Olive oil made in italy and sold in the united states is an example


Module 5 Midterm Exam

1. Question :

Olive oil made in Italy and sold in the United States is an example of which of the following?

Global brand

U.S. export

U.S. import

Standardized product

Question 2. Question :

Levi’s Jeans made in the United States and sold in Russia are an example of which of the following?

U.S. export

Outsourced product

Globally licensed product

U.S. import

Question 3. Question :

Denationalization refers to ________.

a loss of sovereignty among nations

national boundaries becoming less relevant

cooperation between nations to reduce trade barriers

attempts by international organizations to resolve trade conflicts

Question 4. Question :

Which of the following is an example of the globalization of production?

Canadian consumers buy foods imported from Australia

A Chinese company sells textiles to European car makers

A U.S. company builds a manufacturing facility in India

A Swiss watch manufacturer builds a manufacturing facility in Switzerland

Question 5. Question :

Two major forces that underlie the expansion of globalization are ________ and ________.

deregulation of tourism; the rise of nationalism

economic interdependence; the decline of international organizations

trade barriers; political unrest

falling barriers to trade and investment; technological innovation

Question 6. Question :

A limit placed on the quantity of an imported product is known as which of the following?

Import sanction



Nontariff barrier

Question 7. Question :

All of the following represent examples of regional trade agreements except ________.





Question 8. Question :

Last year, Sabrina Shin started a business selling all types of spices and hot sauces. The business is small but this entrepreneur’s dreams are big. Given limited demand and sales fluctuations in the domestic market, Sabrina has been considering going international; however, she has little information, many doubts, and no guidance. Which of the following can help Sabrina reach consumers in different corners of the world quickly and inexpensively?





Question 9. Question :

For 75 years, from the start of the First World War to the end of the Cold War, there was a geographic divide between ________, and an ideological divide between ________.

North and South; protectionism and socialism

North and South; regionalism and globalization

East and West; regionalism and globalization

East and West; communism and capitalism

Question 10. Question :

Which of the following terms is used to refer to widespread job turnover throughout an economy?



Wage differentials

Attrition spectrum

Question 11. Question :

Which of the following makes the world market more accessible for companies that sell traditional products by lessening the cost and difficulties associated with global communication?


Franchising opportunities


Financial capital

Question 12. Question :

Which of the following terms is used to refer to the positive or negative evaluations, feelings, and tendencies that individuals harbor toward objects or concepts?





Question 13. Question :

________ refers to the replacement of one culture’s traditions, folk heroes, and artifacts with substitutes from another.

Cultural imperialism


Cultural attrition

Cultural immersion

Question 14. Question :

Which of the following terms is used to refer to behavior that is shared by a heterogeneous group or by several groups?


Lingua franca

Popular custom

Folk custom

Question 15. Question :

Which of the following terms is used to refer to the process of ranking people into social layers or classes?

Social status

Social stratification

Social group

Social mobility

Question 16. Question :

A Chinese business establishes an office in Hong Kong. It conducts business locally with vendors and customers who live in Hong Kong. Which of the following would be most effective as the company’s main business dialect?





Question 17. Question :

All of the following are dimensions developed by Hofstede for examining cultures except ________.

individualism versus collectivism

power distance

uncertainty avoidance

caste system versus class system

Question 18. Question :

Sid Maxwell is head of legal affairs for Hudson Inc., a producer of animal figurines that include an embedded software program that makes animal sounds. Hudson is expanding its market to include parts of Asia and Maxwell is concerned about reports of software piracy in the region.Which of the following could Hudson obtain to protect its rights to the proprietary software embedded in the figurines?




Users license

Question 19. Question :

Global Trading, LLC, is a distributor of computer software and hardware, steel and copper scrap, and telephone and electric utility equipment.Involved in three very different types of industries, the company faces many types of risks in its global business. Global Trading just learned that the government in one country in which it does business has taken over the entire electric utility industry. The government’s actions are an example of ________.





Question 20. Question :

Susan Smith works in marketing at Reconditioned Refrigerators (R&R), a global manufacturing company. Susan knows that to advance into upper management she must gain broader experience and was recently told that she can choose from several locations in which R&R is active for her first international assignment. Susan knows little about other nations, their cultures, and their political systems, so she has embarked on an ambitious research project to make an informed decision. Susan’s personal political beliefs are congruent with those of a democracy. Susan’s beliefs are most likely reflected in which of the following political ideologies?





Points Received: 0 of 1

Question 21. Question :

An international human rights organization recommends that its member countries review their human rights policies on a periodic basis to ensure that their governments are upholding ethical standards for the treatment of prisoners. Which of the following represents the most effective reasoning in support of the organization’s recommendation?

Ethical policies and practices tend to remain consistent within the same country over time.

Nations should only enforce ethical standards that have been approved by other nations.

Nations should enforce those ethical standards that have been adopted in other nations.

Ethical standards change over time, so national policies should be updated as necessary.

Question 22. Question :

A bootleg Prada backpack that costs $500 in New York but sells for $100 in Rome is an example of which of the following?

Patent infringement

Pirated product

Copyright violation

Standardized product

Question 23. Question :

Which of the following legal systems is based on a detailed set of written rules and statutes that constitute a legal code?

International law

Civil law

Tribal law

Common law

Question 24. Question :

Which of the following is the broadest measure of economic development?

Gross domestic product (GDP)

Purchasing power parity (PPP)

Gross national product (GNP)

Human development index (HDI)

Question 25. Question :

The pattern of imports and exports that occurs in the absence of trade barriers is called ________.

an embargo


infant industry

free trade

Question 26. Question :

Which of the following is an example of an economic motive for nations’ attempts to influence international trade?

Pursue strategic trade policy

Protect jobs

Respond to “unfair” trade

Preserve national security

Question 27. Question :

Which of the following created renewed determination to further reduce barriers to trade?

Consumer demand

Advancements in telecommunications

Portfolio investment trends

Uruguay Round of trade negotiations

Question 28. Question :

Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves and erect a common trade policy against nonmembers is called a(n) ________.

economic union

customs union

common market

political union

Question 29. Question :

The international bond market consists of all bonds sold by issuing companies, governments, or other organizations ________.

within their own countries

to London banks

outside their own countries

to developing nations only

Question 30. Question :

Sandy Smith, vice president of marketing for a large consumer products company, will soon travel to Colombia to spearhead an effort to increase her company’s presence there. Sandy is concerned about her safety and has contacted a risk-assessment service for advice. Which of the following is most likely to assist Sandy in keeping a low profile?

Dressing like the locals whenever possible and avoiding expensive jewelry

Participating in public demonstrations attended by large local crowds

Streamlining financial transactions by paying for expenses with large denominations

Maintaining the ability to cover unexpected expenses by carrying a large amount of cash

Question 31. Question :

Explain the concept of culture. Why is it important to avoid ethnocentricity and gain cultural literacy?

Question 32. Question :

Explain the concept of balance of payments and describe its two major components.




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