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WGU D080 Exam Questions with correct Answers
Sure Start is starting a new division for rechargeable batteries in different parts of the world. What was the globalization driver of this decision? - AN... [Show More] SWER-Competition drivers are about entering new markets to beat competitors. Sure Start has identified a market that does not have a lot of competition since it is a fairly new market. Which type of globalization is represented by Sure Start expanding into South America, Europe, and Asia? - ANSWER-Economic globalization is the globalization of production, sales, and finance activities in international markets around the world. Which antiglobalization argument could lead to Sure Start continuing to maintain its current factories instead of moving them to Asia? - ANSWER-Labor in Asia can be cheaper than in NC, and critics argue that outsourcing manufacturing could lead to job loss in the home country. Which action should the U.S. government take to encourage Sure Start to keep electric battery production in the country? - ANSWER-Imposing tariffs on batteries made in Vietnam will make them more expensive. Which economic system facilitates the global expansion of Sure Start? - ANSWER-The law of supply and demand applies to the market economy, and the goods are privately owned. Government interference is minimum. Which type of risk will a company reduce if they offer a warranty to the purchasers of the battery in case of failure? - ANSWER-Offering a warranty protects the company from the legal risk of a product not performing to standard. Which aspect of the International Monetary Fund (IMF) will assist the newly elected leader in paying the deficit in U.S. dollars, if agreed on by both countries? - ANSWER-The IMF's purpose is to provide a way for countries to easily exchange money, provide financial help to its members, and supervise international economic policies. Which critical distinction should Country A make when choosing between the World Bank and the International Monetary Fund (IMF) to improve the country's highways? - ANSWER-The World Bank is directly associated with this type of development project. Which benefit to the newly-elected leader in Country A stems from using the World Bank to meet a campaign promise? - ANSWER-The World Bank provides funds through low interest or interest-free loans, grants, and credits to help the country develop its infrastructure. Why should the newly-elected leader of Country A be careful when working with the World Bank to eliminate the nation's trade deficit? - ANSWER-Because of the voting power highly-developed countries have on World Bank policies Why should the newly-elected leader of Country A use the World Trade Organization (WTO) to form favorable trade agreements? - ANSWER-To receive help building international exchange capacity. One of the functions of the WTO is to help developing countries build trade and international exchange capacity so they can have a presence in the international markets. Which situation describes how Sure Start is applying the absolute advantage theory? Adding an office in the South American market to help manage the business throughout the continent Expanding into Europe and Asia to supply batteries to electric car manufacturers in those markets Moving production of the batteries used in electric cars to Vietnam where labor is less expensive Establishing a European headquarters in Germany and moving key leaders to that country - ANSWER-The absolute advantage theory states that a country that can produce a product cheaper or faster than another country should focus on that advantage. Moving production of the batteries used in electric cars from the United States to Vietnam where labor is less expensive applies the absolute advantage theory. Which benefit will Sure Start gain from opening the factory in Vietnam? They will achieve economies of scale in the production of rechargeable batteries. It will allow them to move to the production of electric cars in the near future. The U.S. government will give them subsidies for producing in Vietnam. The move will allow them to be fully integrated in production of rechargeable batteries. - ANSWER-Because the factory in Vietnam will only produce rechargeable batteries, the company will be able to benefit from minimized production costs associated with lower labor and dedicated manufacturing operations as they scale up to mass production. Which action of Sure Start represents the application of the global strategic rivalry theory? Launching a new research division to focus on a rechargeable battery for use in electric cars Adding an office in the South American market to help manage the business throughout the continent Maintaining production with no investment in batteries for use in traditional vehicles Expanding into Europe and Asia to supply batteries to electric car manufacturers in those markets - ANSWER-Global strategic rivalry theory is about how multinational companies need to gain a competitive advantage against other multinational companies in their industry through activities such as research and development. What will be the effect of the German trade policy on Sure Start's rechargeable batteries in the first year? Sales to German automakers will increase. Sure Start's profit for rechargeable batteries sold in Germany would increase. If the German automakers meet the requirement, there will be no impact. Sure Start will increase prices to German automakers. - ANSWER-As long as German automakers meet the requirement that 75% of parts are produced domestically, there would be no impact to Sure Start's rechargeable battery imports. If the German automakers are unable to meet the requirement, the automakers will pay tariffs. What impact will the German Transportation Agency's decision to halt imports of rechargeable batteries have on Sure Start in that country? It could decrease the cost of sales in Germany. It could decrease competitive intensity. It could prevent future sales and operations. It could restrict U.S. automobile imports. - ANSWER-The agency is deciding if it should halt imports of rechargeable batteries until the exact cause is determined. This could affect Sure Start's ability to establish manufacturing in the country. If the batteries are the cause of the fires, this could prevent Sure Start from selling in Germany. What is one option for the Chinese company to make a foreign direct investment (FDI)? - ANSWER-Create a joint venture with a furniture company in Indonesia. A joint venture with a foreign company is an option for making a foreign direct investment. What is a benefit for making a foreign direct investment (FDI)? - ANSWER-The country chosen by the Chinese company will increase jobs for local people. A benefit of foreign direct investment is an increase in jobs for the country where the investment is made. Which advantage will the company gain over other Chinese furniture companies if it becomes a multinational business through foreign direct investment? - ANSWER-It will be able to avoid the tariffs that host countries have placed on furniture imports. Because the U.S. has placed tariffs on furniture produced in China, moving production to another country that has lower tariffs or that is tariff free will benefit the company. Which stage of regional economic integration is represented by the North American Free Trade Agreement (NAFTA) that benefits the U.S. furniture company's production of covers in Mexico? - ANSWER-Trade bloc. NAFTA is an example of a trade bloc in which members reduce or remove all trade barriers between themselves, but can have trade barriers with nonmembers. What is a drawback of the U.S. furniture company having its cut and sew operation in Mexico? - ANSWER-The U.S. company may forgo trade with another company producing covers for less because they are not part of NAFTA. This drawback can lead to doing business with more expensive producers. Which economic benefit will result in the company's decision to move operations to the U.S. or Mexico? - ANSWER-Eliminating tariffs and duties. If the Chinese company moved its operations to the U.S. or Mexico, it would result in the elimination of tariffs and duties due to the NAFTA regional integration and trading agreement that reduces trade barriers between those nations. How will the Chinese company recognize that the currency exchange environment is favorable for establishing U.S. operations? - ANSWER-The dollar is stronger than Chinese currency. A stronger U.S. dollar would mean that the Chinese company would receive more of its own currency in the exchange market, which would indicate that the market for the Chinese furniture in the U.S. would be more profitable and more favorable. What effect does a command economy have on the process of globalization? - ANSWER-The government is less flexible, so the globalization process is stopped. A command economy results in a less flexible economy, so the globalization is halted. There is no market force to drive globalization forward. A company is conducting a legal risk analysis for a country that has a civil law system. Which statement accurately characterizes this legal system? - ANSWER-It is based on a detailed set of laws that form a code. The civil legal system is based on a set of laws that form a code and it is based on how the law is applied to the facts. Which fact should a company opening its operations in the U.S. state of Louisiana note? - ANSWER-The state has a mixed law system. The state of Louisiana follows a mix of both the civil and common law system, whereas the U.S. on the whole follows a common law system. Which core principle of the World Trade Organization supports equality among member nations and helps fight discrimination among them? - ANSWER-Most-favored-nation (MFN) status This principle states that countries must trade without discrimination for other countries. A car manufacturer purchases raw materials from Country A, manufactures the product in Country B, and has a sales force in Country C. Which term reflects this production process that international agreements now enable? - ANSWER-Value chain The value chain is the term for the process that describes how the inputs create the outputs of an organization. Countries A and B participate in trade agreements that allow free trade among participant countries. However, Country A imposed quotas on several imported products to protect its domestic products. What is the effect, if any, on the domestic prices of these products? - ANSWER-Increases Restriction can serve to increase the domestic prices of the same products. How do governments help companies offset the cost of manufacturing domestically? - ANSWER-Subsidies Subsidies are monies given to industry to keep prices competitive on a global level. A business invests in an assembly plant located near a port in a foreign country. The business will import parts and raw materials for final assembly as a finished product, then export these products for international sales. The business receives tax incentives. What is the name for the geographic area where these products are assembled? - ANSWER-Export processing zones (EPZs) Export processing zones are distinct geographic areas usually located near a port, where parts are imported for final assembly into a finished product that is then exported back out of the country. Based on local governmental regulations, such investments usually are provided a tax incentive. A multinational corporation has manufacturing facilities in many Asian countries due to cheaper labor. Which strategy is the corporation using? - ANSWER-Acquisition of resources Resource acquisition will offer more capital, access to raw materials, and technology. A firm in Country A exports products to Country B. The currency in Country B is strong relative to the currency in Country A. What does this mean for the firm? - ANSWER-More valuable export sales When the currency from the point of sale in Country B is converted into the currency of Country A, it will buy more of that currency. Which organizational structure is used by global firms and allows employees to share information more readily across assignment boundaries? - ANSWER-Matrix A multinational corporation (MNC) headquartered in Belgium makes and sells dark chocolate truffles in its own branded retail stores in