Chapter 1 - MGT 131

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The process of applying management concepts and techniques in a multinational environment and adapting management practices to different economic, political, and cultural contexts is termed _______.

international management

Chile

its market-based economic growth has varied between 2 and 6 percent since the early 2000s and is one of the best and most stable performances in Latin America attracts a lot of foreign direct investment, mainly associated with gas, water, electricity, and mining, and continues to participate in globalization by engaging in trade agreements

In Japan, the term _____ refers to an organizational arrangement in which large, often vertically integrated group of companies cooperate and work closely together to provide goods and services to end users

keiretsus

Saudi Arabia

largest oil producer in the Arab world that was forced to reduce fuel, water, and power subsides it provides to citizens after experiencing a $98 billion deficit in 2015

A firm that has operations in more than one country, international sales, and a mix of nationalities among managers and owners is called a(n) ________

multinational corporation (MNC)

The economies of Arab and Central Asian countries depend almost exclusively on ______

oil production

In a close but decisive vote as part of a referendum in June 2016, the citizens of _____ became the first to vote to dissolve their membership in the European Union

the United Kingdom

Firms in a market must be as versatile as the individual consumer since _______

the interaction of the community and organizations leads the system

Helps promote trade between the United States and Canada

the similarity between the legal and business environments in Canada and United States

What is the ultimate objective of the European Union

to remove all trade barriers among member countries

A Japanese MNC often can get things done more quickly and profitably than its international competitors if it is able to draw from the resources of the other parts of the keiretsu

true

In India, the recent trend of locating software and other higher-value-added services has helped to strengthen a large middle- and upper-class market for goods and services

true

Poland instituted radical economic reforms earlier than its neighbors

true

The European community believes that forcing Greece to accept severe austerity measures is necessary to assure financial stability and repayment of bailout funds

true

The process of offshoring and outsourcing have combined to dramatically intensify the effects of increasing global linkages

true

In the context of international business: 1. Internationalization: 2. Globalization:

1. The process that primarily includes a business crossing national and cultural boarders 2. The process that primarily deals with the vision of building a one world unit, a single market entity

The economy of _____ outweighs that of any other South American country and has become a worldwide presence with an economic output comparable to that of France

Brazil

In March 2006, PricewaterhouseCoopers (PwC) used the term E7 to refer to seven major emerging economies

Brazil, China, India, Indonesia, Mexico, Russia, and Turkey

Countries that are part of EAGLES

Brazil, Russia, India, China, Mexico, Indonesia, South Korea, Turkey, Egypt, Taiwan

Identify the BRIC Nations

Brazil. Russia, India, China

According to the United Nations' World Population Prospects: the 2015 Revision, _______ will be the most populous countries in the world by 2050

China and India

CEVITS

Columbia, Egypt, Vietnam, Indonesia, Turkey, and South Africa

There is a lack of cross-border investment among Latin American countries

False

Which of the following are true about businesses in a command economy

Firms are provided with government subsides so they cannot go out of business Firms are owned by the government to ensure that business practices are done in the best interest of the nation

MNCs proving foreign investment in Hungary

General Electric's purchase of Tungsram Britian's Telfos Holdings paying $19 million for 51 percent of Ganz

Which of the following are the MIST countries, which are grouped as a subset of the N-11 group of economies?

Mexico, Indonesia, South Korea, and Turkey

What are the arguments put forward by the proponents of globalization?

Offshoring boosts the competitiveness of American firms and increases the size of the overall economic pie Job losses are a natural outcome of economic and technological change as part of globalization

Which if the following groups of economies suspended Russia in 2014 after a series of political differences between the economies and Russia?

The Group of Seven economies (G7)

Identify the pro-business initiatives taken by Enrique Pena Nieto as the president of Mexico

The Mexican auto industry was expanded Greater competition was forced in telecommunications

Which countries are part of the North American Free Trade Agreement (NAFTA) that has removed all barriers to trade among these countries and created a huge North American market?

