IBA 301 UNIT 8 FINAL EXAM LATEST-POST

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IBA 301 Unit 8 Final Exam Latest-POST

IBA301

IBA 301 Unit 8 Final Exam Latest-POST

QUESTION 1

Which of the following is not characteristic of globalization?

• National economies are turning into independent economic systems.
• Material culture is starting to look similar the world over.
• Perceived distance is shrinking due to advances in transportation and telecommunications.
• Barriers to cross-border trade and investment are declining.

QUESTION 2

Globalization has _____ the opportunities for a firm to expand its revenues by selling around the world and _____ its costs by producing in nations where key inputs are cheap.

• reduced, reduced
• increased, increased
• increased, reduced
• reduced, increased

QUESTION 3

Since the collapse of communism at the end of the 1980s, the erstwhile communist nations have transformed their economies by encouraging all of the following except:

• privatizing state-owned enterprises.
• regulating markets.
• increasing competition.
• welcoming investment by foreign businesses.

QUESTION 4

Identify the incorrect statement concerning globalization.

• It has been blamed for unemployment in developed nations, environmental degradation and the Americanization of popular culture.
• It has created new threats for businesses accustomed to dominating their domestic markets.
• It is transforming industries and is highly welcomed by those who believed their jobs were protected from foreign competition.
• According to most economists it is a very beneficial process where gains outweigh the losses by a wide margin.

QUESTION 5

In the U.S., _____ percent of firms that export are small companies employing fewer than 100 people.

• 90
• 75
• 50
• 30

QUESTION 6

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

• administrative agenda.
• socioeconomic fabric.
• economic environment.
• political economy.

QUESTION 7

_____ is consistent with the notion that an individual’s right to do something may be restricted because it runs counter to “the good of society” or “the common good.”

• Entrepreneurship
• Collectivism
• Free enterprise
• Capitalism

QUESTION 8

According to _____, socialism can only be achieved through violent revolution.

• capitalists
• communists
• social democrats
• democrats

QUESTION 9

_____ is/are best defined as shared assumptions about how things ought to be.

• Norms
• Values
• Society
• Culture

QUESTION 10

_____ are social conventions concerning things such as the appropriate dress code in a particular situation, good social manners, eating with the correct utensils, neighborly behavior, and the like.

• Values
• Beliefs
• Mores
• Folkways

QUESTION 11

Mores are:

• the norms that are seen as central to the functioning of a society and its social life.
• the routine conventions of everyday life.
• abstract ideas about what a group believes to be right, good, and desirable.
• the social rules and guidelines that prescribe appropriate behavior in particular situations.

QUESTION 12

The theory of _____, developed by Michael Porter, focuses on the importance of country factors, in addition to factor endowments, such as domestic demand and domestic rivalry in explaining a nation’s dominance in the production and export of particular products.

• new trade
• absolute advantage
• comparative advantage
• national competitive advantage

QUESTION 13

The theory of _____ makes a crude case forgovernment involvement in promoting exports and limiting imports.

• mercantilism
• free trade
• absolute advantage
• comparative advantage

QUESTION 14

By lowering production costs, _____ help domestic producers compete against foreign imports.

• tariffs
• duties
• quotas
• subsidies

QUESTION 15

In the United States, the only firms allowed to import cheese are certain trading companies, each of which is allocated the right to import a maximum number of pounds of cheese each year. Identify the trade restriction being imposed by the United States.

• Import quota
• Subsidy
• Ad valorem tariff
• Specific tariff

QUESTION 16

A quota rent is:

• a quota on trade imposed by the exporting country.
• levied as a fixed charge for each unit of a good imported.
• levied as a proportion of the value of the imported good.
• the extra profit producers make when supply is artificially limited by an import quota.