Paris, Geneva, and London. What is a result of using this international business strategy? - ANSWER-Product design efficiencies The MNC headquartered in Belgium makes and sells one product in its own branded retail stores. The MNC will be able to achieve product design efficiencies because it is only selling one product and can create economies of scale. A company is thinking about including online shopping to improve its ability to reach global markets. It is closely examining the challenges associated with using these web strategies before adopting the new process. Which challenge is associated with this change? - ANSWER-Communication barriers with global audiences Reaching more people in global markets will cause challenges in communication with diverse global audiences, especially if the local language and images must change with each country. A company desires to scale its international business by taking over established organizations in the intended markets. Which strategy will allow this process to occur quickly? - ANSWER-Acquisition The chief executive officer (CEO) of a company wants to expand into the global market and has considered the costs and benefits of a variety of business strategies that would enable this goal, including direct foreign investment. After careful analysis, the CEO recommends licensing local distributors as the best option for the company to achieve this expansion. What is an advantage of using this approach? - ANSWER-Lower financial risk A company is reviewing the advantages and disadvantages of using mass production and packaging for products in large quantities. Which outcome will result if this approach is used? - ANSWER-Reduce marketing costs while leveraging power and scope A few employees in a company are newly assigned to work in China to plan effective social media campaigns. What should the employees know about media in China? - ANSWER-Sites are controlled by Chinese companies. A major global technology company headquartered in France assigns a promising plant manager from its India operations to head a manufacturing plant in the United States. What is an advantage for the company of this workforce management approach? - ANSWER-Increases cooperation and coordination across the company Which national cultural dimension in global business refers to how a culture ranks on values of assertiveness and materialism? - ANSWER-Masculinity Which national cultural dimension in global business refers to the degree of freedom that societal standards give to people in satisfying their needs? - ANSWER-Indulgence An international company has employees with complementary skill sets work together toward a mutual goal. What is the organizational structure of this company? - ANSWER-Teams Which departmentalization is based on the primary roles performed within an organizational unit, such as marketing, finance, production, and sales? - ANSWER-Functional A business has decided to engage in foreign direct investment (FDI). Which reason should influence the business to take this step? - ANSWER-To take advantage of lower costs in the host country A chief executive officer (CEO) wants to grow the company by investing in foreign countries. The CEO is considering multiple entry strategies to accomplish this objective but has concerns about growth in foreign markets, especially the costs, risks, and entry time. The CEO decides to eliminate any entry strategy that fails to control these factors. Which strategy should the CEO eliminate? - ANSWER-Greenfield venture A company desires to scale its international business by taking over established organizations in the intended markets. Which strategy will allow this process to occur quickly? - ANSWER-Acquisition A company looks to capture foreign markets in mature economies where the total goods and services provided in a one-year period is high. Which type of information is the company including in its strategy prior to entering the foreign markets? - ANSWER-Gross domestic product How is global business marketing affected by cultural dimensions? - ANSWER-Through consumer preferences A few employees in a company are newly assigned to work in China to plan effective social media campaigns. What should the employees know about media in China? - ANSWER-Sites are controlled by Chinese companies. [Show Less]
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WGU D080 COMPLETED Exam Questions and Answers
What is globalization? - ANSWER-When international integration arises from the interchange of world views, products, ideas and cultures. What are busine... [Show More] ss opportunities that are presented by globalization? - ANSWER-Trade, transactions, capital and investment movements. The migration and movement of people and the dissemination of knowledge. Culture effects of globalization - ANSWER-Ideas, meanings, values. Decreased uniqueness by once isolated communities. Political effects of globalization - ANSWER-Reduces importance of nation states Economic effects of globalization - ANSWER-International movement of goods, capital, services and technology and information. What are arguments for globalization? - ANSWER-Access to broader market, gains access to cheap labor. What are arguments against globalization? - ANSWER-Needs to understand foreign legal and political policies. Market entry (Five stages of entering a global market) - ANSWER-Companies enter new country's using business models similar to the ones in home market. Production Specialization (Five stages of entering a global market) - ANSWER-Companies transfer the full production process of a product to a single location. Value Chain Desegregation (Five stages of entering a global market) - ANSWER-Desegregating the the production process and focus on completing each activity in a better location. (different areas) Value Chain Reengineering (Five stages of entering a global market) - ANSWER-Companies seek to further increase their cost savings by reengineering their production process. Creation of New Markets (Five stages of entering a global market) - ANSWER-Allows companies to lower their sticker prices in both new and old markets. Cost Driver (4 drivers of globalization) - ANSWER-Refers to product development, manufacturing, and sourcing. Competitive Driver (4 drivers of globalization) - ANSWER-New markets, increased level of trade. Market Driver (4 drivers of globalization) - ANSWER-Customer needs. Preferences vary by product. Government Driver (4 drivers of globalization) - ANSWER-Absence or presence of trade policies, technical standards, policies and regulations. Economies of Scale - ANSWER-Refers to the concept that the unit cost to produce a product will decline as the variety increases. Benefits of Global Expansion - ANSWER-More array of products, services technologies, medicines, and knowledge Increased sales and exchanges Growth rate in GDP MNC's Benefits of Global Expansion - ANSWER-Unsaturated demand for new product Lower labor costs Less expensive natural resources Higher revenue or lower structure cost MNC's Cost of Global Expansion - ANSWER-Ethical business practice (labor, safety, environment) Organizational structure (incorporating new regions to the value chain) Public relations Leadership Legal and regulatory structure C (CAGE) - ANSWER-Culture. Shared beliefs, practices, norms. A (CAGE) - ANSWER-Administration. Similar country's trade with each other G (CAGE) - ANSWER-Geography. Location E (CAGE) - ANSWER-Economic. Socioeconomic and demiographic World is flat - ANSWER-events that made the world smaller. Monarchy - ANSWER-A single person ruling until death. (Britain) Oligarchy - ANSWER-Small elite group holds power. (Russia) Dictatorship - ANSWER-One person rules (Hitler) Democracy - ANSWER-Citizens organize political parties. (USA) Traditional Economy - ANSWER-Centers around family (hunt gather & nomadic societies) Relies on bartering Members produce what they need not no surplus Benefits: No friction between members Disadvantages: Mercy of climate Low standard of living Ex: Hati Command Economy - ANSWER-Devoted to goals passed down from a ruler. Resources and business are owned by the government. Communist societies. Venuzela Market Economy - ANSWER-Decentralized economy. Leaders make decisions on consumer demands. Regulates balance between supply and demand. Mixed Economy - ANSWER-Too much government involvement. Protects private property. Supply and demand. Mix of market and command economy. Religious Law - ANSWER-Theocratic law based on religious guidelines. Civil Law - ANSWER-Judge investigates. (Europe, Central America, South America) Common Law - ANSWER-Judicial rulings, judge acts as moderator. (USA) IMF (International Monetary Fund) - ANSWER-Financing to members in economic difficulties to achieve macroeconomic stability and reduce poverty. World Bank - ANSWER-Encourages developing countries to borrow for development projects. WTO (World Trade Organization) - ANSWER-Regulation of trade between nations. IMF Criticism - ANSWER-Requires borrower to fix financial problems to get financing. USA over represents. Helps developed countries more. Environmental WTO Criticisms - ANSWER-Protects developed countries more. World Bank Critisms - ANSWER-Privation of healthcare. US and Europe have too much control. Mercantilism Trade Theory - ANSWER-Country's wealth is based by the amount of gold and silver holdings. Import & Export Trade Theory - ANSWER-Import: Goods coming into a country. Export: Goods coming out of a country. Neo-mercantilism - ANSWER-Favors exports, discourages imports. (China) Absolute Advantage - ANSWER-Ability of a country to produce goods more efficiently than another nation. Comparative Advantage - ANSWER-Ability to produce a good or service at lowest opportunity cost. H-O Theory - ANSWER-How a country could gain comparative advantage by producing products that were in abundance in the country. Country Similarity Theory - ANSWER-The theory that a company will seek to exploit opportunities in those countries most similar to its home country because of the perceived need to make fewer operating adjustments Global Strategic Rivalry Theory - ANSWER-MNC and their efforts to gain a competitive advantage. Import Tariff - ANSWER-Taxes on goods imported into a country. Export Tariff - ANSWER-Taxes on goods leaving a country. Protective Tariff - ANSWER-Tariffs levied to reduce imports of a product and protect domestic industries. Revenue Tariff - ANSWER-Raise revenue for government Specific Tariff - ANSWER-Flat rate on each item imported Ad Valorem Tariff - ANSWER-A Tariff based on a percentage of the price of a good. Compound Tariff - ANSWER-a combination of an ad valorem and a specific tariff Absolute Quota - ANSWER-limits the amount of a good allowed into the country to some specific quantity Tariff Rate Quota - ANSWER-limit on goods exported to a country, once limit is hit a fee applies VER (voluntary export restraint) - ANSWER-trade barrier that limits the number of goods exported to a particular country Managed trade - ANSWER-Agreement sometimes temporary between countries to achieve certain trade outcomes. Free trade agreement - ANSWER-Agreement between nations to reduce barriers to imports and exports. (little or no tariffs, quotas, subsidies) Dumping - ANSWER-Selling goods in another country below market prices Sanctions/Notational Security - ANSWER-Political way of managing international trade. portfolio investment - ANSWER-investment in another country with no intent to manage or control FDI investment - ANSWER-foreign investment with intent to manage or control FDI Cost - ANSWER-foreign ownership, job losses to host county, reduction of culture. FDI restrictions - ANSWER-Owner restrictions, home country can increase taxes and sanctions. FDI benefits - ANSWER-financial incentives, provide insurance and tax breaks. Greenfield FDI - ANSWER-MNC builds new factory in developing country. Brownfield FDI - ANSWER-Purchase or lease of existing facilities to launch new product activity. Regional Economic Integration - ANSWER-helps country focus on issues that are relevant to their stage of development Free Trade area (5 Stages of regional integration) - ANSWER-members remove all barriers to trade (tariffs, quotas, nontariff barriers) Customs Union (5 Stages of regional integration) - ANSWER-All members of the economic integration will use the same external tariff with non member