100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT EXAM (HSO1) QUESTIONS AND DETAILED CORRECT ANSWERS (VERIFIED ANSWERS) | WGU D080 (HSO1) STUDYGUIDE$21.99
Add to cart
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT
Exam (elaborations)
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT EXAM (HSO1) QUESTIONS AND DETAILED CORRECT ANSWERS (VERIFIED ANSWERS) | WGU D080 (HSO1) STUDYGUIDE
5 views 0 purchase
Course
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT
Institution
WGU D080 MANAGING IN A GLOBAL BUSINESS ENVIRONMENT
WGU D080 MANAGING IN A GLOBAL
BUSINESS ENVIRONMENT EXAM 2024-
2025 (HSO1) QUESTIONS AND
DETAILED CORRECT ANSWERS
(VERIFIED ANSWERS) | WGU D080
(HSO1) STUDYGUIDE
WGU D080 MANAGING IN A GLOBAL
BUSINESS ENVIRONMENT EXAM 2024-
2025 (HSO1) QUESTIONS AND
DETAILED CORRECT ANSWERS
(VERIFIED ANSWERS) | WGU D080
(HSO1) STUDYGUIDE
What are different economic systems and how to
differentiate them? Correct Answer - Traditional
economies are found in rural countries where the primary
occupation is farming.
- In a command economy found in a communist country,
most of the economic system is controlled by a centralized
power.
- In a planned economy found in a socialist country, the
factors of production are used for the common good.
- In an open economy, a democratic method is used to
determine how to use the factors of production.
- A market economy is a decentralized economy in which
firms and households determine how resources are
allocated based on how best to satisfy their needs.
- A mixed economy has less government intervention than
a command economy. Supply and demand control the
economy, and ideally, the government steps in when
needed.
,What is communism, socialism, and capitalism? Correct
Answer - Communisim is a system in which all property is
publicly owned and the government controls global trade
- Social ownership, central control of the means of
production, and a cooperative approach toward
management of the economy are hallmarks of socialism.
- Capitalism is generally considered to be an economic
system based on private ownership of the means of
production and on the creation of goods or services for
profit by privately owned business enterprises.
Explain and differentiate common, civil, and theocratic
legal systems. Correct Answer - civil law system is an
inquisitorial system where the investigating judge
investigates the facts of the case. It is the most
widespread legal system in the world.
- Common law is based on traditions and precedence and
can be traced to the English monarchy. In common law
systems, judges interpret the law, and judicial rulings can
set precedent.
- Religious law is also known as theocratic law and is
based on religious guidelines.
Identify and differentiate the IMF, the World Bank, and the
WTO's major functions and conditionality. Explain
criticisms of each international organization. Correct
Answer - The IMF helps maintain liquidity of global funding
by providing a straight-forward method for nations to
borrow and loan to each other through a mechanism
called the special drawing right.
,- The World Bank's priorities are to help build sustainable
economic growth, invest in people, and build resilience for
shocks and threats.
- WTO reviews the trade policies of all nations to ensure
that each country is treated fairly and equally under the
most favored nation requirement.
- Criticisms are similar: a lack of transparency; neglect for
considering the environment when making decisions; and
policies in favor of more affluent, developed countries at
the expense of poorer nations
List and explain each international trade theory. Focus on
the features of each theory. Correct Answer -
mercantilism, a zero-sum theory advocating for each
country to maintain a trade surplus.
- Adam Smith's absolute advantage in which a country
exports the goods it can make more efficiently or more
cheaply.
- Ricardo's comparative advantage which extends the
theory to show benefits as long as each country exports
the product it is comparatively more efficient at or can
produce more cheaply and imports the others
- Heckscher-Ohlin which states that competitive
advantage comes from differences in natural resources.
-Leontief Paradox
- Country Similarity Theory
- Global Strategic Rivalry Theory
What are the two mechanisms to increase productivity?
Explain. Correct Answer Technology and trade are two
, mechanisms to increase productivity, which lead to more
products and ultimately to lower prices.
it takes fewer resources to produce a product.
a good can be produced at a lower cost in terms of other
goods.
What are the criticisms of comparative advantage theory?
Correct Answer - many assumptions are made in this
theory.
- The benefits of specialization may be overstated if the
transportation costs are not taken into account.
- There is an increasing opportunity cost with increased
specialization as less than ideal conditions or natural
resources must be used.
- Unemployment may be higher with complete
specialization because it would be difficult for workers to
transfer from one role to another.
- Organizations may not recognize that their comparative
advantage has changed over time as conditions change.
- technology may make it possible for countries to produce
many or even most products using an economy of scale,
which makes comparative advantage an obsolete concept
What is specialization and what is the impact of it? Correct
Answer By specializing, countries would generate
efficiencies because their labor force would become more
skilled by doing the same tasks repeatedly. Production
would also become more efficient because there would be
an incentive to create faster and better production
methods to increase the benefit from specialization.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TUTORWAC. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $21.99. You're not tied to anything after your purchase.
