Global Test: Ch1

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

A U.S. company that builds a computer hardware manufacturing facility in India

________ are all goods and services sold abroad and sent out of a country.

Exports

Olive oil prepared in a small Italian oil press factory and sold by large supermarkets in the United States is an example of a ________.

U.S. import

As a result of globalization, Argonia finds that its national borders are becoming less relevant. This indicates that Argonia is undergoing ________.

denationalization

A major flaw of the original General Agreement on Tariffs and Trade (GATT) was that it lacked the power to ________.

enforce world trade rules

Goods and services purchased abroad and brought into a country are called ________.

imports

Any commercial transaction that crosses the borders of two or more nations is known as ___

international business

Globalization is characterized by ________.

national boundaries becoming less relevant

The purpose of the General Agreement on Tariffs and Trade (GATT) was to ________.

promote free trade

Most companies today operate in an environment of increased transparency and scrutiny regarding their business activities. This is due to ________.

the rise of the social media