countries. EX: MERCOSUR Common Market (5 Stages of regional integration) - ANSWER-In member country's workers do not need a visa or work permit. Economic Union (5 Stages of regional integration) - ANSWER-Economic agreement, removing trade barriers and adopting common economic policies. Political Union(5 Stages of regional integration) - ANSWER-When member countries behave as a single country. Benefits of regional economic int - ANSWER-Trade agreements create more opportunities by removing barriers Growth rates in developing countries Expands job opportunities USMCA - ANSWER-Automobiles must have 75% of their components manufactured in US, Canada, and Mexico Labor provisions for wages state 40-45% of automobile parts must be made by workers making 16$ an hour by 2023 Floating exchange rate - ANSWER-Currency value is allowed to fluctuate according to supply and demand Fixed exchange rate (pegged) - ANSWER-governments try to maintain a constant currency value against a specific currency or good Crawling bands - ANSWER-bands adjusted periodically by the countrys central bank Pegged with horizontal bands - ANSWER-fluctuates within a larger band of greater than 1% currency's value Monopoly - ANSWER-Market where there are many buyers but only one seller. Example: Apple Antitrust laws in USA - ANSWER-Limits the power of price controlling cartels Paris Agreement - ANSWER-Climate agreement Kyoto Protocol - ANSWER-Treaty to reduce greenhouse gas emissions UCC - ANSWER-Governs contractural transaction with goods and tangible object WIPO (World Intellectual Property Organization) - ANSWER-United nations implements global policies related to intellectual property Sabrones Oxely Act - ANSWER-Protects investors by making corporate disclosures more reliable and accurate CSR - ANSWER-Ethical role of a corporation in society Culture effects on ethics - ANSWER-Social norms are not identical in different countries Internal control - ANSWER-system that accurately maintains material statements Irregularities - ANSWER-Intentional misrepresentation of accounting data with the aim to defraud Discrepancies - ANSWER-Accounting errors that are not intentional Functional Departmentalization (Structure) - ANSWER-Organizes company business by functions (BEST) Product Departmentalization (Structure) - ANSWER-Organized company business by product Market Departmentalization (Structure) - ANSWER-Organized by type of customer served Geographic Departmentalization (Structure) - ANSWER-Organized by geographics Matrix Structure (Structure) - ANSWER-Popular in high tech firms. Combines functional and product, creates special teams. Team Structure - ANSWER-People with complementary skills working together for common purpose Tall Stucture - ANSWER-several layers of management Flat structure - ANSWER-only a few layers of structure Centralization - ANSWER-upper management handles issues Decentralization - ANSWER-Lower level employ [Show Less]
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WGU D080 UNIT 2 - Study Guide Questions (GLOBAL) with correct Answers
What is globalization? - ANSWER-the growing global economic, cultural, and political integration and interaction what business opportunities are present... [Show More] ed by globalization? - ANSWER-economic growth, spread of technology and innovation, lower cost of products, access to new markets what are the economic effects of globalization? - ANSWER-reduces cost of manufacturing, consumers have a wider variety of goods what are the political effects of globalization? - ANSWER-reduced importance of nation-state governments (global institutions often replace or extend national functions to facilitate international agreement) what are the cultural effects of globalization? - ANSWER-increased cross-cultural contacts, decrease in the uniqueness of once-isolated communities, global domination of American culture, erasure of other cultures what are some favorable arguments for globalization? - ANSWER-spread of technology and innovation, lowered rates of poverty in developing nations what are some arguments AGAINST globalization? - ANSWER-unemployment due to jobs moving overseas for lower production costs, significant increases in inequality between business owners and common people in developed nations what are the different forms of international business? - ANSWER-1. organizations (any company, large or small) 2. governmental organizations (embassies, consulates, NAFTA, etc.) 3. NGO's (non-governmental organizations such as non-profits and volunteer organizations - UNICEF, Greenpeace, World Wildlife Fund) what is the first stage of entering a global market? - ANSWER-market entry - companies enter new countries using business models similar to the ones deployed in their home markets. what is the second stage of entering a global market? - ANSWER-(product specialization), companies transfer the full production process of a particular product to a single, low-cost location and export the goods to various consumer markets. what is the third stage of entering a global market? - ANSWER-(value chain dis-aggregation) - companies separate the production process and focus on completing each activity in the most advantageous location. (a single product might be manufactured in several different places and assembled into final products elsewhere.) what is the fourth stage of entering a global market? - ANSWER-(value chain re-engineering) - increase cost savings by redesigning processes to suit local market conditions by substituting lower cost labor for capital. what is the fifth (and final) stage of entering a global market? - ANSWER-(creation of new markets) - market expansion (allows companies to substantially lower their sticker prices in both old and new markets and to expand demand.) what are the four drivers of globalization? - ANSWER-market, cost, competition, government how does market drive globalization? - ANSWER-As customers in different parts of the world increasingly demand similar products and services, opportunities for scale arise through the marketing of somewhat standardized offerings. (example: technology products are relatively the same no matter what location - but soft drinks may vary depending on region or culture.) how does cost drive globalization? - ANSWER-efficiency and costs vary from country to country and global firms can take advantage of this fact; opportunity to build global scale economies and the high product development costs how does competition drive globalization? - ANSWER-High levels of trade, competitive diversity, and interdependence increase the potential for industry globalization how does government drive globalization? - ANSWER-the presence or absence of favorable trade policies, technical standards, policies and regulations, and government-operated or subsidized competitors or customers what is the difference between the world is flat view and the CAGE analysis? - ANSWER-The world is flat view is a metaphor for the playing field being flattened with an increasingly globalized community, with competitors having equal opportunities. The CAGE analysis sees Culture, Administration, Geography, and Economics as barriers to global activity. how does (G)geography act as a barrier, according to the CA(G)E analysis? - ANSWER-as distance goes up, trade goes down what are some (C)cultural barriers, according to the (C)AGE analysis? - ANSWER-language, norms, national or ethnic identity, levels of trust, tolerance, respect for entrepreneurship and social networks, or other country-specific qualities how does (A)administration create trade barriers, according to the C(A)GE analysis? - ANSWER-the greater the administrative differences (laws, regulations, institutions, and policies) between nations, the more difficult the trading relationship is to acquire what are some of the (E) economic barriers, according to the CAG(E) analysis? - ANSWER-differences between the countries relating to income, the purchasing power of the target market, distribution of wealth, and disposable income levels what are the benefits of global expansion from MNC's perspective? - ANSWER-multinational companies claim that global expansion spreads liberty and capitalism, makes companies more competitive, and lowers prices for consumers what are some of the costs (disadvantages) of global expansion? - ANSWER-weakening cultural values, power to influence governments, deregulation of climate change and pollution standards, increasing unemployment and inequality in developed nations due to outsourcing for lower production costs what is the type of government where a monarch has unmitigated power? - ANSWER-absolute monarchy (example: Oman) what type of government has a sovereign that either exercises authority in accordance with a written or unwritten constitution, or acts as a figurehead without making open political decisions? - ANSWER-constitutional monarchy (example: United Kingdom) what type of government has a small, elite group that ascends to positions of power because of military might, economic power, or similar circumstances? - ANSWER-oligarchy (example: There is a general agreement that Russia is an oligarchy because after the fall of communism, groups of business owners captured control of the nation's natural resources and have used the opportunity to expand their wealth and political influence.) what type of government is held by a single person (or a very small group of people) who wields complete and absolute authority over a government and population? - ANSWER-dictatorship (example: North Korea) (A totalitarian dictatorship is more strict and attempts to control all aspects of its subjects' lives.) what type of government strives to provide all citizens an equal voice, or vote, in determining state policy, regardless of their socioeconomic status? - ANSWER-democracy (example: USA) what is the distinct difference between authoritarianism and totalitarianism? - ANSWER-ideology. Authoritarian governments centralize all control in the hands of one strong leader or a strong small group of leaders Totalitarianism occurs when an authoritarian leadership is motivated by a distinct ideology, such as communism. what is the most common form of government around the world today? - ANSWER-democracy what type of political system promotes a society in which all property is owned by everyone, private property doesn't exist, and the government controls the entire economy? - ANSWER-communism When developing an economic system, what three questions must be answered? - ANSWER-What to produce? How to produce it? Who gets it? what form of economy uses archaic methods of trade and exchange that are passed through generations, with little economic evolution or growth? - ANSWER-traditional economy (example: Haiti—subsistence farming is widespread, and they rely on wood) what is one advantage of a traditional economy? - ANSWER-All members understand their position in society and what they are expected to contribute. what is one disadvantage of a traditional economy? - ANSWER-There is a lower standard of living. what type of economic system is devoted to goals passed down from a ruler or a ruling class? - ANSWER-command economy (example: ancient Egyptians building pyramids for pharaohs) what is one disadvantage of a command economy? - ANSWER-Following the rules, not innovation, is rewarded. In which type of economic system are goods and services are produced and distributed according to the rules of supply and demand? - ANSWER-market economy what is one advantage of a market economy? - ANSWER-Consumers pay for the things they want the most, and businesses produce the goods and services that will earn them a profit. what is one disadvantage of a market economy? - ANSWER-There is a significant divide between the privileged and the underprivileged. Society must choose how to balance self-interest and protect the vulnerable. what type of economy borrows characteristics from different economic systems to bring about balance? - ANSWER-mixed economies (mixed economies minimize the disadvantages of a market economy by having a more significant role for government intervention. This provides services such as public schools, mail systems, libraries, and banks.) which economic system adherents believe that the means of making, moving, and trading wealth should be owned or controlled by the workers? - ANSWER-socialists (socialism also argues for