Chapter 2 BUSA 3000

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The first phase of globalization was characterized by the ________.

growth of railroads

72) Which of the following stages comes before procurement in a firm's value chain?

A) research and development

80) The ability of a nation to govern its own affairs is known as ________.

A) sovereignty

The third phase of globalization was triggered by ________.

A) the end of World War II

68) The most direct implication of market globalization is on the firm's ________.

A) value chain

69) Which of the following statements is TRUE about value chain and international business?

B) Exporting firms perform most of the upstream value chain activities in the home market.

71) Which of the following statements is TRUE about the firm-level consequences of market globalization?

B) Globalization drives firms to relocate key value-adding activities to the most advantageous locations around the world.

44) ________ are the most transformative technology in developing economies.

Mobile phones

The ________ phase of globalization began around 1900 and was associated with the rise of electricity and steel production.

second

45) Technological advances have contributed to manufacturing by ________.

D) reducing production costs

55) Which of the following is an example of a supranational institution?

D) the World Trade Organization

The fourth phase of globalization is characterized by ________.

D) the enormous growth of cross-border trade and investment

13) As market globalization intensifies, ________.

individual firms respond to the challenges and new advantages that it brings

Which of the following is a driver of globalization?

integration of world financial markets

58) ________ is transforming interactions among customers, employees, business partners and investors, by connecting locations, products, services, and data.

A) Digitization

11) Early multinationals from the third phase of globalization originated in ________.

A) Japan

59) Companies strive to drive down prices ________, among other strategies.

B) by standardizing what they sell

Which of the following is characteristic of globalization of markets?

declining trade barriers

30) Which of the following drivers of market globalization is Lavonne's research most likely to recognize as the factor responsible for the company's expansion to Japan?

A) integration of world financial markets

54) Regional economic integration blocs ________.

A) reduce trade and investment barriers

46) Stella manages the production team at Camden Inc., a manufacturer of heavy industry machinery in the United States. She needs to decide if her firm should export finished products or manufacture abroad. Which of the following would most likely help her evaluate the best alternative in this instance?

B) What are the costs of transporting raw materials, components, and finished products?

32) The globalization of finance ________.

B) contributes to firms' abilities to develop and operate world-scale production and marketing

56) Governments have facilitated economic integration by ________.

B) creating supranational institutions to further reduce trade barriers

61) Reduction in trade barriers is associated with the emergence of ________.

B) regional economic integration blocs

Over time, the GATT evolved into the ________.

C) World Trade Organization

52) In terms of international business, market globalization can be viewed as a ________.

C) driver and consequence of firm-level internationalization

70) In a typical value chain, the firm ________.

C) performs marketing activities such as pricing, promotion, and selling

29) In describing the main driver behind Pax's expansion to China, Rashid is most likely to emphasize ________.

C) reduction of barriers to trade

57) The free movement of capital around the world is also known as ________.

C) the globalization of capital

60) Convergence of consumer preferences has led to an enhanced emphasis on standardization, which implies that ________.

C) the raw materials, parts, and components sourced by professional buyers are very similar in design and structure

28) Financial market integration makes it easier for internationally active firms to ________.

D) engage in foreign currency transactions

12) The fourth phase of globalization ________.

D) facilitated the globalization of the service sector in such areas as banking and retailing

84) While a degree of cultural imperialism may be at work, it is offset by the countertrend of ________.

D) local nationalism

81) The relocation of manufacturing and other value-chain activities to cost-effective locations abroad is known as ________.

D) offshoring

79) ________ refers to the tendency of a financial or monetary crisis in one country to spread rapidly to other countries, due to the ongoing integration of national economies.

D) procurement

53) A value chain is ________.

D) the sequence of value-adding activities performed by a firm in the course of developing, producing, marketing, and servicing a product

Which of the following reflects the major contribution of GATT to globalization?

It reduced barriers to international trade and investment.

16) Firms that are more successful at global competition display each of the following qualities EXCEPT ________.

approaching internationalization from a reactive standpoint

To which of the following drivers of market globalization is Markus most likely to attribute his company's expansion to Eastern Europe?

market liberalization

Which of the following is a societal consequence of market globalization?

offshoring and the flight of jobs


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