BUSI 303 Exam 1 (Version 2) Liberty University answers complete solutions, All Answers Correct!

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BUSI 303 Review Test Submission: Exam 1 • Question 1 Fons Trompenaar believed that cultures generally proved to be indistinguishable from one to the other. • Question ... 2 Nations have been pouring money into researching and developing new advanced technologies in an effort to stay competitive in the world market. • Question 3 A multinational corporation is one that delivers services in at least two countries. • Question 4 Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals. • Question 5 The beliefs of Judaism can be seen in the words of Moses Maimonides who was a Spanish Jew that condensed the beliefs into a concise thirteen Articles of Faith. • Question 6 Social responsibility is the discipline of dealing with what is good and bad as well as with moral duty and obligation. • Question 7 Foreign Direct Investment occurs when organizations become more involved in the global community by purchasing land or other resources in foreign nations. . • Question 8 The conclusion of World War II marked the beginning of the time period known as American Peace or Pax Americana. • Question 9 Proper business etiquette is of little concern to the business manager starting a new job in foreign place. • Question 10 If foreign ownership decreases faster than domestic ownership, then the country is said to have capital account surplus. • Question 11 The dissolution of the Council for Mutual Economic Assistance (CMEA) disrupted many supply chains was one reason why Russia did not adequately make the transition from a centrally planned to market economic system. • Question 12 The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances it supports maintaining trade barriers. • Question 13 The introduction of the Euro has significantly reduced the burdens previously associated with foreign currency exchange in the European nations. • Question 14 An economic policy whereby governments accumulate wealth in the form of gold bullion is referred to as mercantilism. • Question 15 Since 2000 the proportion of the largest economic entities that are corporations has fallen 20 percent. • Question 16 The current account, sometimes called the financial account, is the sum of every nation's gross income from trade in goods and services. • Question 17 Religion is an important influencer of cultures. • Question 18 The historical development of international trade and investment theory serves as a framework for understanding global trade patterns and the underlying reason for the growth of trade between nation. • Question 19 In the “Great Revelation,” Confucius revealed the step by step process by which one attains self-development. • Question 20 A mixed economy is an economic system that allows for the simultaneous operation of publicly and privately owned enterprises. • Question 21 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 better life. • Question 22 Geert Hofstede introduced the seven dimensions of culture. • Question 23 “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 24 A centrally planned economy most often refers to an economic system that is under comprehensive control and regulation by a government in accordance with the plan of economic development. • Question 25 Oral agreements imply strong commitments in high-context cultures. • Question 26 A high GNP score indicates that countries also score high on measures of welfare and life expectancy. • Question 27 A trade deficit occurs when a country is exporting more than it is importing. • Question 28 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 29 Verbal communication includes body language. • Question 30 Words have the same meaning across all languages. • Question 31 According to Smith’s theory of Absolute Advantage, any domestic resource that a nation can buy at a lower price than it would cost to produce domestically should be purchased and not produced. • Question 32 Market demographics provide answers to questions pertaining to who, what, why, and when and how for a specific group of people. • Question 33 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. • Question 34 The Industrial Revolution was characterized by a marked surge in manufacturing techniques that included mass assembly, electricity, and new forms of propulsion. • Question 35 Successful FDI decreases employment and the standard of living for nationals in the host country. • Question 36 The three primary types of global economic systems are centrally planned, market, and market growth. • Question 37 According to the new trade theory, certain industries should not be modeled using the perfect competition assumption. • Question 38 The foundational rules in the World Trade Organization (WTO), which originated in GATT, deals with the rules of trade between nations at a global or near-global level. . • Question 39 A tariff is a tax applied to a selected category of imports. • Question 40 Paul Krugman developed and published the International Product Life Cycle Theory in 1966. 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