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1.Which of the following is not characteristic of globalization?
2. Globalization has __________ the opportunities for a firm to expand its revenues by selling around the world and __________ its costs by producing in nations where key inputs are cheap.
Increased, reduced
3. Falling barriers to cross-border trade:
Have made it easier to sell internationally
4. The trend toward a more integrated global economic system that has been in place for many years is commonly referred to as:
globalization
5. The merging of historically distinct and separate national markets into one huge global marketplace is referred to as the __________.
Globalization of markets
6. In the U.S., ________ percent of firms that export are small companies employing fewer than 100 people.
7. The most global of markets are not markets for __________, where national differences in tastes and preferences are still often important enough to act as a brake on globalization.
Consumer goods
8. Formal and informal trade barriers, barriers to foreign direct investment, transportation costs, and issues associated with economic and political risk are all examples of
Impediments to the globalization of production
9. Which of the following is not an impediment that makes it difficult for firms to achieve the optimal dispersion of their productive activities to locations around the globe?
A slowdown in the trend towards globalization worldwide
10. Political systems can be assessed according to two related dimensions:
the degree to which they emphasize collectivism opposed to individualism and the degree to which they are democratic or totalitarian
11. When __________ is practiced, the needs of society as a whole are generally viewed as being more important than individual freedoms.
collectivism
12. An individual who is ______ has an understanding of how cultural differences across and within nations can affect the way in which business is practiced.
13. During the 1960s and 1970s, class divisions in _______ raised the cost of doing business in that location relative to other European countries.
Great Britain
14. __________, an expert on cross-cultural differences and management, defined culture as “the collective programming of the mind which distinguishes the members of one human group from another.”
Geert Hofstede
15. ______ are abstract ideas about what a group believes to be good, right, and desirable.
Values
16. The system of values and norms that are shared among a group of people and that when taken together constitute a design for living is known as
culture
17. The theory of __________ was advanced by Adam Smith.
Absolute advantage
18. The U.S. has a highly skilled labor force and cutting edge technology. China has a relatively cheap labor force. According to Ricardo, the U.S. should produce and export ________, while China should produce and export _______.
Jet aircraft, textiles
19. Which of the following international management scholars argued that the "invisible hand" of the market mechanism, rather than government policy, should determine what a country imports and what it exports?
Adam Smith
20. ________ suggests that international differences in labor productivity are key to understanding patterns of trade.
Ricardo
21. The product life cycle theory was developed by
Raymond Vernon
22. New trade theory
Stresses that in some cases countries specialize in the production and export of particular products not because of underlying differences in factor endowments, but because in certain industries the world market can only support a limited number of firms.
23. The theory of __________, developed by Michael Porter, focuses on the importance of country factors such as domestic demand and domestic rivalry in explaining a nation's dominance in the production and export of particular products.
National competitive advantage
24. Which of the following is not an example of one of the main instruments in trade policy used by governments around the world?
25. __________ are the oldest and simplest instrument of trade policy.
Tariffs
26. In recent decades, tariff barriers have been _____ while non tariff barriers have been ______.
Falling, rising
27. Specific tariffs are
Levied as a fixed charge for each unit of a good imported
28. While __________ tariffs are levied as a fixed charge for each unit of a good imported, __________ tariffs are levied as a proportion of the value of the imported good.
specific, ad valorem
29. _______________ tends to be one of the largest beneficiaries of subsidies in most countries.
Agriculture
30. FDI occurs when
when a firm invests directly in facilities to produce and/or market their products or services in a foreign country.
31. The U.S. Department of Commerce states that FDI occurs whenever a U.S. citizen, organization, or affiliated group takes an interest of ______ percent or more in a foreign business entity.
32. A Greenfield investment
Is a form of FDI that involves the establishment of a wholly new operation in a foreign country
33. The two main forms of FDI are
A greenfield investment involves establishing a wholly owned new operation in a
foreign country. This is the type of investment that both Nissan and Mercedes Benz have.
- The second type of FDI is an acquisition or merger with an existing firm in the
foreign country.
34. _________ is FDI in the same industry in which a firm operates at home.
Horizontal
35. Horizontal FDI is
FDI in the same industry in which a firm operates at home.
36. Vertical FDI is
FDI in an industry that provides inputs for a firm's domestic operations, or it may be FDI in an industry abroad that sells the outputs of a firm's domestic operations.
37. Licensing occurs when
- granting a foreign entity the right to produce and sell the firm’s product in return
for a royalty fee on every unit that the foreign entity sells
38. Outflows of FDI are
The flows of FDI out of a country
39. Inflows of FDI are
The flows of FDI into a country
40. The global stock of FDI in 2003
41. The roots of the radical view of FDI can be traced to
Marxist theory
42. According to _________, the MNE is an instrument of imperialist domination.
Radical view
43. The radical view of FDI was very influential
44. _______ have been opposed in principle to FDI.
45. All of the following except ________ embraced capitalism rather than radical ideology.
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