BUSI 303 exam 1 complete solutions correct answers key

Liberty University BUSI 303 exam 1 complete solutions correct answers key

More than two versions

Verbal communication includes body language

Since 2000 the proportion of the largest economic entities that are corporations has fallen

20 percent

Muhammad’s disciples (i.s. Islamists) believe that sometime during the seventh century AD, the Angel Gabriel dictated the contents to Muhammad which is viewed as infallible and without error

The dissolution of the Council for Mutual Economic Assistance (CMEA) disrupted many supply chains was one reason why Russia did not adequately make the transition from a centrally planned to market economic system

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”

Supporters of protectionism say that by increasing the cost of imported goods through tariffs, the government instituting the barrier penalizes the sending country as well as the citizens it is trying to protect

Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the Human Development Reports office

The global manager must work to understand the cultures in which he or she does business

A mixed economy is an economic system that allows for the simultaneous operation of publicly and privately owned enterprises.

The three primary types of global economic systems are centrally planned, market, and market growth

The Industrial Revolution was characterized by a marked surge in manufacturing techniques that included mass assembly, electricity, and new forms of propulsion

Muslims are legally required to give one­fortieth of their income to the needy

The Magna Carta Libertatum charter is sometimes credited with stimulating the growth of free trade during the middle ages

Foreign Direct Investment occurs when organizations become more involved in the global community by purchasing land or other resources in foreign nations

A trade deficit occurs when a country is exporting more than it is importing

The WTO has endorsed attempts by various organizations to develop legal standards with a special emphasis on corporate and financial institution laws

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

The current account, sometimes called the financial account, is the sum of every nation's gross income from trade in goods and services.

Hofstede’s fifth dimension of national culture, Long­term Orientation, was derived from a values inventory suggested by Asian researchers and is reminiscent of the teachings of Confucius

Proper business etiquette is of little concern to the business manager starting a new job in foreign place

Words have the same meaning across all languages

According to the new trade theory, certain industries should not be modeled using the perfect competition assumption

Fons Trompenaar believed that cultures generally proved to be indistinguishable from one to the other

An economic policy whereby governments accumulate wealth in the form of gold bullion is referred to as mercantilism

Geert Hofstede introduced the seven dimensions of culture

The Export­Import Bank is the official export credit agency of the European Union

Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals.

The conclusion of World War II marked the beginning of the time period known as American Peace or Pax Americana.

A multinational corporation is one that delivers services in at least two countries

Communications technologies provide us with the ability to encode our thoughts and purposes clearly.

The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances it supports maintaining trade barriers

One positive aspect of collectivism is that the differences among individuals are emphasized

The impact of barriers to foreign investment led countries to form an independent organization known as the World Trade Organization (WTO).

The individualism dimension speaks to the extent that people place their own needs and their family above everyone else.

Successful FDI decreases employment and the standard of living for nationals in the host country

Globalization is a relatively new paradigm

Paul Krugman developed and published the International Product Life Cycle Theory in

1966

The beliefs of Judaism can be seen in the words of Moses Maimonides who was a Spanish Jew that condensed the beliefs into a concise thirteen Articles of Faith

A competitive advantage occurs when a nation is able to produce more output than any other nation.

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 near­global level.

Religion is an important influencer of cultures

“Targeted Globalization” explains the phenomenon that the globalization of a product or service is more likely to succeed when that product or service is adapted specifically to each locality or culture to which it is marketed

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

The historical development of international trade and investment theory serves as a framework for understanding global trade patterns and the underlying reason for the growth of trade between nations

Globalization involves assimilation which is referred to as the blending and merging of various cultures.

A high GNP score indicates that countries also score high on measures of welfare and life expectancy

A centrally planned economy most often refers to an economic system that is under comprehensive control and regulation by a government in accordance with the plan of economic development

In the “Great Revelation,” Confucius revealed the step by step process by which one attains self-development

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

Muslims are legally required to give one-fortieth of their income to the needy

Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry prove advantageous

Horizontal integration occurs when a firm expands its business into different products that are not similar to current lines

Four distinct areas relate to verbal communication are jargon and slang, dialects, humor, and vocabulary and grammar

The introduction of the Euro has significantly reduced the burdens previously associated with foreign currency exchange in the European nations

NAFTA is a major contributor to continental trade growth between Canada and Mexico by reducing trade tariffs and restrictions imposed by foreign entities

Gross Domestic Product (GDP) is the total market value of all the goods and services produced by a nation during a specified period

An ethnocentric multinational corporation (MNC) very carefully considers the cultures of the countries that it operates in when making business decisions

Oral agreements imply strong commitments in high-context cultures

If foreign ownership decreases faster than domestic ownership, then the country is said to have capital account surplus

John Locke first proposed the theory of absolute advantage in 1776

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