BUSI 303 Exam 1

Liberty BUSI 303 Exam 1 Answers

  1. According to the new trade theory, certain industries should not be modeled using the perfect competition assumption.
  2. Religion is an important influencer of cultures.
  3. The Foreign Corrupt Practices Act makes it illegal to influence foreign officials through personal payment.
  4. A competitive advantage occurs when a nation is able to produce more output than any other nation.
  5. Horizontal integration occurs when a firm expands its business into different products that are not similar to current lines.
  6. Administrative delays impose waiting periods between the time when the quality of the product is determined and when a product can actually be sold in the market.
  7. The difference between civil law and common law is grounded in the methodological approach to codes and statues.
  8. The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances it supports maintaining trade barriers.
  9. The current account, sometimes called the financial account, is the sum of every nation’s gross income from trade in goods and services.
  10. The three primary types of global economic systems are centrally planned, market, and market growth.
  11. In the “Great Revelation,” Confucius revealed the step by step process by which one attains self- development.
  12. Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals.
  13. Since 2000 the proportion of the largest economic entities that are corporations has fallen 20 percent.
  14. Education and experience are both necessary components in handling the complex tasks of managing a global business.
  15. The impact of barriers to foreign investment led countries to form an independent organization known as the World Trade Organization (WTO).
  16. Labor and production costs are typically lower in less developed nations which creates a continuous pull for international corporations.
  17. Market demographics provide answers to questions pertaining to who, what, why, and when and how for a specific group of people.
  18. Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the Human Development Reports office.
  19. John Locke first proposed the theory of absolute advantage in 1776.
  20. According to Smith’s theory of Absolute Advantage, any domestic resource that a nation can buy at a lower price than it would cost to produce domestically should be purchased and not produced.
  21. The WTO has endorsed attempts by various organizations to develop legal standards with a special emphasis on corporate and financial institution laws.
  22. A tariff is a tax applied to a selected category of imports.
  23. Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry prove advantageous.
  24. The foundational rules in the World Trade Organization (WTO), which originated in GATT, deals with the rules of trade between nations at a global or near-global level. .
  25. Low context communication is effective in most of the USA.
  26. Local content requirements restrict domestic business operations by hindering imports from reaching a nation or being purchased on the domestic market.
  27. A trade deficit occurs when a country is exporting more than it is importing.
  28. Subsidies are special privileges that governments provide to businesses in order to attract them to a region or to simply have the required funds to operate successfully.
  29. Proper business etiquette is of little concern to the business manager starting a new job in foreign place.
  30. Paul Krugman developed and published the International Product Life Cycle Theory in 1966.
  31. A multinational corporation is one that delivers services in at least two countries.
  32. Nations have been pouring money into researching and developing new advanced technologies in an effort to stay competitive in the world market.
  33. Ownership risk is defined by the Bank for International Settlement (BIS) as, “the risk of loss resulting from inadequate or failed internal process, people and systems or from external events”.
  34. Muslims are legally required to give one-fortieth of their income to the needy.
  35. The Export-Import Bank is the official export credit agency of the European Union.
  36. Four distinct areas relate to verbal communication are jargon and slang, dialects, humor, and vocabulary and grammar.
  37. Outsourcing production to foreign firms makes it possible for the domestic firm to maximize production and efficiency; however, it results in higher product prices for the consumer.
  38. Corruption does not concern governments and is solely a business issue.
  39. According to Trompenaar’s model of culture, people in Universalistic cultures share the belief that general rules, codes, values and standards take precedence over particular needs and claims of friends and relations.
  40. Foreign Direct Investment occurs when organizations become more involved in the global community by purchasing land or other resources in foreign nations. .
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