POST IBA301 Final Exam

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POST IBA301 FINAL EXAMQuestion 1Which 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 isshrinking due to advances in transportation and telecommunications.Barriers to cross-border trade and investment are declining.0.5 pointsQuestion 2Globalization has _____ the opportunities for a firm to expand its revenues by selling around theworld and _____ its costs by producing in nations where key inputs are cheap.reduced, reducedincreased, increasedincreased, reducedreduced, increased0.5 pointsQuestion 3Since the collapse of communism at the end of the 1980s, the erstwhile communist nations havetransformed their economies by encouraging all of the following except:privatizing state-owned enterprises.regulating markets.increasing competition.welcoming investment by foreign businesses.0.5 pointsQuestion 4Identify the incorrect statement concerning globalization.It has been blamed for unemployment in developed nations, environmental degradation and theAmericanization 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 wereprotected from foreign competition.According to most economists it is a very beneficial process where gains outweigh the losses bya wide margin.0.5 pointsQuestion 5

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In the U.S., _____ percent of firms that export are small companies employing fewer than 100people.907550300.5 pointsQuestion 6Interdependent political, economic, and legal systems of a country make up its:administrative agenda.socioeconomic fabric.economic environment.political economy.0.5 pointsQuestion 7_____ is consistent with the notion that an individual's right to do something may be restrictedbecause it runs counter to "the good of society" or"the common good."EntrepreneurshipCollectivismFree enterpriseCapitalism0.5 pointsQuestion 8According to _____, socialism can only be achieved through violent revolution.capitalistscommunistssocial democratsdemocrats0.5 pointsQuestion 9_____ is/are best defined as shared assumptions about how things ought to be.NormsValuesSocietyCulture0.5 points

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Question 10_____ are social conventions concerning things such as the appropriate dress code in a particularsituation, good social manners, eating with the correct utensils, neighborly behavior, and the like.ValuesBeliefsMoresFolkways0.5 pointsQuestion 11Mores 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.0.5 pointsQuestion 12The 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 anation's dominance in the production and export of particular products.new tradeabsolute advantagecomparative advantagenational competitive advantage0.5 pointsQuestion 13The theory of _____ makes a crude case for government involvement in promoting exports andlimiting imports.mercantilismfree tradeabsoluteadvantagecomparative advantage0.5 pointsQuestion 14By lowering production costs, _____ help domestic producers compete against foreign imports.tariffsduties

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