Contemporary World Midterms Questions and Answers, Exams of International Business

Download Contemporary World Midterms Questions and Answers and more Exams International Business in PDF only on Docsity! Contemporary World Midterms Questions and Answers Economy - correct answer - process or system by which hoods and services are produced, sold, and bought in a country or region Global Economy - correct answer - economies of countries are more connected from the extraction, production, distribution, consumption, and disposal of goods and services Economic Globalization - correct answer - refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies Types of Economies under Economic Globalization - correct answer Protectionism Trade Liberalization Protectionism - correct answer a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production. This encouragement involves giving preferential treatment to domestic producers and discriminating against foreign competitors Contemporary World Midterms Questions and Answers Protectionism - correct answer Comes in the forms of tariffs and quotas Trade Liberalization - correct answer Free trade Trade Liberalization - correct answer Countries sign free trade agreements Trade Liberalization - correct answer Transportation and communication advancements facilitate movement of goods and services around the world Trade and Globalization - correct answer - global citizens rely on a network of communications between countries Trade and Globalization - correct answer a. Technology b. Communications c. Knowledge d. Ideas e. Alliances Contemporary World Midterms Questions and Answers Fair Trade Products - correct answer - sometimes cost a little more in supermarkets in developed countries, but many consumers consider this a small price to pay for the benefits they bring International Trade - correct answer - exchanges of goods, services, and capital across national border. International Trade - correct answer - it is a multi- billion dollar-activity, central to the Gross Domestic Product (GDP) of many countries International Trade - correct answer - the only way for many people in many countries to acquire resources International Trade - correct answer Exchange of goods and services along international borders. This type of trade allows for a greater competition and more competition and more competitive pricing in the market Gross Domestic Product - correct answer The total value of everything produced within a country's borders Contemporary World Midterms Questions and Answers Gross Domestic Product - correct answer Final Value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. Gross Domestic Product - correct answer GDP Growth rate is an important indicator of the economic performance of a country Gross Domestic Product - correct answer Measures the value of economic activity within a country South Korean Economy - correct answer - the 4th largest GDP in Asia and the 12th largest in the world. South Korean Economy - correct answer - known for its spectacular rise from one of the poorest countries in the world to a developed, high income country in just a few generations 2 Key Concepts in the Economics of International Trade - correct answer Comparative Advantage Specialization Contemporary World Midterms Questions and Answers Comparative Advantage - correct answer - the ability of an individual or group to carry out a particular economic activity more efficiently than another activity Specialization - correct answer - a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Many countries, for, example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services Result of Competition - correct answer - More affordable products for the consumer. The economy of the world is also affected by the exchange of goods as dictated by supply and demand, making goods and services obtainable which may not be available globally to consumers Global Trading - correct answer - gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries. Almost every kind of products can be found on the international market aside from services being trades like banking, tourism, etc. Contemporary World Midterms Questions and Answers Market Integration - correct answer Exists when there are exerted effects that prompt similar changes or shift in other markets that focus on related goods on events occurring within two or more markets Stock Market Integration - correct answer - a condition in which stock markets in different countries trend together and depict same expected risk adjusted returns. Two markets are perfectly integrated if investors can pass from one market to another without paying any extra costs and if there are possibilities of arbitration which ensures the equivalence of stock prices on both markets. Financial Market Integration - correct answer - is an open market economy between countries facilitated by a common currency and the elimination of technical, regulatory, and tax differences to encourage free flow of capital and investment across borders. It occurs when lending rates in several different markets begin to move in tandem with one another. Emergence of similar patterns within the capital, stock, financial markets with those trends coming together to exert a profound influence on the economy of that nation is involved in the integration within a nation. Contemporary World Midterms Questions and Answers Global Corporation - correct answer A business that operates in two or more countries. It also goes by the name 'multi-national company. Global Corporation - correct answer Several advantages are offered by global expansion of business over running a strictly domestic company. Success in different types of economies is achieved by means of multiple countries operation while it causes also logistic and cultural challenges Global Corporation - correct answer Expanding revenues opportunities and diversifying business risk are the purposes of becoming global corporation. Access to more customers and capital is obtained through a model that works domestically well and foreign markets well State - correct answer independent political communities each of which possesses a government and asserts sovereignty in relation to a particular portion of the earth's surface and a particular segment of the human population - Hedley Bull Contemporary World