Liberty University BUSI 303 Exam 1 Complete Solutions Correct Answers Key

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Liberty University BUSI 303Exam 1complete solutionscorrect answerskeyReligion is an important influencer of cultures.Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the HumanDevelopment Reports office.The dissolution of the Council for Mutual Economic Assistance (CMEA) disrupted many supply chains was one reason why Russia did notadequately make the transition from a centrally planned to market economic system.“Targeted Globalization” explains the phenomenon that the globalization of a product or service is more likely to succeed when that productor service is adapted specifically to each locality or culture to which it is marketed.Administrative delays impose waiting periods between the time when the quality of the product is determined and when a product canactually be sold in the market.The historical development of international trade and investment theory serves as a framework for understanding global tradepatterns andthe underlying reason for the growth of trade between nations.Globalization involves assimilation which is referred to as the blending and merging of various cultures.The WTO is not exclusively about lowering or reducing trade barriers but insome circumstances it supports maintaining trade barriers.Fons Trompenaar believed that cultures generally proved to be indistinguishable from one to the other.A high GNP score indicates that countries also score high on measures of welfare and life expectancy.The Export-Import Bank is the official export credit agency of the European UnionA centrally planned economy most often refers to an economic system that is under comprehensive control and regulation by a governmentin accordance with the plan of economic development.In the “Great Revelation,” Confucius revealed the step by step process by which one attains self-development.Subsidies are special privileges that governments provide to businesses in order to attract them to a region or to simply have the requiredfunds to operate successfully.Hofstede’s fifth dimension of national culture, Long-term Orientation, was derived from a values inventory suggested by Asian researchersand is reminiscent of the teachings of Confucius.Amultinational corporation is one that delivers services in at least two countries.Verbal communication includes body language.Globalization is a relatively new paradigm.The conclusion of World War II marked the beginning of the time period known as American Peace or Pax Americana.Muslims are legally required to give one-fortieth of their income to the needy.Geert Hofstede introduced the seven dimensions of culture.Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry proveadvantageous.One positive aspect of collectivism is that the differences among individuals are emphasized.Horizontal integration occurs when a firm expands its business into different products that are not similar to current lines.The WTO has endorsed attempts by various organizations to develop legal standards with a special emphasis on corporate and financialinstitution laws.The Industrial Revolution was characterized by a marked surge in manufacturing techniques that included mass assembly, electricity, andnew forms of propulsion.Successful FDI decreases employment and the standard of living for nationals in the host country.Four distinct areas relate to verbal communication are jargon and slang, dialects, humor, and vocabulary and grammar.The introduction of the Euro has significantly reduced the burdens previously associated with foreign currency exchange in the Europeannations.NAFTA is a major contributor to continental trade growth between Canada and Mexico by reducing trade tariffs and restrictionsimposed byforeign entities.Gross Domestic Product (GDP) is the total market value of all the goods and services produced by a nation during a specifiedperiod.An ethnocentric multinational corporation (MNC) very carefully considers the cultures of the countries that it operates in when makingbusiness decisions.Oral agreements imply strong commitments in high-context cultures.If foreign ownership decreases faster than domestic ownership, then the country is said to have capital account surplus.Since 2000 the proportion of the largest economic entities that are corporations has fallen 20 percent.The Magna Carta Libertatum charter is sometimes credited with stimulating the growth of free trade during the middle ages.Ownership risk is defined by the Bank for International Settlement (BIS) as, “the risk of loss resulting from inadequate or failed internalprocess, people and systems or from external events”.A competitive advantage occurs when a nation is able to produce more output than any other nation.John Locke first proposed the theory of absolute advantage in 1776.Words have the same meaning across all languages.The impact of barriers to foreign investment led countries to form independentorganization known as the World Trade Organization (WTO).The tree primary types of global economic systems are centrally planned economy, market economy and market growth economy.Religion is an important factor in culture around the world.Education and experience are both necessary components in handling the complex tasks of managing a global business.The introduction of the Euro has significantly reduced the burdens previously associated with foreign currency.The individualism dimension speaks to the extent that people place their own needs and their family above everyone else.Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals.A tariff is a tax applied to selected categories of imports.Competitive advantage occurs when a nation is able to produce more of an output than any other nation.The difference between civil law and common law is grounded in the methodological approach to codes and statutes.One of the major strengths of the U.S. economic model is the "competition is good" ideology.The Export-Import Bank is the official export credit agency of the European Union.Globalization involves the blending and merging of various cultures. Therefore, this involvement is known as assimilation.The conclusion of the World War II marked the beginning of the time period known as American Peace-Pax Americana.Local content requirements place restrictions on domestic business that can hinder imports from reaching a nation, or being purchased on thedomestic market.