redistribution of wealth through tax and spending policies that aim to reduce economic inequalities, and want social security plans in which workers contribute to a mandatory public insurance program.) what economic system advocates for minimum wages, employment protections, and trade union recognition rights for the benefit of workers? - ANSWER-socialism what is a theoretical benefit of socialism? - ANSWER-Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes. Those who suffer from illnesses or who are too old to work are still provided for and valued by the government. what is a theoretical disadvantage of socialism? - ANSWER-People lose the initiative to work and the enthusiasm to study because doing more is not rewarded. which economic system is based on private ownership of the means of production and on the creation of goods or services for profit by privately owned business enterprises? - ANSWER-capitalism what is a theoretical benefit of capitalism? - ANSWER-Prices are kept low by competition. what is a theoretical disadvantage of capitalism? - ANSWER-Without any regulations, companies have significantly increased outsourcing of jobs to foreign countries for lower production costs, and subsequently caused unemployment rates to rise steadily in their home countries. Which type of law system is based on a code and focuses on how the law is applied to the facts? - ANSWER-civil (The civil law system is an inquisitorial system where the judge investigates the facts of the case.) Which law is based on tradition and precedent given that judicial rulings can stand as precedents for future cases? - ANSWER-common In common law systems, judges hear arguments from both parties and make a judgment. This judgment stands as precedent for future cases. Which law system can vary from community to community and is found in countries without strong formal justice systems? - ANSWER-customary This is generally found at the tribal or local level, is based on longstanding local customs, and is often transmitted orally. In which law system does a judge decide the applicable law for the case as a jury determines the facts? - ANSWER-common what is the form of international money, created by the International Monetary Fund, defined as a weighted average of various convertible currencies? - ANSWER-special drawing rights (SDR) what international organization promotes global economic growth and financial stability, encourages international trade, and reduces poverty? - ANSWER-International Monetary Fund (imf) Which activity of the International Monetary Fund (IMF) impacts policy-making? - ANSWER-The IMF is owned and directed by the governments of the member nations. What is a characteristic of the International Monetary Fund (IMF)? - ANSWER-The IMF is cooperative institution and is similar to a credit union for all member nations. What was the initial purpose of the International Monetary Fund (IMF) in phase one, prior to 1973? - ANSWER-The initial purpose of the IMF was to regulate currency exchange between nations. what are some criticisms of the IMF? - ANSWER-IMF remedies are not adequately tailored to each country's unique circumstances. These standard, austere (stern) loan conditions reduce economic growth and deepen and prolong financial crises, creating severe hardships for the poorest people in borrowing countries and strengthening local opposition to the IMF. How does the International Monetary Fund (IMF) impact international organizations and governments? - ANSWER-It reduces funding for social programs. (The conditions put on the IMF loan require the recipient country to have a policy of austerity (stern quality). This policy usually results in a cut in funding for social programs.) What is a common name for the International Bank for Reconstruction and Development? - ANSWER-World Bank is the common name for the International Bank for Reconstruction and Development. What was the first loan that the World Bank made after the end of World War II? - ANSWER-The first loan made by the World Bank after World War II was used to rebuild the infrastructure of France. Which criticism is associated with the World Bank? - ANSWER-The developed countries of U.S. and Europe have too much control over its decisions. Which criticism is made about the World Bank? - ANSWER-One of the criticisms of the World Bank is it does not consider how funding projects will affect the environment. what are the two arms of the world bank? - ANSWER-The Inte [Show Less]
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WGU D080 UNITS 3-6 - Study Guide Questions (GLOBAL) with complete solutions
How do monopolies hurt consumers? - ANSWER-lack of economic competition, corporations have the ability to raise the market price without losing customers t... [Show More] o competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. - ANSWER-anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? - ANSWER-Pure competition A sole, national telephone company was found violating antitrust laws and was forced to separate into regional companies. What caused the violation of the antitrust laws? - ANSWER-Reduced competition (monopoly) Which issue was the main purpose of the creation of the European Union? - ANSWER-The driving issue was that one country or region could control natural resources, such as oil or land, in a monopoly to the detriment of other European countries. Many countries from several geographic regions are accused of dumping steel into the U.S. market at unfairly low prices. Which entity can the United States appeal to in order to correct this apparent market manipulation? - ANSWER-World Trade Organization ___________________ was the first American antitrust policy. It dealt with limiting the power of price-controlling cartels. Its scope has since been expanded to include a range of anticompetitive practices. - ANSWER-The Sherman Antitrust Act (1890) The idea that "nature is everyone's business" and led to the emergence of many new environmental laws is referred to as what? - ANSWER-collective environment _________ has been involved in many efforts to protect what is considered the shared global environment and limit the impact of big business on the world's natural resources. - ANSWER-United Nations Environment Programme (UNEP) _______________ was a binding resolution to reduce greenhouse gases. Although the United States initially supported the resolution, the Senate failed to ratify the treaty. By 2001, the resolution was opposed by President Bush because the treaty seriously threatened the U.S. economy and did not require developing nations to lower their emissions at the same rate as developed countries. - ANSWER-The Kyoto Protocol (1997) During December 2015, 195 countries adopted the first ever legally binding, universal global climate deal known as ____________________. This agreement set out concrete steps to keep long-term global temperature increase at below 2°C. - ANSWER-the Paris Agreement what law was implemented "to create and maintain conditions under which man and nature can exist in productive harmony, and fulfill the social, economic, and other requirements of present and future generations of Americans? (Signed into law by President Nixon on January 1, 1970) - ANSWER-National Environmental Policy Act (NEPA) what was the key feature of NEPA? - ANSWER-requirement that federal agencies prepare an environmental impact statement in every recommendation or report on proposals for legislation True or False The National Environmental Policy Act led to the implementation of the Environmental Protection Agency. - ANSWER-true Which of these agreements or treaties was to combat increased temperatures of global climate change? - ANSWER-Paris Which governmental entity was created to provide regulatory authority regarding pollution by industry? - ANSWER-Environmental Protection Agency [EPA] Which type of duty is required to take care of the collective environment across the nation? - ANSWER-Shared What makes the enforcement of United Nations Environmental Program regulations difficult? - ANSWER-Sovereign rights of nations This convention defines a child as a person under 18 years of age and aims to eliminate all practices of slavery or those similar to slavery, such as the sale and trafficking of children, debt bondage, forced or compulsory recruitment of children for use in armed conflict, child prostitution, and so on. - ANSWER-Worst Forms of Child Labour Convention, 1999 This convention sets out seafarers' rights to decent work conditions. - ANSWER-The Maritime Labour Convention (MLC), 2006 This convention details specific rights and protections for domestic workers working both in their home country and as migrant workers. This includes a written contract that is enforceable in the country of employment, or a written job offer that is available prior to traveling to the country of employment. - ANSWER-Domestic Workers Convention, 2011 Which action is used by companies wishing to avoid working with vendors who use sweatshops? - ANSWER-Developing and imposing a company internal code of conduct for vendor labor practices A major footwear brand company is contracting the manufacturing of its products to a contractor's manufacturing plant overseas. The footwear company has been accused of turning a blind eye to sweatshop practices at other overseas contract locations before. How should the footwear company ensure that the contractor will comply with the standards set forth in the code of conduct that explicitly prohibit this practice? - ANSWER-Require that the factories be available for inspections What did the Worst Forms of Child Labor Convention, 1999 define? - ANSWER-The age at which a person becomes an adult Which convention protects decent working hours for a cruise ship director who travels in international waters? - ANSWER-Maritime Labor Convention, 2006 _____________ relates to the objectives and commitments of each party, as well as the terms that govern the transaction. - ANSWER-contract law __________ are legally enforceable promises that, if breached, result in compensable damages. - ANSWER-contracts what is the difference between vertically and horizontally structured laws? - ANSWER-In a vertical structure of law, there is some higher authority that imposes a rule of law on the people. (example US dept of Justice) International law or law between sovereign states, are best thought of in a horizontal structure. Since each state is sovereign, that means that one sovereign state is not in a legally dominant or authoritative position over the other. Which result occurs when a legally enforceable contract between two businesses from different countries is broken? - ANSWER-The party who has been affected can seek damages. Which two primary sources of law govern contracts in the United States? - ANSWER-Common law comes from custom and from precedents set by other court decisions. The Uniform Commercial Code provides some a standardized laws and regulations for commercial transactions such as sales. They are the two primary sources of law that govern contracts in the United States. ________________________ is a standardized set of laws and regulations for transacting business. Then _______ code was established because it was becoming increasingly difficult for companies to transact business across state lines given the various state laws. - ANSWER-The Uniform Commercial Code (UCC) How is contract law structured as it applies to global business among nations? - ANSWER-horizontal Which condition is part of a contract between international companies that are based in different nations? - ANSWER-choice of law clause (specifies the laws and the jurisdiction under which international disputes will be settled. International businesses operating in different countries include such clauses in their contractual agreements to clarify ahead of time how disputes will be settled) Which laws must a U.S. company follow when engaging in business with other countries? - ANSWER-Both the United States and the host country's laws Which law allows organizations damaged by an oil spill to ask for compensation and file a civil lawsuit? - ANSWER-Oil Pollution Act Which type of laws deals with the rules for securing and enforcing legal rights to inventions, designs, and artistic works? - ANSWER-Intellectual property Which type of intellectual property law protects a company's