The United States, Canada, and Mexico

Which countries are part of the Dominican Republic - Central America Free Trade Agreement (CAFTA-DR)

The United States, Nicaragua, Honduras, and El Salvador

Managers from today's multinational corporations (MNCs) are required to work effectively with those from many different countries

True

Hong Kong

can depend heavily on southeast China for manufacturing, but the future role that the Chinese government wants to play in local governance is still uncertain

Very large, family-held Korean conglomerates that have considerable political and economic power are called ________

chaebols

History proves the inefficiency and economic stagnation of the command economic system with dramatic ________

decline of communism in the 1980s

According the PricewaterhouseCoopers (PwC), the GDP of the E7 would _________.

exceed that of the G7 economies by around 2030.

FDI

foreign direct investment

Unlike antiglobalization activists, proponents of globalization believe that _______

globalization will urge higher-polluting countries such as China and Russia into an integrated global community that adopts responsible measures to protect the environment

Singapore

has developed as an urban planner's ideal example and the leader and financial center of Southeast Asia

Identify an effect of the free-market-based economy of North America

it allows for greater flexibility when compared with other forms of economic systems

The process of completing activities effectively and efficiently with and through other people is known as

management

The _______ system refers to a factory, the majority of which are located in Mexican border towns, that imports materials and equipment on a duty-and tariff-free basis for assembly or manufacturing and re-export

maquiladora

Combination of a market and a command economy is called

mixed economy

Which of the following refers to the economy of Mexico

more than 90 percent of Mexico's trade takes place under free-trade agreements

Identify a true statement about foreign direct investment (FDI)

most of the decrease in FDI is occurring among developed economies

Identify a true statement about a market economy

private enterprises have the right to own property and oversee production and distribution of goods and services

Critics of globalization claim that

rising inequities in incomes as a result of economic globalization is a cause of concern

Which of the following helped Russia to increase the GDP and decrease inflation, offsetting the hyperinflation created from the initial attempt at transitioning to a market-based economy in the early 1990s?

Direct investment in Russia Russia's membership in the International Monetary Fund

Identify the countries that are part of the European Union (EU)

Early 2000's:Austria, Belgium, Denmark, Finland, France, Germany, the United Kingdom, Greece, the Netherlands, Ireland, Italy, Luxembourg, Portugal, Spain, and Sweden. May 2004: Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia January 2007: Romania, and Bulgaria July 2013: Croatia

The Transatlantic Trade and Investment Partnership (T-TIP) is a suggested trade agreement between

European Union and the United States

Which of the following statements are true about India as a country at the center of the globalization debate?

Firms in India find it difficult to expand because of limited clean water, power, paved roadways, and modern bridges Over the last 10 years, India's macroeconomic stability has increased

The process of social, political, economic, cultural, and technological integration among countries around the world is known as ______

Globalization

Bordering southeast China and now part of the People's Republic of China (PRC) ________ has been the headquarters for some of the most successful multinational functions in Asia

Hong Kong

Antiglobalization activists

If corporations are free to locate anywhere in the world, the world's poorest countries will relax or remove environmental standards and social services to attract first-world investment and the accompanying jobs and wealth

Identify a global change in demographics by 2050

In Germany and Italy, the working age population will shrink by over 20 percent by 2050

Which of the following are reasons why India is attractive to multinationals, especially the US and British firms?

Many Indians speak English, are very well educated, and are known as experts in advanced information technology The Indian government gives funds for economic development

Major regional trading blocs that promote free trade within South America

Mercosur, and The Andean Community

Identify a true statement about the voting of the United Kingdom ti dissolve its membership in the European Union as part of a referendum in June 2016

citizens voted to dissolve their membership in bloc

Proponents of globalization

Protectionist policies, not trade and investment liberalization, lead to environmental and social damage within the developing world

Greece has been forced to accept certain measures as it has accepted multiple bailout packages from the International Monetary Fund (IMF), the European Commission, and the European Central Bank between 2010 and 2015. What are those measures?

Cuts to public spending Freezing government pensions and wages

Identify the trends that pertain to global demographics

According to the Wall Street Journal, the working-age population will contract by nearly 5 percent worldwide by 2050 The amount of spending on health care-related services will keep on increasing steadily

Which countries are represented by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)?

Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam

Countries that are part of the N-11 group of economies

Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam

Identify the reasons that why Mexican firms are now able to produce products at highly competitive prices

Because of the availability of low-cost labor Because the Mexican market is close to the American market

Which of the following are true about Africa's economy

Developing countries lack the institutions, infrastructure, and economic capacity to take full advantage of globalization Sub-Saharan Africa's development stalled to a 20-year low in the wake of low oil prices and China's economic slowdown in 2015

Based on the data on purchasing power parity (PPP), ______ would exceed the United States as the largest world economic power by 2050.

China and India

Asian-facing countries have negotiated an ambitious, next-generation, Asia-Pacific trade agreement under the _____ _____ _____ _____ for Trans-Pacific Partnership (CPTPP)

Comprehensive and Progressive Agreement

In contrast to its fellow BRIC partners, _____ continues to post strong figures and has surpassed China in annual gross domestic product (GDP) growth rate in recent years

India

Which of the following continues to outpace China as the fastest growing large economy, with GDP expanding over 7 percent in 2018?

India

Mercosur

It is a customs union that connects the economies of Argentina, Brazil, Paraguay, Uruguay, and Venezuela

The Andean Community

It is a subregional free trade compact that was made to promote economic and social integration and cooperation among Columbia, Ecuador, Bolivia, and Peru

What are the functions of the Ministry of International Trade and Industry, a Japanese governmental agency, that contributed to the early success of the Japanese economy?

It recognizes and ranks the state's commercial pursuits It leads the distribution of national resources to meet trade-related goals

The economy of _____ was the only economy in the EU that continued developing during the global recession of 2008-09.

Poland

Brazil has attracted considerable foreign investment over the past 30 years. Foreign organizations are drawn to opportunities created by Brazil's _____

Privatization of telecommunications, power, and other infrastructure sectors

Included in the chaebols of South Korea

Samsung, Hyundai, Daewoo, and the LG group

Which of the following is true about a mixed economy

Some sectors are privately owned and have the freedom and flexibility of the law of demand, while other sectors are subject to government planning

In 2010, the BRIC leaders of the founding members decided to join _____ to the group, making it the BRICS

South Africa

Identify the true statements about the Hungarian economy

State owned hotels in Hungary have been privatized Western firms have been entering into joint ventures with local firms in Hungary

Goldman Sachs' 2001 report on the economic growth projected what to occur in the BRIC nations?

The BRIC economies' share of world growth could increase from 20 percent in 2003 to 40 percent in 2025. Economies of the BRIC nations will exceed the collective economies fo the G7 nations by 2032

Which of the following is the United States' second largest free trade zone in Latin America after Mexico that was implemented on a rolling basis between 2006 and 2009

The Dominican Republic - Central American Free Trade Agreement

Which of the following is the United States' second largest free trade zone in Latin America after Mexico that was implemented on a rolling basis between 2006 and 2009?

The Dominican Republic - Central American Free Trade Agreement export zone

_______ is the global association of countries that oversees rules and regulations for international trade and investment, including agriculture, intellectual property, services, competition, and subsides

The World Trade Organization

Identify the economic developments that have occurred in the countries that are part of the North American Free Trade Agreement NAFTA

The ease of travel between countries has been increased Tariffs and import and export quotas have been eliminated

Which if the following goals of the European Union has finally largely become a reality?

The establishment of a single currency and a regional central bank

Offshoring

The process by which companies undertake some activities at foreign locations instead of their countries of origin

Outsourcing

The subcontracting or contracting out of activities to endogenous organizations that had previously been performed by a firm

Taiwan

has developed from a labor-intensive economy to one that is dominated by more technologically sophisticated industries, including banking, electricity generation, petroleum refining, and computers

Argentina

in 2018, it experienced a financial crisis when its currency crashed, and its foreign debt became more expensive to repay has one of the strongest economies overall. but it has suffered the recurring economic problems of inflation, external debt, capital flight, and budget deficits


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