Get Solved Liberty University BUSI 303 Exam 1 

Get Solved Liberty University BUSI 303 Exam 1

Set 1

1. Religion is an important influencer of
2. The foundational rules in the World Trade Organization (WTO), which originated in GATT, deal with the rules of trade between nations at a global or near-global.
3. The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances, it supports maintaining trade
4. In the “Great Revelation,” Confucius revealed the step-by-step process by which one attains self-development.
5. Since 2000 the proportion of the largest economic entities that are corporations has fallen by 20
6. Communications technologies provide us with the ability to encode our thoughts and purposes
7. The difference between civil law and common law is grounded in the methodological approach to codes and
8. As reported by the S. government CIA World Factbook in 2014, the GDP purchasing power parity for the United States in 2012 ranked first among other nations.
9. The individualism dimension speaks to the extent that people place their own needs and their family above everyone
10. Globalization involves assimilation which is referred to as the blending and merging of various cultures.
11. The global manager must work to understand the cultures in which he or she does
12. Administrative delays impose waiting periods between the time when the quality of the product is determined and when a product can actually be sold in the market.
13. The Industrial Revolution was characterized by a marked surge in manufacturing techniques that included the mass assembly, electricity, and new forms of
14. The beliefs of Judaism can be seen in the words of Moses Maimonides who was a Spanish Jew that condensed the beliefs into a concise thirteen Articles of
15. “Targeted Globalization” explains the phenomenon that the globalization of a product or service is more likely to succeed when that product or service is adapted specifically to each locality or culture to which it is
16. Nations have been pouring money into researching and developing new advanced technologies in an effort to stay competitive in the world
17. Gross Domestic Product (GDP) is the total market value of all the goods and services produced by a nation during a specified
18. Proper business etiquette is of little concern to the business manager starting a new job in foreign
19. Outsourcing production to foreign firms makes it possible for the domestic firm to maximize production and efficiency; however, it results in higher product prices for the
20. The Magna Carta Libertatum charter is sometimes credited with stimulating the growth of free trade during the middle
21. Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry prove
22. Verbal communication includes body
23. Successful FDI decreases employment and the standard of living for nationals in the host
24. According to Smith’s theory of Absolute Advantage, any domestic resource that a nation can buy at a lower price than it would cost to produce domestically should be purchased and not
25. Education and experience are both necessary components in handling the complex tasks of managing a global
26. The impact of barriers to foreign investment led countries to form an independent organization known as the World Trade Organization (WTO).
27. Ownership risk is defined by the Bank for International Settlement (BIS) as, “the risk of loss resulting from inadequate or failed internal process, people and systems or from external events”.
28. A trade deficit occurs when a country is exporting more than it is
29. The introduction of the Euro has significantly reduced the burdens previously associated with foreign currency exchange in European nations.
30. A mixed economy is an economic system that allows for the simultaneous operation of publicly and privately owned
31. The conclusion of World War II marked the beginning of the time period known as American Peace or Pax Americana.
32. NAFTA is a major contributor to continental trade growth between Canada and Mexico by reducing trade tariffs and restrictions imposed by foreign entities.
33. Corruption does not concern governments and is solely a business issue.
34. Bribery helps to fuel poverty, especially when high-level public officials steal from their nations or mismanage public resources intended to finance their people’s aspirations for a better life.
35. A centrally planned economy most often refers to an economic system that is under comprehensive control and regulation by a government in accordance with the plan of economic development.
36. Supporters of protectionism say that by increasing the cost of imported goods through tariffs, the government instituting the barrier penalizes the sending country as well as the citizens it is trying to protect.
37. A multinational corporation is one that delivers services in at least two countries.
38. Geert Hofstede introduced the seven dimensions of culture.
39. A tariff is a tax applied to a selected category of imports.
40. Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the Human Development Reports office.

Set 2

1. According to the new trade theory, certain industries should not be modeled using the perfect competition assumption.
2. Religion is an important influencer of cultures.
3. The Foreign Corrupt Practices Act makes it illegal to influence foreign officials through personal payment.
4. A competitive advantage occurs when a nation is able to produce more output than any other nation.
5. Horizontal integration occurs when a firm expands its business into different products that are not similar to current lines.
6. Administrative delays impose waiting periods between the time when the quality of the product is determined and when a product can actually be sold in the market.
7. The difference between civil law and common law is grounded in the methodological approach to codes and statutes.
8. The WTO is not exclusively about lowering or reducing trade barriers but in some circumstances, it supports maintaining trade barriers.
9. The current account, sometimes called the financial account, is the sum of every nation’s gross income from trade in goods and services.
10. The three primary types of global economic systems are centrally planned, market, and market growth.
11. In the “Great Revelation,” Confucius revealed the step-by-step process by which one attains self-development.
12. Embargoes are economic and trade sanctions against target foreign countries, groups, organizations, and individuals.
13. Since 2000 the proportion of the largest economic entities that are corporations has fallen 20 percent.
14. Education and experience are both necessary components in handling the complex tasks of managing a global business.
15. The impact of barriers to foreign investment led countries to form an independent organization known as the World Trade Organization (WTO).
16. Labor and production costs are typically lower in less developed nations which creates a continuous pull for international corporations.
17. Market demographics provide answers to questions pertaining to who, what, why, when, and how for a specific group of people.
18. Developing nations typically have a Human Development Index (HDI) of less than 0.3 according to the Human Development Reports office.
19. John Locke first proposed the theory of absolute advantage in 1776.
20. According to Smith’s theory of Absolute Advantage, any domestic resource that a nation can buy at a lower price than it would cost to produce domestically should be purchased and not produced.
21. The WTO has endorsed attempts by various organizations to develop legal standards with a special emphasis on corporate and financial institution laws.
22. A tariff is a tax applied to a selected category of imports.
23. Paul Krugman’s New Trade Theory Model demonstrated that in certain industries, government protections of an industry prove advantageous.
24. The foundational rules in the World Trade Organization (WTO), which originated in GATT, deal with the rules of trade between nations at a global or near-global level. .
25. Low-context communication is effective in most of the USA.
26. Local content requirements restrict domestic business operations by hindering imports from reaching a nation or being purchased on the domestic market.
27. A trade deficit occurs when a country is exporting more than it is importing.
28. Subsidies are special privileges that governments provide to businesses in order to attract them to a region or to simply have the required funds to operate successfully.
29. Proper business etiquette is of little concern to the business manager starting a new job in a foreign place.
30. Paul Krugman developed and published the International Product Life Cycle Theory in 1966.
31. A multinational corporation is one that delivers services in at least two countries.
32. Nations have been pouring money into researching and developing new advanced technologies in an effort to stay competitive in the world market.
33. Ownership risk is defined by the Bank for International Settlement (BIS) as, “the risk of loss resulting from inadequate or failed internal process, people and systems or from external events”.
34. Muslims are legally required to give one-fortieth of their income to the needy.
35. The Export-Import Bank is the official export credit agency of the European Union.
36. Four distinct areas relate to verbal communication are jargon and slang, dialects, humor, and vocabulary and grammar.
37. Outsourcing production to foreign firms makes it possible for the domestic firm to maximize production and efficiency; however, it results in higher product prices for the consumer.
38. Corruption does not concern governments and is solely a business issue.
39. According to Trompenaar’s model of culture, people in Universalistic cultures share the belief that general rules, codes, values, and standards take precedence over particular needs and claims of friends and relations.
40. Foreign Direct Investment occurs when organizations become more involved in the global community by purchasing land or other resources in foreign nations.