Exam (elaborations)
MGT 111 Chapter 3 Questions And Answers Latest Update
- Course
- MGT 111
- Institution
- University Of Illinois - Chicago
MGT 111 Chapter 3 Questions And Answers Latest Update
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Solution 2024/2025Pepper
MGT 111: Chapter 3 Questions And Answers
Latest Update
Culture ANS✔✔ Shared system of symbols, beliefs, attitudes, values,
expectations, and norms for behavior.
Stereotyping ANS✔✔ Assigning a wide range of generalized attributes which
are often superficial or even false, to an individual based on his or her
membership in a particular culture or social group.
Ethnocentrism ANS✔✔ Judging all other groups according to the standards,
behaviors, and customs of one's own group.
Trading Blocs ANS✔✔ Organizations of nations that remove barriers to trade
among heir members and that establish uniform barriers to trade with
nonmember nations.
protectionism ANS✔✔ Government policies aimed at shielding a country's
industries from foreign competition.
tariffs ANS✔✔ taxes levied on imports
import quotas ANS✔✔ limits placed on the quantity of imports a nation will
allow for a specific product.
, Solution 2024/2025
Pepper
embargo ANS✔✔ A total ban on trade with a particular nation (a sanction) or
of a particular product.
export subsidies ANS✔✔ A form of financial assistance in which producers
receive enough money from the government to allow them to lower their
prices in order to compete more effectively in the global market.
dumping ANS✔✔ Charging less than the actual cost or less than the home-
country price for goods sold in other countries.
free trade ANS✔✔ International trade unencumbered by restrictive
measures.
Balance of payments ANS✔✔ the sum of all payments one nation receives
from other nations minus the sum of all payments it makes to other nations,
over some specified period of time.
Exchange rate ANS✔✔ the rate at which the money of one country is traded
for the money of another.
Trade Suplus ANS✔✔ A favorable trade balance created when a country
exports more than it imports.
Trade deficit ANS✔✔ An unfavorable trade balance created when a country
imports more than it exports.
economies of scale ANS✔✔ savings from buying parts and materials,
manufacturing, or marketing in large quantities.
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