brand? It is any word, phrase, symbol, design, or combination thereof that identifies the source of a company's products or services, and it is protected by law. - ANSWER-trademark what are the three ways to protect intellectual property (IP) rights? - ANSWER-patents, trademarks, and copyright. what are the differences between patents, trademarks, and copyright? - ANSWER-patent is a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. trademark is a symbol, word, or words legally registered or established by use as representing a company or product. copyright is the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same The McDonalds golden arch is a classic example of what intellectual property? - ANSWER-trademark what type of infringement is downloading movies and music without proper payment for use considered? - ANSWER-copyright what is the World Intellectual Property Organization (WIPO) major functions? - ANSWER-develop a global IP infrastructure, build international respect for IP, and implement global policy related to IP Which intellectual property right describes a chemical company's filing on their innovative industrial process invention? - ANSWER-patent A patent is filed to protect the right to an innovative invention, which must be a manufactured product, an apparatus, chemical composition, or a manufacturing process. Which organization aims to develop a global intellectual property infrastructure? - ANSWER-WIPO __________________ is a U.S. federal law that aims to protect investors by making corporate disclosures more reliable and accurate. The Act was spurred by major accounting scandals, Billions of dollars were lost as a result of these financial disasters. - ANSWER-Sarbanes-Oxley Act (commonly referred to as SOX) How does the Sarbanes-Oxley Act (SOX) attempt to increase the public's trust in American companies? - ANSWER-By requiring public companies to have and reveal a code of business conduct and ethics Which act affects the global business landscape by clarifying auditor independence issues, accountability of senior executives, disclosure of insider trading, and intellectual property rights? - ANSWER-Sarbanes-Oxley Act (SOX) An accountant for a transnational company feels pressure from senior management to hide losses from the firm's operational activities. The requested action is legal but certainly does not give an accurate financial picture of the firm's current finances and could influence foreign investment. What type of stimulus is being used in regards to this company's organizational ethics? - ANSWER-internal The aim of ___________________ is to increase long-term profits and shareholder trust through positive public relations and high ethical standards. - ANSWER-Corporate social responsibility (CSR) A company is reviewing how ethical consumerism is being addressed in the organization. It is hoping to improve its awareness of this factor and how it will influence future business decisions. How does this factor affect business decisions? - ANSWER-Companies must remember that their consumers may care about more than just the final product. A company that released a new vehicle marketed as being environmentally friendly is found to have cheated when testing the vehicle's total emissions. The company would like to repair damage from the negative publicity by changing its image and catering more to ethical consumers. Which action should the company take to reach this goal? - ANSWER-Hire a new leader to send the message that practices have changed A business has experienced significant internal and external events, and the owner decides to respond effectively while maintaining the rules of behavior the company has always vocalized as being appropriate. Which component has guided this owner's response? - ANSWER-Organizational ethics A coffee company received international criticism for an employee negatively responding towards a customer. The response was said to be racially motivated. The company needs to take swift action to improve how all employees in the organization are viewed by ethical consumers. Which course of action should the company take to meet this goal? - ANSWER-Have employees attend sensitivity training Which term describes the normative beliefs and practices passed from generation to generation that help define a group of people? - ANSWER-cultural norms An American salesperson is attempting to do business in a Middle Eastern country. What is one of the major cultural issues the salesperson needs to understand about this part of the world? - ANSWER-it is more relationship-based than the United States. How can the corruption perceptions index (CPI) be used to understand international business ethics? - ANSWER-It identifies nations in which corruption is frequent. A global company has warned managers that the country involved in their current business venture typically expects small payments to be made to government officials to expedite decisions and transactions. The company has encouraged managers to avoid this type of unethical practice. Which form of activity is the company concerned about? - ANSWER-grease payments Which 2 cases influenced the Sarbanes-Oxley Act of 2002? - ANSWER-Enron and WorldCom ____________ is the degree to which [Show Less]
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WGU D080 Exam 2023 Questions with 100% correct Answers
Globalization - ANSWER-Worldwide interconnections in virtually every sphere of activity including the spread of products, technology, information, and job ... [Show More] opportunities. Can result in blurred boundaries between nations, organizations, and investors Trade - ANSWER-The actions of buying and selling goods and serviced Capital - ANSWER-Financial assets such as funds but also equipment, facilities, and other means of production 1. Trade and Transactions 2. Capital and Investment Movements 3. Migration and Movement of People 4. Dissemination of Knowledge - ANSWER-Four fundamental aspects of globialization Economic Cultural Political - ANSWER-Three major areas of globalization Outsource - ANSWER-To obtain goods or services from an outside or foreign supplier Cultural Globalization - ANSWER-Transmission of ideas, meanings, and values around the world in such a way that extends and intensified social relations Nongovernmental Organizations (NGOs) - ANSWER-Not for profit organizations that are independent of the government and are active in humanitarian causes Economic Globalization - ANSWER-Refers to the widespread international movement of goods, capital, services, technology, and information Subsidies - ANSWER-A sum of money granted by the government to assist and industry or business Intellectual Property - ANSWER-A work or invention that is a result of creativity, such as a manuscript Financial Instrument - ANSWER-A monetary contract between parties Stakeholder Analysis - ANSWER-A technique to identify and assess the important key people, groups of people, or institutions that may significantly influence the success of an organization's activity, project, or business Foreign Direct Investment - ANSWER-When a firm invests assists directly into a foreign country's buildings, equipment, or organizations Stage 1: Market Entry Stage 2: Product Specialization Stage 3: Value Chain Disaggregation Stage 4: Value Chain Re-engineering Stage 5: Creation of New Markets - ANSWER-The five stages of becoming a global company McKinsey Global Institute - ANSWER-An organization whose mission is to help leaders in the commercial, public, and social sectors develop and understanding of the evolution of the global economy Stage 1: Market entry - ANSWER-Stage when companies enter the new countries using business models similar to the ones deployed in their home markets Stage 2: Product specialization - ANSWER-Stage when companies transfer the full production process of a particular product to a single, low-cost location and export the goods to various consumer markets Stage 3: Value Chain Disaggregation - ANSWER-Stage when companies disaggregate (separate into its component parts) the production process and focus on completing each activity in the most advantageous location Stage 4: Value Chain Reengineering - ANSWER-Stage when companies seek to further increase their cost savings by re-engineering their processes to suit local market conditions by substituting lower cost labor for capital Stage 5: Creation of New Markets - ANSWER-Stage when companies focus on market expansion Opportunities for Scale - ANSWER-Cost advantages due to an increase in the amount of output and a decrease in the cost per unit Market Opportunities Cost Competition Government - ANSWER-Four industry globalization drivers Scope - ANSWER-To develop efficiencies in terms of variety not volume 1. Ethical Business Practices 2. Organization Structure 3. Public Relations 4. Leadership 5. Legal and Regulatory Structure 6. Infrastructure 7. Technology - ANSWER-7 Drawbacks of Global Expansion Market Driver - ANSWER-Drivers: Opportunity for scale and scope; convergence of needs; needs and wants of the market Cost Drivers - ANSWER-Drivers: Economies of scale and scope; exploiting cost of factors of production Competition Drivers - ANSWER-Drivers: New markets; Increased levels of trade Government Driver - ANSWER-Drivers: Favorable policies; Support for industry 1. Organizations 2. Governmental Organizations 3. NGOs - ANSWER-What are the different forms of international business? Importer - ANSWER-Sells products and services that are sources from other countries Exporter - ANSWER-Sells products and services that are sources from its home country in foreign countries Foreign Direct Investment - ANSWER-When a firm invests assets directly into a foreign country's buildings, equipment, or organizations Organizations - ANSWER-Engages in foreign business such as exporting, importing, foreign direct investment Governmental Organization - ANSWER-Engages in creating international treaties to issues such as trade, environment, or child labor; maintain embassies and consulates in foreign countries Non-Governmental Organization (NGO) - ANSWER-Includes any nonprofit, voluntary citizens group that are organized on a local, national, or international level Six Sigma - ANSWER-A method that provides tools for organizations to increase performance and decrease process variation Culture Administration Geography Economics - ANSWER-CAGE components Human capital - ANSWER-The education and skills of workers Gini Coefficient - ANSWER-Measures the inequality among values of a frequency distribution such as levels of income Happy Planet Index - ANSWER-Measures how well nations are doing at achieving long, happy, sustainable lives Political system - ANSWER-The system of politics and government in a country; it governs a complete set of rules, regulations, institutions, and attitudes. Anarchy - ANSWER-The absence of organized government; individuals have the right to choose what happens Monarchy - ANSWER-A government in which a single person rules until he or she dies or abdicated the throne Absolute Monarchy - ANSWER-Governments where a monarch has absolute or unmitigated power Constitutional Manarchy - ANSWER-Governments of nations that recognize monarchs but require that these figures abide by the laws of a greater constitution; feature prime ministers Oligarchy - ANSWER-An elite group holds the power of the government Dictatorship - ANSWER-Power is held by a single person (or very small group of people) who wields complete and absolute authority over a government and its population Democracy - ANSWER-Form of government that strives to provide all citizens an equal voice, or vote, in determining state policy, regardless of socioeconomic status Totalitarian Dictatorship - ANSWER-A dictatorship in which the dictator controls all aspects of its subjects lives, including occupations, religious beliefs, and the number of children each family is permitted to have Macroeconomic - ANSWER-A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole 1. Centered around a family or tribe and guided by tradition 2. Found in hunt-gatherer and nomadic societies; everyone consumed and produces the same goods 3. Relies on bartering 4. Members product what they need with no surplus 5. Eventually, the economy evolves to some form of currency - ANSWER-5 characteristics of a traditional economy 1. Collective or state ownership of capital (such as money, property, and other physical assets) 2. The state determines inputs and outputs 3. Labor is allocated according to state plans 4. Private ownership is not possible 5. Prices and paying for goods and services are regulated by the state with little regard to costs; often a currency does not exist but resources are given to citizens as needed - ANSWER-5 distinguishing features of a command economy 1. It is standard for all goods and services to be privately owned. 