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Which of the following terms is used to refer to the positive or negative evaluations, feelings, and tendencies that individuals harbor toward objects or concepts?
Attitudes
Customs
Values
Traditions
Folk customs that spread by cultural diffusion to other regions develop into ________.
Popular Customs
Trash Culture
Superstitions
Traditions
The segment of the economic environment comprising independently owned firms that seek to earn profits is called the ________.
Private Sector
Public Sector
Politcal Sector
Democratic Sector
An additional tariff placed on an imported product that a nation believes is receiving an unfair subsidy is called a(n) ________.
Countervailing duty
Ad valorem tarrif
Anti Dumping Duty
Compound Tariff
Tariffs tend to exact a cost on countries as a whole because they lessen citizens' gains from trade.
True
False
Countries often use local content regulations to determine the proportion of the product that must be made in the local market versus made outside of the local market in order to ________.
Favor Domestic Companies
Maximize Product Safety
Relieve Production Pressures On Local Companies
Ensure a Cultural Fit
A class system is a system of social stratification in which ________.
Personal ability and actions determine an individual's social status and mobility
People are divided into various political groups and subgroups
A person's social rank depends upon his/her parentage
People join highly exclusive associations that forbid external interaction
A government can limit the economic activities of a foreign firm that resists its effort to introduce home-country nationals into the company.
True
False
Small companies selling traditional products benefit from ________.
The barriers to trade that restrict their products from crossing domestic boundaries
Increased investment by foreign competitors in domestic markets
Government policies that seek to regulate the flow of capital across national borders
Technology that lowers the costs and difficulties of global communication
According to Michael Porter, advanced factors account for the sustained competitive advantage a country enjoys in a product.
True
False
The international product life cycle theory was put forth for ________.
Abundant Resources
Manufactured goods
Service Goods
Natural Resources
An absolute advantage is the economic and strategic advantage gained by being the first company to enter an industry.
True
False
________ involves the idea that a nation-state is autonomous, cannot intervene in the affairs of other nations, and can enter into binding international agreements.
Communalism
National sovereignty
Authoritarianism
Cultural liberalism
Research shows that pollution-intensive U.S. Companies tend to invest in nations with lenient environmental standards.
True
False
The automobile industry is typically protected for national security reasons.
True
False
In a market economy, access to alternative purchase options is known as ________.
Free Choice
Laissez-faire
Price-sensitivity
Economic transition
The practice by which managers and other employees find jobs within their own companies for relatives is known as ________.
Nepotism
Ethnocentrism
Enculturation
Stratification
A ________ is a political system in which government leaders are elected directly by the wide participation of the people or by their representatives.
Democracy
Plutocracy
Autocracy
Theocracy
Which of the following is an example of globalization of production?
A U.S. Company that builds a computer hardware manufacturing facility in India
A Swiss watch manufacturer that builds a manufacturing facility in Switzerland
A German company which sells car components to British car makers
Canadian consumers who import food products from Australia
Which of the following political ideologies states that every aspect of people's lives must be controlled for a nation's political system to be effective?
Pluralism
Totalitarianism
Anarchism
Capitalism
________ is political risk that affects only a specific firm or firms within a specific industry.
Macropolitcal Risk
Micropolitcal Risk
Exclusive Politcal Risk
Inclusive political risk
Nations following the theory of ________ believed that the world's wealth was limited and that a nation could increase its share of the pie only at the expense of its neighbors.
Mercantilism
Factor proportions
Absolute advantage
Comparative advantage
The difference between the balances of the current and capital accounts of a country's balance of payments caused by errors in recording methods is called a(n) ________.
Statistical Discrepancy
Type I Error
Currency Crisis
Round Off Error
According to the opponents of globalization, which of the following occurs as a result of worker dislocation brought about by globalization?
Lower Worker Wages In Developed Nations
Increased Labor Cost for Companies
Increased Investment in Individual Education
Surfeit of Jobs in Developed Nations
Which of the following is true about economic development of a nation?
The purchasing power parity is a poor indicator of a people's total well-being.
GDP is a larger figure and includes a nation's income generated from exports, imports, and international operations.
Illegal activities such as gambling and black market transactions are considered in GDP and GNP.
Using gross product figures to compare production across countries accounts for different cost of living in each country.
One of the major pillars upon which the practice of mercantilism rested was ________.
Economies of scale
Excessive imports
Pricing mechanism
Trade surpluses
Trade in services tends to be relatively more important for the world's richest countries.
True
False
Exports and imports of computer software, electronic components, and apparel are included in the ________ account of a country's balance of payments.
Savings
Services
Merchandise
Capital
The Uruguay Round of Negotiations created the TRIPS Agreement to ________.
help standardize the intellectual property rules around the world
Increase the exposure of national agricultural sectors to market forces
Drastically reduce tariffs and nontariff barriers in agricultural trade
Include international trade in services for the first time
The ________ of a country is its gross national product divided by its population.
GNP Per Capita
GDP Per Capita
Purchasing Power Parity
Purchasing Power
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