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Since the collapse of communism at the end of the 1980s, the ehrstwhile communist nations have transformed their economies by globalizing their markets. This involves
Privatizing state-owned enterprises

Which of the following is a consequence of globalization?
Increasing Outsourcing of services

Which of the following has enabled globalization of markets?
Falling barriers to cross border trade

Which of the following factors hinders globalization of consumer goods markets?
National differences in tastes and preferences

Globalization of markets results in markets becoming
Less diverse

A U.S. investment firm set up a customer call center in India to take adv of lower labor costs. This is called

Primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by member states
World Trade Organization

Which is true about the International Monetary Fund
Seen as the lender of last resort to nation-states whose economies are in turmoil

Early outsourcing efforts were primarily confined to
manufacturing activities

The World Trade Organization promotes
lowering of barriers to cross-border trade and investment

(blank) occurs when a firm exports goods or services to consumers in another country
International Trade

The financial crisis in the US in 2009 was triggered by
the problems in the US subprime mortgage lending market

Containerization allows
simplification of transshipment from one mode of transport to another

The relative decline of the United States in the share of world output and world exports reflects
the growth in the economic development of the world economy

What is the total cumulative value of foreign investments best referred to as?
Stock of foreign direct investments

A multinational enterprise (MNE) is a firm that
has production units in more than two countries

Which of the following is a risk associated with globalization?
Global financial contagion

Supporters of globalization maintain that the apparent decline in real wage rates of unskilled workers
is due to technological changes that create greater demand for skilled workers

Globalization is criticized because it increases the power of
supranational organizations over nation-states

An international business, unlike a MNE
need not invest directly in operations in other countries

Interdependent political, economic and legal systems of a country make up its
political economy

A political system that prioritizes the needs of the society over individual freedoms is called

the (blank) believed that socialism could be achieved only through violent revolution and totalitarian dictatorship

In several Western democracies, the poor performance of state-owned enterprises, because of protection from competition and guaranteed government financial support led to

The tenet of (blank) is that the welfare of society is best served by letting people pursue their own economic self-interest

Which of the following is a feature of a democracy?
Governance by people or elected representatives

is a form of government in which one person or political party exercises absolute control over all spheres of human life

Peoples’ right to protest on issues of accountability in public expenditure would be possible in a (blank) political set up

(blank) refers to a state where political power is monopolized by a party, group, or individual that governs according to religious principles
Theocratic totalitarianism

In a pure market economy
production is determined by the interaction of supply and demand

In a (blank) economy the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold

In a (blank) economy, certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning

Under the (blank) law system, cases are judged with reference to three characteristics: tradition, precedent, and custom

A civil system tends to be less adversarial than a common law system, since (blank)
the judges decisions are based on detailed legal codes

A common law system is different from a civil law system because:
in a common law system a judge has the power to interpret the law, while in a civil law system a judge has the power only to apply the law

Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring licenses or permits from property holders
public action

Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act?
Preventing bribery and unethical acts in the conduct of international business

A (blank) grants the inventor of a new product or process exclusive rights for a defined period of time to the manufacture, use, or sale of that invention

Design and names by which merchants or manufacturers designate and differentiate their products are known as (blank)

Which of the following provides exclusive legal rights to authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit?

Safety standards to which a product must adhere are set by:
Product Safety Laws

GNI per person figures can be misleading because
they don’t consider differences in the cost of living

Which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living?
Purchasing power parity (PPP) adjustment

According to Amartya Sen, development should be
seen as a process of expanding the real freedoms that people experience

A market economy encourages innovation because
economic freedom leads to greater incentives for innovation

(blank) is required for a business environment to be conducive to innovation and entrepreneurial activity
strong legal protection of property rights

The state can expropriate the profits from innovation through legal means, such as (blank)
excessive taxation

A free market economy in which property rights are protected leads to subsequent economic growth, which often leads to the establishment of:
A democratic regime

Since the late 1980s, there has been a spread of democracy. This is because…
The socialist model failed to deliver economic progress to the vast bulk of their populations

Political scientist Samuel Huntington argues that modernization in non-Western societies can result in a retreat toward the traditional. This is exemplified by
the Islamic resurgence

(blank) involves removing legal restrictions to the free play of markets, the establishment of private enterprises, and the manner in which private enterprises operate

Which of the following is a characteristic of a command economy?
Limited international trade

to generate resources for public expenditure and promote economic growth, the government decides to auction an entire iron manufacturing plant to sell it to a strategic investor. This process exemplifies

Studies of privatization in central Europe have shown that the process often fails to deliver predicted benefits if the newly privatized firms
are sheltered from foreign competition

Which of the following factors is NOT likely to make a country a more attractive location for international business?
Planned economies

Sony was a pioneer, the Walkman was an innovative product which created a new category altogether and made Sony a tech leader. This gave them an edge over other consumer electronics brands that introduced portable music players for a very long time. Sony had the
first-mover advantage

Which of the following is NOT true regarding culture?
Culture is static

Cross-cultural literacy refers to
an understanding of how cultural differences can affect business

(blank) is/are best defined as shared assumptions about how things ought to be

The system of values and norms that are shared among a group of people and that when taken together constitute a design for living best defines:

Social rules and guidelines that prescribe appropriate behavior in particular situations are best described as

A group of people who share a common set of values and norms form a:

(blank) are the routine conventions of everyday life

An act, as simple as shaking hands when meeting new people is an example of:
symbolic behavior

Mores are
the norms that are seen as central to the functioning of a society and its social life

The social organization of Western society tends to emphasize on
individual achievement

Which of the following is a consequence of the emphasis on individual performance in many Western societies?
High degree of managerial mobility

Closed system of stratification in which social position is determined by the family into which a person is born, and change in that position is usually not possible during an individual’s lifetime?
Caste System

Ethical systems are
a set of moral principles, or values, that are used to guide and shape behavior

Max Weber theorized that there was a relationship between Protestantism and the emergence of modern capitalism because
Protestant ethics emphasize the importance of hard work and wealth creation and frugality

The (blank) dimension of Hofstede’s study explores how a society deals with the fact that people are unequal in physical and intellectual capabilities
power distance

The individualism versus collectivism dimension of Hofstede’s study explored:
the relationship between the individual and his/her fellows

Hofstede’s uncertainty avoidance dimension considered
the extent to which different cultures socialized their members into accepting ambiguous situations and tolerating uncertainty

According to Geert Hofstede’s study, which of the following cultural dimensions would be characterized by a greater readiness to take risks and less emotional resistance to change?
Low uncertainty avoidance

Hofstede’s dimension of Confucian dynamism
captures attitudes toward time, persistence, ordering by status, protection of face, respect for tradition, and reciprocation of gifts and favors

Which of the following is an example of ethnocentrism
An American manager criticizes the cultural practices of Saudi Arabia because it differs from his own cultural norms

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