2. People are free to choose to produce, sell, and purchase goods at the price set with the capital they possess 3. Every seller aims to make the most profit possible 4. Market economy relies on an efficient market in which all buyers and sellers have equal access to the same information 5. Competition keeps prices low 6. Government interference is at the minimum that is necessary to ensure that markets are functioning correctly - ANSWER-6 characteristics of a market economy Civil Common Religious - ANSWER-Three types of conventional systems of law Civil Law - ANSWER-Countries under this system of law have more detailed, prescriptive laws in which the role of the judge is to investigate whether a law has been broken Common Law - ANSWER-This legal system is based on precedence. The role of the judge is to hear arguments from both parties and make a judgment, which is used as a precedent for future cases Religious Law - ANSWER-This legal system is based on religious beliefs Special Drawing Right (SDR) - ANSWER-International type of money reserve created by the IMF used to loan money to member countries Balance of Payments - ANSWER-The difference in total volume between payments into and out of the country over a period of time Fixed-Rate Currency Exchange System - ANSWER-When a country's currency value is fixed or pegged by a monetary authority against the value of another currencyC a basket of currency, or another measure of value To promote international economic cooperation To promote international trade To promote employment To promote exchange rate stability By making financial resources available to member countries to meet their balance of payment needs - ANSWER-Objectives of the IMF Collateral - ANSWER-Something pledged as security for repayment of a loan to be forfeited in the event of a default 1. Prior actions 2. Quantitative Performance Criteria 3. Indicative Targets 4. Structural Benchmarks - ANSWER-Four conditions of the IMF Prior Actions - ANSWER-Actions that a country agrees to before the IMF's executive board approves financing or completes a review Quantitative Performance - ANSWER-Criteria that are specific and measurable conditions that a country must meet to complete a review Indicative targets - ANSWER-Quantitative targets used to measure a country's progress in meeting the IMF's requirements Structural benchmarks - ANSWER-Nonquantitative measures such as social safety nets A country doesn't need collateral, but has to correct financial practices that led to debt in the first place to ensure the country can pay back its loan to support other struggling countries - ANSWER-Conditionality of the IMF Being owned and directed by the governments of the member nations - ANSWER-Which activity of the IMF affects policy making? IMF - ANSWER-Is a cooperative institution and provides more effective currency exchange Privatization - ANSWER-Selling government holdings to private companies Deregulation - ANSWER-The removal of regulations or restrictions in a particular industry Result currency exchange change between nations - ANSWER-Original purpose of the IMF Provides means for nations to easily exchange currency Provides oversight Offers loans to member organizations - ANSWER-Evolved purpose of the IMF 1. Conditionalities may make conditions worse in a struggling country 2. Poor countries are underrepresented 3. Does not consider effects on the environment - ANSWER-3 criticisms of the IMF AAA Rating - ANSWER-The highest possible rating that may be assigned by a credit rating agency for a bond Debt Instrument - ANSWER-A tool used by a company or any other entirety to raise money or capital 1. Helping build sustainable economic growth 2. Investing in people 3. Building resilience to shocks and threats - ANSWER-3 World Bank Priorities 1. To end extreme poverty 2. To improve the income of the lowest 40% of citizens in each country - ANSWER-2 World Bank Goals Commodities - ANSWER-A raw material or primary agricultural product that can be bought or sold Mercantilism - ANSWER-One of the earliest economic theories, which states that a country's wealth was determined by the amount of gold and silver they had in their possession Trade surplus - ANSWER-When the value of a country's exports is greater than the value of goods being imported Nation-States - ANSWER-When a group of people are conscious of sharing a common identity and the same culture Protectionism - ANSWER-The theory or practice of protecting a country's domestic industries from foreign competition by taxing imports Navigation Acts - ANSWER-British Acts in 1651 to tighten and protect trade between Asia, American colonies, Africa, and England. Trade had to come in English ships. The purpose was to use American colonies to increase British finances and power Government subsidies - ANSWER-Money paid by the government to help and organization or industry reduce its costs Free trade - ANSWER-International trade left to its natural course without tariffs, quotas, and other restrictions Absolute Advantage - ANSWER-The ability of an individual or group to produce a good or service more efficiently than another Production Possibility Frontier (PPF) - ANSWER-A curve that shows various combinations of the amount of two that can be produced within the limits of the given resources and technology Slope - ANSWER-The gradient of a graph at any point calculated as the change in y over the change in x Hecksher-Ohlin Theory - ANSWER-Stated that countries would produce and export goods that required resources or factors that were in abundant supply and therefore cheaper; in contrast, countries would import goods that required resources that were in short supply but higher demand Country Similarity Theory - ANSWER-Theory that proposed that customers in countries that are in the same or similar stage of development would have similar preferences; takes brands and customer loyalty, technology, and quality into account Global Strategic Rivalry Theory - ANSWER-Theory that focused on Multinational corporations and their efforts to gain a competitive advantage against other global firms; to prosper, they must develop competitive advantage Barriers to Entry - ANSWER-The obstacles that make it difficult for a new company to enter a given market. These barriers may include technology challenges, start-up costs, or government regulations Economies of Scale - ANSWER-A proportionate savings in costs gained by an increased level of production Convertible - ANSWER-A currency that can be used to buy or sell without government restrictions Resource endowments - ANSWER-Refers to the skill and abilities of a country's workforce, the natural resources available within its borders, and the sophistication of its capital stock Economic sanctions - ANSWER-Commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual Value chain - ANSWER-The process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales services Producer Surplus - ANSWER-The difference between how much money producers want to sell a good for an how much they receive by selling it Wholesaler - ANSWER-A person or company that sells goods in large quantities at low prices, typically to retailers [Show Less]
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WGU D080 Managing in a Global Business Environment Exam Questions and Answers
A company is considering establishing a subsidiary in a new host country and wishes to prepare its expatriates to adapt to the local environment. How shou... [Show More] ld this company prepare its expatriates? Negotiation Operational training Repatriation Cultural Training - ANSWER-Cultural training What happens to consumer surplus when tariffs and quotas are discontinued? - ANSWER-They increase Which type of tariff is put in place to specifically ensure that domestic industries are given an advantage? - ANSWER-Protective What is a benefit of implementing a system of free trade? - ANSWER-Reduced tariffs would result in lower costs of imported raw materials. How are free trade agreements handled differently than treaties in the United States? - ANSWER-Treaties must be approved by the Senate, whereas a free trade agreement must pass both houses of Congress. Treaties must be approved by the Senate, whereas a free trade agreement must pass both houses of Congress. - ANSWER-Tariffs An airplane manufacturer outsources the manufacture of some its parts and sub-assemblies. They are then returned to the manufacturer's main plant for final assembly. - ANSWER-Value chain Country A exports more goods to Country B than it imports from Country B. Country A receives more monetary gain by using this practice. Which relationship does Country A have with Country B? - ANSWER-Trade surplus Country A has been criticized by other countries for giving generous tax credits to its corn farmers, which in turn, enables the country's farmers to sell corn on the international markets cheaper than all other countries. Which term is used by other countries to describe this practice? - ANSWER-Government subsidies A farmer knows that it takes 100 hours of labor to produce 100 bushels of corn. It only takes 50 hours of labor to produce 100 bushels of soy. Currently, a bushel of corn is selling at three times a bushel of soy. Which type of cost should the farmer use to determine what to plant? - ANSWER-Opportunity A country produces goods more efficiently than all other countries in the same industry. Which type of advantage does this country have? - ANSWER-Absolute Country A exports farming equipment to Country B, while Country B exports car manufacturing equipment to Country A. Both countries are highly developed and could develop these industries separately but instead made the decision to export and import these products from each other. Which unique condition caused this practice between the two countries? - ANSWER-Skill specialization A company produces the same product over and over, and it has caused the manufacturing cost of the product to become cheaper and more competitive in international markets than similar products in the industry. Which approach is this company using to achieve this ability? - ANSWER-Economies of scale A country with a new economy implemented trade protectionism in relation to countries with more developed economies. Why did the country take this action? - ANSWER-To restrict international economic trade How do anti dumping laws protect a domestic market? - ANSWER-They prevent foreign companies from selling goods and services at or below cost. How do Congress and the Department of Agriculture use quotas to their advantage? - ANSWER-To increase domestic prices to specific levels to make products profitable Which strategy should a government use to offset the cost of manufacturing domestically? - ANSWER-Subsidies Which type of globalization refers to the international movement of goods, capital, and services? - ANSWER-Economic The CEO of an international company reminds the executive vice presidents that while the company may do good while performing corporate social responsibilities, the business has one ultimate goal since it is engaged in commercial activities with corporate shareholders. Which ultimate goal is the CEO emphasizing to the executive vice presidents? - ANSWER-Profitability A CEO decides to expand the company's business internationally by purchasing production capability in another country, including the foreign country's buildings and equipment. Which type of market entry is the CEO using? - ANSWER-Direct investment A CEO seeks to better use the economies of scale and scope of production to increase the international company's profits. Which type of globalization driver is the CEO seeking to use? - ANSWER-Cost A CEO is discussing an expansion of production of a company's highly perishable dairy line in a country that can offer low labor costs and good internet connections. The country has no highways, and roads are poorly