Midterms Questions and Answers Interstate - correct answer - system of unequally powerful and competing states in which no single state is capable of imposing control on all others. These states are in interaction with one another in a set of shifting alliance and wars and changes in relative power of states upsets any temporary sets of alliances, leading to restricting of balance of power - Chase-Dunn Neoliberalism - correct answer Intensification of the influence and dominance of capital Neoliberalism . - correct answer Values market exchange capable of acting as a guide to all human action Neoliberalism - correct answer Emphasizes the significance of contractual relations in the marketplace Neoliberalism - correct answer Social good will be maximized by maximizing the reach and frequency market transactions Economic Sovereignty - correct answer - the power of the national governments to make decisions independently of those made by other governments Contemporary World Midterms Questions and Answers economies and to improve the standard of living of their people International Monetary Fund - correct answer -looks at the stability of the international monetary system by monitoring global economy, lends to countries and provides policy and technical advisory functions World Trade Organization - correct answer -regulates international trades, ensures smooth flow of trade, and provides a forum for negotiations for trade agreements among countries and regions of the world World Health Organization - correct answer - responsible for global researches on medicine and vaccine Global Governance - correct answer Refers to the collective efforts to identify, understand, and address worldwide problems that go beyond the problem-solving capacities of states Global Governance - correct answer The capacity within the international system, at any given moment to provide government-like services and public good in and Contemporary World Midterms Questions and Answers formal ideas, values, rules, norms, procedures, practices, policies, and organizations that help all actors - states, international organizations, non-government organizations - identify, understand, and address transboundary problems Basic Elements of a States - correct answer a. Territory b. People c. Sovereign Power (the authority of a state to govern itself) Problems affecting the world today which are increasingly transitional in nature - those that cannot be solved at the National level or State to State Negotiation - correct answer a. Poverty b. Environmental Pollution c. Economic Crisis d. Organized Crime and Terrorism e. Pandemics f. Climate Change Contemporary World Midterms Questions and Answers United Nations - correct answer - one important example of non-state actor playing avital role in the world's affairs United Nations - correct answer - designed to make enforcement of international law, security, human rights, economic development and social progress easier for countries around the world Roles and Functions of the United Nations - correct answer -As an intergovernmental organization, the United Nations is tasked to promote international cooperation and to create and maintain international order. It is the largest, most familiar, most internationally represented and most powerful intergovernmental organization in the world Four Main Purpose of the UN Charter - correct answer 1. Maintain Worldwide peace and security 2. Developing relations among nations 3. Fostering cooperation between nations in order to solve economic, social, cultural, or humanitarian international problems 4. Providing a forum for bringing countries together to meet the UN's purposes and goals Contemporary World Midterms Questions and Answers Third World Countries - correct answer largely characterized as poor and undeveloped. Third World - correct answer Low levels of education, poor infrastructure, improper sanitation and poor access to healthcare mean living conditions are seen inferior to those in the world's more developed nations The Global South - correct answer Deterritorialized geography of capitalism's externalities and meant to account for subjugated peoples within the borders of wealthier countries Global South - correct answer - refer to the countries that are geographically in the southern hemisphere or to countries that are developing or economically struggling Global North - correct answer - refer to the countries that are geographically in the northern hemisphere or to countries that are economically developed Contemporary World Midterms Questions and Answers Latin America - correct answer - can be grouped geographically as a group of countries in South America which share the same language and culture. Latin America - correct answer - people in this part of the world have a colorful political scenes Latin America - correct answer been plagued by poverty and economic instability Pacific Alliance - correct answer - Goal: participatory integration for free mobility in trade Pacific Alliance - correct answer -Alyansa de Pacifico Mercosur - correct answer -Goal: competitive integration of national economies into international market Asian Regionalism - correct answer - strengthened collective identity in a conglomerate of nations occupying a particular geographic area or aiming at shared goals; increase un economic exchanges in particular area Contemporary World Midterms Questions and Answers Asian Regionalism - correct answer - refers to the decentralization of political Powers or competencies from a higher towards a lower political level Conglomerate - correct answer - a number of different things or parts puts or grouped together to form a whole but remain distinct entities Tanaka and Inoguchi (1996) - correct answer they articulated that after the Cold War, the relations between nations have been dynamic and unique as characterized by the following: territorial disputes - correct answer These have implications on assertion of political powers in a certain region. In the past, conflicts could have been resolved outright by bloody wars, but in the contemporary world, nations are using diplomatic means to mitigate the possibility of wars Examples of Existing territorial Conflicts - correct answer 1. South China Sea territorial disputes covering islands and reefs (China vs. several nations including the PH)