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BUSI 303 Exam 1 With Answers Liberty University GradeAplus

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Question 1 Bribery helps to fuel poverty, especially when high-level public officials steal from their nations or mismanage public resources intended to finance their people’s aspirations for a be... tter life. Question 2 Oral agreements imply strong commitments in high-context cultures. Question 3 John Locke first proposed the theory of absolute advantage in 1776. Question 4 Muslims are legally required to give one-fortieth of their income to the needy. Question 5 Muhammad’s disciples (i.s. Islamists) believe that sometime during the seventh century AD, the Angel Gabriel dictated the contents to Muhammad which is viewed as infallible and without error. Question 6 As reported by the U.S. government CIA World Factbook in 2014, the GDP purchasing power parity for the United States in 2012 ranked first among other nations. Question 7 One positive aspect of collectivism is that the differences among individuals are emphasized. Question 8 Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry prove advantageous. Question 9 Horizontal integration occurs when a firm expands its business into different products that are not similar to current lines. Question 10 Hofstede’s fifth dimension of national culture, Long-term Orientation, was derived from a values inventory suggested by Asian researchers and is reminiscent of the teachings of Confucius. Question 11 Gross Domestic Product (GDP) is the total market value of all the goods and services produced by a nation during a specified period. Question 12 Supporters of protectionism say that by increasing the cost of imported goods through tariffs, the government instituting the barrier penalizes the sending country as well as the citizens it is trying to protect. Question 13 An economic policy whereby governments accumulate wealth in the form of gold bullion is referred to as mercantilism. Question 14 According to the new trade theory, certain industries should not be modeled using the perfect Question 15 Communications technologies provide us with the ability to encode our thoughts and purposes clearly. Question 16 The conclusion of World War II marked the beginning of the time period known as American Peace or Pax Americana. Question 17 The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances it supports maintaining trade barriers. Question 18 Proper business etiquette is of little concern to the business manager starting a new job in foreign place. Question 19 If foreign ownership decreases faster than domestic ownership, then the country is said to have Question 20 Globalization is a relatively new paradigm. Question 21 Four distinct areas relate to verbal communication are jargon and slang, dialects, humor, and vocabulary and grammar. Question 22 “Targeted Globalization” explains the phenomenon that the globalization of a product or service is more likely to succeed when that product or service is adapted specifically to each locality or culture to which it is marketed. Question 23 Fons Trompenaar believed that cultures generally proved to be indistinguishable from one to the other. Question 24 Question 25 The impact of barriers to foreign investment led countries to form an independent organization known as the World Trade Organization (WTO). Question 26 Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the Human Development Reports office. Question 27 A multinational corporation is one that delivers services in at least two countries. Question 28 The WTO has endorsed attempts by various organizations to develop legal standards with a special emphasis on corporate and financial institution laws. Question 29 NAFTA is a major contributor to continental trade growth between Canada and Mexico by reducing trade tariffs and restrictions imposed by foreign entities. Question 30 In the “Great Revelation,” Confucius revealed the step by step process by which one attains self-development. Question 31 The Industrial Revolution was characterized by a marked surge in manufacturing techniques that included mass assembly, electricity, and new forms of propulsion. Question 32 Subsidies are special privileges that governments provide to businesses in order to attract them to a region or to simply have the required funds to operate successfully. Question 33 Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals. Question 34 According to Trompenaar’s model of culture, people in Universalistic cultures share the belief that general rules, codes, values and standards take precedence over particular needs and claims of friends and relations. Question 35 Ownership risk is defined by the Bank for International Settlement (BIS) as, “the risk of loss resulting from inadequate or failed internal process, people and systems or from external events”. Question 36 Labor and production costs are typically lower in less developed nations which creates a continuous pull for international corporations. Question 37 Low context communication is effective in most of the USA. Question 38 An ethnocentric multinational corporation (MNC) very carefully considers the cultures of the countries that it operates in when making business decisions. Question 39 Education and experience are both necessary components in handling the complex tasks of managing a global business. Question 40 Administrative delays impose waiting periods between the time when the quality of the product is determined and when a product can actually be sold in the market. [Show More]

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