maintained. Which challenge to international business expansion do the road conditions present? - ANSWER-Infrastructure Which argument is used by critics who wish to discourage movement towards globalization? - ANSWER-It increases the wealth of the rich rather than the poor Anarchism - ANSWER-Individuals control political activities, and the government has no control over these activities Totalitarianism - ANSWER-A centralized government creates oppressive policies based on ideas from powerful leadership. Direct democracy - ANSWER-The government provides a method of voting for the people of a country, not for elected officials. What is a free trade zone? - ANSWER-A geographic region in which a county will reduce restrictions that might prevent or reduce trade Which term describes a government giving a tax break to a producer to increase their global competitiveness? - ANSWER-Subsidies Industrialized - ANSWER-Prevalent formation of new markets with possibility of saturation Less-developed - ANSWER-Focus on agriculture and raw materials with limited imports Developing country - ANSWER-Growing population which leads to long-term growth potential. Which type of economy is decentralized and allows firms and households to participate in global trade with minimum governmental interference? - ANSWER-Market What type of economy is centered on families or tribes where little to no global trade is practiced? - ANSWER-Traditional Socialism - ANSWER-a system in which the government owns and operates a country's means of production Capitalism - ANSWER-A system in which the means of production is controlled by private owners who can choose to participate in global trade. Communism - ANSWER-A system in which all property is publicly owned and the government controls global trade. Which type of law system is based on a code and focuses on how the law is applied to the facts? - ANSWER-Civil Which law is based on tradition and precedent given that judicial rulings can stand as precedents for future cases? - ANSWER-Common Which law system can vary from community to community and is found in countries without strong formal justice systems? - ANSWER-Customary In which law system does a judge decide the applicable law for the case as a jury determines the facts? - ANSWER-Common Which activity of the International Monetary Fund (IMF) impacts policy making? - ANSWER-Being owned and directed by the governments of the member nations What is a characteristic of the International Monetary Fund (IMF)? - ANSWER-The IMF is a cooperative institution and provides more effective currency exchange. What was the initial purpose of the International Monetary Fund (IMF) in phase one, prior to 1973? - ANSWER-Regulated currency exchange between nations How does the International Monetary Fund (IMF) impact international organizations and governments? - ANSWER-It reduces funding for social programs. What is a common name for the International Bank for Reconstruction and Development? - ANSWER-World Bank What was the first loan that the World Bank made after the end of World War II? - ANSWER-To France to rebuild its infrastructure Which criticism is associated with the World Bank? - ANSWER-The developed countries of U.S. and Europe have too much control over its decisions. Which criticism is made about the World Bank? - ANSWER-It does not consider how funding projects will affect the environment. What was one of the results of the Uruguay Round of the World Trade Organization negotiations? - ANSWER-Decrease in tariffs Which organization was formed after World War II to encourage international commerce? - ANSWER-World Trade Organization Which criticism is made about the World Trade Organization (WTO)? - ANSWER-It protects developed countries more than developing countries. Which strategic network was established to work towards decreasing tariff rates and protecting commerce and intellectual property globally? - ANSWER-World Trade Organization (WTO) Which aspect of the International Monetary Fund (IMF) will assist the newly elected leader in paying the deficit in U.S. dollars, if agreed on by both countries? - ANSWER-The IMF provides a means for effective currency exchange between countries. Which strategy is used by governments to limit the foreign direct investment in a country? - ANSWER-Creating foreign ownership restrictions in the country Which activity is considered a foreign direct investment (FDI) by a multinational corporation? - ANSWER-Setting up manufacturing plants in the host country Company A is located outside the home country of Company B. Company B has acquired Company A with the intent of controlling and managing Company A's assets. Which practice is being used by Company B? - ANSWER-Foreign direct investment Why does a company engage in foreign direct investment? - ANSWER-The company wants to control organizational assets in another country. What is a benefit of foreign direct investment? - ANSWER-The inflow of capital benefits global and local economies What is a potential disadvantage of foreign direct investment from a host government's perspective? - ANSWER-The host country's natural resources may be depleted. What is a reason for companies to engage in foreign direct investments? - ANSWER-To take advantage of tax exemptions offered by the host country Which country characteristic is most important to foreign direct investors according to a study by the World Bank? - ANSWER-Political stability and security How does the existence of a multinational corporation (MNC) affect a country's engagement in political conflict? - ANSWER-It would make countries less likely to go to war. What is an accurate characterization of the relationships between multinational corporations (MNCs) and the host country governments in which they operate? - ANSWER-The relationships are mixed because MNCs can cause, but also solve, problems for the host country. What is a potential influence of the existence of multinational corporation (MNC) on international relations? - ANSWER-Improves relations between countries where the MNC operates What is the result of the existence of multinational businesses? - ANSWER-Economic integration among countries Which level of economic integration presents an alliance of all policies by a common organization? - ANSWER-Political union Which level of economic integration is formed when trade barriers are removed between member countries but there is no mutual policy on trading with nonmember countries? - ANSWER-Free trade area Which level of economic integration permits the formation of economically integrated exchanges of goods and services between parties from member countries? - ANSWER-Common market Which economic integration stage offers economic collaboration by removing trade barriers between member countries and establishing a mutual trading policy with nonmembers? - ANSWER-Customs union Which drawback is involved when regional agreements are created? - ANSWER-Member countries will trade less with nonmember countries. What is a benefit of creating a regional economic integration agreement? - ANSWER-Improved financial growth What is an advantage of regional economic integration? - ANSWER-Flexibility on labor movement develops job opportunities. What is a disadvantage of regional economic integration? - ANSWER-The exclusion of external countries reduces global free trade. Which agreement was created in 1981 among Arab states, to expand trade, economic growth, and development and to promote social welfare, peace, and stability? - ANSWER-GCC Which agreement was formalized in 1993 to create a political and economic union to help a large group of countries cooperate and coordinate key aspects of their economic policy? - ANSWER-EU Which agreement was implemented in 1994 and helped form a free-trade zone between Canada, the United States, and Mexico by decreasing tariffs and trade barriers? - ANSWER-NAFTA Which agreement was established in 1988 and now has both political and economic goals to keep peace and stimulates economic growth in South American countries? - ANSWER-MERCOSUR Which economic actor benefits as the U.S. dollar weakens? - ANSWER-A U.S. investor abroad Which economic actor benefits as the U.S. dollar strengthens? - ANSWER-A foreign firm exporting to the U.S. Which exchange rate regime allows a currency's value to fluctuate according to the foreign exchange market? - ANSWER-Floating Which economic actors are suppliers of U.S. dollars? - ANSWER-Foreign firms exporting to the U.S How is global business positively affected by intercultural exchange? - ANSWER-It increases worldwide connections that support commodity trading. How does globalization support tolerance for different people and ideas? - ANSWER-By increasing the access to information A business has recently started selling in a new global marketplace. Shortly after the company made this global expansion, the new country opted to implement ad valorem tariffs. How will this change affect the company? - ANSWER-It will levy a variable tax based on the value of goods imported. Which business component does the TRIPS agreement help protect for member nations? - ANSWER-Intellectual property protection for all member nations A business, operating globally, wants to increase its overall productivity. Which strategy should the business use? - ANSWER-Increase process technology Which international activity allows a nation, such as Singapore, to create a sustainable economy without the abundance of natural resources? - ANSWER-Foreign direct investment Countries A, B, and C have a trade agreement. Country C imposes high tariffs on all raw materials imported from Country A, and Country B imposes a lower tax on the same raw materials. These raw materials are unique to Countries B and C and essential to Country A. What is the effect of this set of actions on these countries? - ANSWER-Country A will do more business with Country B. What is enhanced when creating regional trade agreements? - ANSWER-Economic opportunity A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? - ANSWER-Pure competition A sole, national telephone company was found violating antitrust laws and was forced to separate into regional companies. What caused the violation of the antitrust laws? - ANSWER-Reduced competition Which issue was the main purpose of the creation of the European Union? - ANSWER-Natural resources Many countries from several geographic regions are accused of dumping steel into the U.S. market at unfairly low prices. Which entity can the United States appeal to in order to correct this apparent market manipulation? - ANSWER-World Trade Organization Which of these agreements or treaties was to combat increased temperatures of global climate change? Versailles Paris Antarctic Maastricht - ANSWER-Paris Which governmental entity was created to provide regulatory authority regarding pollution by industry? - ANSWER-Environmental Protection Agency Which type of duty is required to take care of the collective environment across the nation? Shared Assigned Customs Individual - ANSWER-Shared What makes the enforcement of United Nations Environmental Program regulations difficult? Sovereign rights of nations Peacekeeping missions of nations World Food Program distributions Pure competitive markets - ANSWER-Sovereign rights of nations Which action is used by companies wishing to avoid working with vendors who use sweatshops? Sending a whistle blower to the job sites to ensure the vendor practices safe working conditions Allowing vendor practices to be flagged by nongovernmental organizations such as the National Labor Committee Establishing national child labor laws and requiring vendors to comply with them Developing and imposing a company internal code of conduct for vendor labor practices - ANSWER-developing and imposing a company internal code of conduct for vendor labor practices A major footwear brand company is contracting the manufacturing of its products to a contractor's manufacturing plant overseas. The footwear company has been accused of turning a blind eye to sweatshop practices at other overseas contract locations before. How should the footwear company ensure that the contractor will comply with the standards set forth in the code of conduct that explicitly prohibit this practice? - ANSWER-Require that the factories be available for inspections What did the Worst [Show Less]