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"Targeted Globalization" explains the phenomenon that the globalization of a product or service is more likely to succeed when the productor service is adapted specifically to each locality or culture to which it is marketed.Labor and production cost are typically lower in less developed nations creating a continual pull for international corporations.A mixed economy is an economic system that allows for the simultaneous operation of publicly and privately owned enterprises.Certain industries should not be modeled using the perfect competition assumption according to the new trade theory.The World Trade Organization (WTO), deals with the rules of trade between nations at a global or near-global level. The foundation for therules in the WTO originated in the GATT.An economic policy whereby governments accumulate wealth in the form of gold bouillon is mercantilism.The Foreign Corrupt Practices Act of 1977 makes it illegal to influence foreign officials through person payment.Nations have been pouring money into researching and developing new advanced technologies in an effort to stay competitive inthe worldmarket.The current account, sometimes called the financial account, is the sum of every nation's gross income from trade in goods and services.Ethics is doing what feels good regardless of moral duty and obligation.Geert Hofstede introduced the seven dimensions of Culture.Low context communication is effective in most of the USA.The global manager must work to understand the cultures in which he or she does business.Proper business etiquette is of little concern to the business manager starting a new job in a foreign place.The American model has kept unemployment high, increased prices, and creased anenvironment that fosters change in how the economyfunctions.Corruption does not concern governments and is solely a business issue.Outsourcing production to foreign firms makes it possible for the domestic firm to maximize production and efficiency; however, it resultsin higher product prices for the consumer.International trade serves as the foundation for the new global economy.A trade deficit occurs when a country is exporting more than it is importing.Click“Solutions”to find more stuff from Liberty University

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Question 12.5 out of 2.5 pointsReligion is an important influencer of cultures.SelectedAnswer:TrueQuestion 22.5 out of 2.5 pointsDeveloping nations typically have a Human Development Index (HDI) of less than 0.3according to the Human Development Reports office.SelectedAnswer:FalseQuestion 32.5out of 2.5 pointsThe dissolution of the Council for MutualEconomic Assistance (CMEA) disrupted manysupply chains was one reason why Russia did not adequately make the transition from acentrally planned to market economic system.SelectedAnswer:TrueQuestion 42.5 out of 2.5 points“Targeted Globalization” explains the phenomenon that the globalization of a product orservice is more likely to succeed when that product or service is adapted specifically toeach locality or culture to which it is marketed.SelectedAnswer:FalseQuestion 52.5 out of 2.5 pointsAdministrative delays impose waiting periods between the time when the quality of theproduct is determined and when a product can actually be sold in the market.SelectedAnswer:TrueQuestion 62.5out of 2.5 pointsThe historical development of international trade and investment theory serves as aframework for understanding global trade patterns and the underlying reason for thegrowth of trade between nations.SelectedAnswer:TrueQuestion 72.5 out of 2.5 pointsGlobalization involves assimilation which is referred to as the blending and merging ofvarious cultures.SelectedAnswer:FalseQuestion 82.5 out of 2.5 pointsThe WTO is not exclusively aboutlowering or reducing trade barriers but in somecircumstances it supports maintaining trade barriers.SelectedAnswer:True

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