” trade

Preserve national security

Points Received: 1 of 1

Comments:

Question 27. Question :

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

Student Answer: get a foothold in new geographic markets

increase a firm’s global competitiveness

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

CORRECT free up company budgets for increased R & D

Points Received: 1 of 1

Comments:

Question 28. Question :

The main difference between a free-trade area and a customs union is that the members of a customs union ________.

Student Answer: CORRECT agree to treat trade with all nonmember nations in a similar manner

agree to the free movement of all factors of production

harmonize their tax, monetary, and fiscal policies and create a common currency

INCORRECT accept a common stance on economic and political policies regarding nonmember nations

Points Received: 0 of 1

Comments:

Question 29. Question :

Which of these is not a component of the international capital market?

Student Answer: CORRECT Foreign exchange market

International equity market

Eurocurrency market

International bond market

Points Received: 1 of 1

Comments:

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. Would Sandy most likely increase her safety by establishing a daily routine traveling between the hotel and office?

Student Answer: Yes, because this will help her feel more comfortable in an unfamiliar environment.

CORRECT No, because kidnappers are likely to watch for daily routines.

Yes, because this will enable her to develop relationships with neighbors on the same routines.

No, because a regular routine would inhibit her from blending in with the locals.

Points Received: 1 of 1

Comments:

Question 31. Question :

Describe the evolution and the present state of the European Union.

Question 32. Question :

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

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