Test Bank Questions and Answers with Complete Solutions for International Commerce and Competition . Chapter 7
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Course
Business commerce
Institution
Business Commerce
Globalization - Answers Refers to the shift toward a more integrated and interdependent world economy. Globalization have several facets, including the globalization of markets and globalization of production.
Globalization of Markets - Answers Refers to the merging of historically distinct and se...
Test Bank Questions and Answers with Complete Solutions for International Commerce and
Competition . Chapter 7
Globalization - Answers Refers to the shift toward a more integrated and interdependent world
economy. Globalization have several facets, including the globalization of markets and globalization of
production.
Globalization of Markets - Answers Refers to the merging of historically distinct and separate national
markets into one huge global marketplace.
Globalization of Production - Answers Refers to the sourcing of goods and services from locations
around the globe to take advantage of national differences in the cost of quality.
Factors of Production - Answers Labor, land, energy, and capital
International Monetary Fund - Answers The last resort for economies that are in turmoil
World Bank - Answers Help developing nations with loans
United Nations - Answers Preserving peace through international cooperation and collective security
G20 - Answers Compromises finance ministers and governors of the 19 largest economies in the world
Drivers of Globalization - Answers Declining barriers of cross-border trade, advance in technology and
transportation
Political Economy - Answers Stress that the political, economic, and legal systems of a country are
interdependent
Political System - Answers The system of government in a nation.
Can be assessed in two dimensions: Collectivism or Individualism and Democratic or Totalitarian
Democracy and individualism goes hand in hand
while Totalitarianism and collectivism goes hand in hand
Civil Law - Answers Based on detailed set of laws organized into codes, derived from Roman Law, the
oldest most influential, and most widely distributed law around the world
Common Law - Answers based on tradition, precedent, and custom, English in origin, based on previous
judicial decisions (UK, US, Canada, Australia, Ireland, New Zealand)
Theocratic Law - Answers based on religious teachings
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