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WGU Global Business (POLC) Exam Questions with Verified Answers
Which negative outcome on political systems comes from globalization? - ANSWER-Creation of isolationist policies Which factor results in a higher rate o... [Show More] f globalization? - ANSWER-Reduced trade barriers What are the four factors in Ghemawat's CAGE analysis? - ANSWER-Culture, Administration, Geography, Economy What is a major drawback to the home country when companies outsource manufacturing jobs to countries with lower worker wages? - ANSWER-Loss of manufacturing jobs A country has a characteristic traditional economic system with poor infrastructure and limited economic opportunity. What is the impact of this system on the process of globalization? - ANSWER-The globalization process is at a disadvantage as the country has a lower standard of living. What is a characteristic of a market economy? - ANSWER-Productivity and profitability are increasing. Which impact does Islamic law directly have on businesses? - ANSWER-It forbids charging interest. Which institution helps to maintain availability of global funding? - ANSWER-International Monetary Fund What is the current focus of the World Bank? - ANSWER-Improving quality of life For which concern has the World Trade Organization been criticized? - ANSWER-Influence of free trade policies on labor rights How is the Special Drawing Right of the International Monetary Fund (IMF) valued? - ANSWER-It is based on the value of the five most significant members' currencies. Two countries agree to open their borders to international business transactions with one another without tariffs.How does this affect global business? - ANSWER-It leads to developing free trade policies with strategic partners. A country uses its mature technology infrastructure to produce a good.What is the impact of this infrastructure on trade? - ANSWER-It will create barriers to entry for other nations. What was the economic impact of the North American Free Trade Agreement (NAFTA)? - ANSWER-The shift of jobs away from low comparative advantage industries A company that is located in Country A would like to sell products in Country B. The government of Country B is pushing for a tariff-based international trade agreement on the product. What is the reasoning behind Country B's decision? - ANSWER-Country B seeks to protect its economy and give it the opportunity for long-term expansion. Countries A and B participate in trade agreements that allow free trade among participant countries. However, Country A imposed quotas on several imported products to protect its domestic products. What is the effect, if any, on the domestic prices of these products? - ANSWER-Increases Two countries decide to open up trade with each other. What is likely to happen when trade opens up? - ANSWER-Jobs will increase in comparative advantage industries. What is the purpose of a country implementing trade protectionism? - ANSWER-To protect an infant industry Country A and Country B are trying to mend their relationship. A company from Country A would like to invest in a company in Country B. Which action by Country B will help these two countries meet their goal? - ANSWER-Provide tax exemptions Which level of regional economic integration affects members of a trading bloc? - ANSWER-Unified trading policies with non-members What is a drawback of creating regional trade agreements? - ANSWER-They create shifts in employment and resource allocation. The United States-Mexico- Canada Agreement (USMCA), a modification of the North American Free Trade Agreement (NAFTA), broadened the scope of free-trade between member nations and tightened restrictions in the region. Which regulation was established by this new agreement? - ANSWER-Almost half of all automobile parts must be made by a labor force that earns a minimum of $16 per hour by 2023. A U.S. capital investment firm is researching new markets to enter to diversify its portfolio. The director of foreign investments presented a pitch to the board of directors encouraging entry into the Costa Rican telecommunications market by investing in local companies in the region through acquisition. Which alliance supports this director's suggestion? - ANSWER-Central America Free Trade Agreement A firm based in Country A manufactures its products in Country B and pays the manufacturing employees in the currency in which they are located. Which currency situation will result in the maximum profit for the firm? - ANSWER-The currency in Country A is strong relative to the currency in Country B. Which drawback is associated with regional economic integration? - ANSWER-Increased exclusive internal trade Which factor contributes to the creation of a monopoly? - ANSWER-Control of natural resources Which convention provides gap fillers for terms that may not be expressly stated in agreements between two companies? - ANSWER-Contracts for the International Sale of Goods Which laws are violated by practices such as price-fixing, price discrimination, restraints, and monopolization? - ANSWER-Anti-trust An international company's consumers are demanding that the owners make socially ethical business decisions concerning their packaging, but the company is finding that the suggested green modifications are increasing the costs of producing the product.Which concern is this company facing by meeting these ethical demands? - ANSWER-Decreased profitability A business is entering a global market at the same time it has been trying to improve its level of corporate social responsibility (CSR). Which CSR goal should this company remember during this process? - ANSWER-Increase shareholder trust via high ethical standards A company would like to expand its corporate social responsibility (CSR) initiatives to a global level. Which strategy should the company use to meet this goal? - ANSWER-Engage stakeholders on the issue of air quality An individual is encouraged to provide a small, quiet fee to local officials to get some critical work done overseas for a global office. The individual was told that this would greatly expedite the work. The individual took that advice, and the work was completed, but the manager in the United States was upset with the action and called the individual to discuss the matter. What is the most challenging aspect of this individual's ethical dilemma? - ANSWER-Ethical behaviors are not standardized across the world. A CEO of a multinational corporation tells employees that they are expected to follow the organization's values, remember the mission, and adapt behaviors to be in alignment with the vision and mission, regardless of the situation.Which ethical standard is being stressed by this company? - ANSWER-Code of ethics An international company has employees divided into departments related to designated areas of the business, such as marketing, production, human resources, information technology, and customer service. What is the organizational structure of this company? - ANSWER-Functional Which organizational structure is common in international high-tech and engineering firms that have projects of limited lengths of time where employees can be put on different teams to maximize ingenuity? - ANSWER-Matrix Which organizational structure helps increase employee creativity, productivity, and mutual accountability? - ANSWER-Teams A community has the skills and ability to access computers and the internet but does not value that form of technology. A company is trying to change the situation in order to facilitate increased online transactions. Which stage of the digital divide is the company hoping to correct? - ANSWER-Empowerment A global furniture company competes in three areas: furniture manufacturing, furniture refinishing, and commercial furniture design.Which type of departmentalization does this company use? - ANSWER-Product A multinational corporation (MNC) with headquarters in the United States is seeking to limit its supply chain to U.S. companies so that decision-making authority is localized at the highest level of the organization. What is a result of using this decision-making structure? - ANSWER-There is increased consistency in operations. A global company wants to share and store business information online 24/7 for employees so they can access the items when they are not physically in the office. Which tool should the company use for this purpose? - ANSWER-Cloud-based file share A manufacturing facility would like to consider the use of artificial intelligence deep learning. Which practice illustrates the use of this approach? - ANSWER-Machines become familiar with common defects in products. A company wants to hold a direct operating presence in a foreign country, so it buys a company in the target country and runs the operations. Which type of business agreement is this company using? - ANSWER-Subsidiary A multinational beverage company decides to export products into a new market in order to grow its business. Exporting products was determined to be one of the cheapest methods of market entry for this company; however, the company realizes there are some disadvantages to exporting. Which challenge is this company likely facing by exporting its products? - ANSWER-Costs of transporting goods is high. A multinational company hires a distributor to manage the distribution of products in a new international market that it recently entered. Which entry strategy is the company using? - ANSWER-Exporting A company located in the United States ships its products to a country overseas. Frequent bad weather causes significant delays, thus leading to reduced profits. As a result, the company wants to encourage leadership to consider adding a location in this overseas country. Which strategy solves this problem? - ANSWER-Decentralized manufacturing As a company enters a foreign market, it provides assets, takes on all of the responsibility, and assumes significant risk.What is this market entry strategy? - ANSWER-Greenfield venture A company has entered several foreign markets and maintains the same branding in all of them. What is the term for this marketing strategy? - ANSWER-Standardization A company would like to have a direct operating presence in a foreign country but is concerned about exposing the company to high levels of risk associated with this entry strategy. Which entry strategy is the company considering? - ANSWER-Subsidiary Which national cultural dimension refers to how agreeably a society accepts hierarchical differences between people in the global workplace? - ANSWER-Power distance A senior manager from the head office of a company based in the United States is assigned to work in its overseas office in Indonesia where significant emphasis is placed on workplace harmony. The manager ensures that the local culture and language is understood and is often perceived as an insider who follows the normal traditions. How will the cultural dimensions of the local country influence the manager's evaluation? - ANSWER-The senior manager would be given a very favorable performance evaluation. Which national cultural dimension in global business refers to the amount of ambiguity a society is willing to accept? - ANSWER-Uncertainty avoidance A company is interested in working with the technology that will allow consumers to privately and securely store personal information such as social security and credit card numbers, making it accessible around the world. Which piece of technology is of interest to this company? - ANSWER-Blockchain An international business experienced significant changes due to advances in global technology such as autonomous cars, 3D printing, biometrics, nanotechnology, and quantum computing. Which era caused this impact on the business? - ANSWER-Fourth Industrial Revolution An international company works with many economic sectors and notices that one sector in particular is slower to adopt artificial intelligence, which limits their opportunities on a global scale. Which economic sector shows this slower pace? - ANSWER-Education A company is exploring a new peer-to-peer network technology that allows businesses to operate internationally with significantly less risk of data breaches. Which technology is this company exploring? - ANSWER-Blockchain A new start-up company wants to conne [Show Less]
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