Bus 100 Busija Test 2 Chapters 4 ,15, 17 || All Answers Are Correct 100%.
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Course
Bus 100 Busij
Institution
Bus 100 Busij
Globalization correct answers Process by which the world economy is becoming a single interdependent system
Import correct answers product made or grown abroad but sold domestically
Export correct answers Product made or grown domestically but shipped and sold abroad
North American Free Tr...
Bus 100 Busija Test 2 Chapters 4 ,15, 17 || All Answers Are Correct 100%.
Globalization correct answers Process by which the world economy is becoming a single interdependent system
Import correct answers product made or grown abroad but sold domestically
Export correct answers Product made or grown domestically but shipped and sold abroad
North American Free Trade Agreement (NAFTA) correct answers agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico
European Union (EU) correct answers Agreement among major European nations to eliminate or
make uniform most trade barriers affecting group members
Association of Southeast Asian Nations (ASEAN) correct answers organization for economic, political, social, and cultural cooperation among Southeast Asian nations
General Agreement on Tariffs and Trade (GATT) correct answers international trade agreement to encourage the multilateral reduction or elimination of trade barriers
World Trade Organization correct answers organization through which member nations negotiate
trading agreements and resolve disputes about trade policies and practices
Goals of WTO correct answers 1. Promote trade by encouraging members to adopt fair trade practices
2. Reduce trade barriers by promoting multilateral negotiations
3. Establish fair procedures for resolving disputes among members
Balance of Trade correct answers the economic value of all the products that a country exports minus the economic value of all the products it imports
Trade Deficit correct answers situation in which a country imports more than it exports
Exchange Rate correct answers the rate at which one currency is converted into another
Euro correct answers a common currency shared among most of the members of the EU (excluding Denmark, Sweden, and the United Kingdom)
Absolute Advantage correct answers the ability to produce something more efficiently than any other country can
Comparative Advantage correct answers the ability to produce some products more efficiently than others National Competitive Advantage correct answers international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries
Hofstede's Cultural Dimensions correct answers -Social Orientation
-Power Orientation
-Uncertainty Orientation
-Quality of life (Goal Orientation)
-Time Orientation
Social Orientation correct answers Identification w/ group vs. identification as an individual.
Power Orientation correct answers The extent to which a culture accepts that power is distributed
unevenly.
High Power Distance (Power Orientation) correct answers The cultural belief that inequalities in power, status, and rank are natural and that these differences should be acknowledged and accentuated
Low Power Distance (Power Orientation) correct answers a society that views an unequal distribution of power as relatively unacceptable
Uncertainty Orientation correct answers The extent to which society feels threatened by ambiguity and uncertainty.
High Uncertainty Avoidance correct answers societies are more rigid and expect high conformity
in their citizens' beliefs and norms of behavior
Low Uncertainty Avoidance correct answers cultures are easygoing, value diversity, and tolerate differences in personal beliefs and actions
Goal Orientation (Quality of Life) correct answers The extent to which society values typically such as assertiveness, and acquisition of things, as opposed to caring for others and quality of life
Aggressive Goal Behavior correct answers value material possessions, money, live to work, ambition, success
Passive Goal Behavior correct answers value sympathy, work to live, people
Time Orientation correct answers the extent to which members of a culture adopt a long-term versus a short-term outlook on work, life, and other elements of society
Long-Term Time Orientation correct answers values dedication, hard work, thrift
Short-Term Time Orientation correct answers values traditions, social obligations
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