Exam (elaborations)
C211 Global Economics for Managers Exam Questions And Answers 2024
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C211 Global Economics for Managers Exam Questions And Answers 2024
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C211Global
Economics
for
Managers
Base
of
the
pyramid
(BOP)
-
ANSWER-Economies
where
people
make
less
than
$2,000
per
capita
per
year.
BRICA
-
ANSWER-Brazil,
Russia,
India,
and
China.
Emerging
economies
-
ANSWER-term
that
has
gradually
replaced
the
term
"developing
countries"
since
the
1990s.
Emerging
markets
-
ANSWER-A
term
that
is
often
used
interchangeably
with
"emerging
economies."
Expatriate
manager
-
ANSWER-A
manager
who
works
abroad,
or
"expat"
for
short.
Foreign
direct
investment
(FDI)
-
ANSWER-Investment
in,
controlling,
and
managing
value-added
activities
in
other
countries.
Global
Business
-
ANSWER-Business
around
the
globe.
Globalization
-
ANSWER-The
close
integration
of
countries
and
peoples
of
the
world.
Gross
domestic
product
(GDP)
-
ANSWER-The
sum
of
value
added
by
resident
firms,
households,
and
governments
operating
in
an
economy.
Gross
national
income
(GNI)
-
ANSWER-GDP
plus
income
from
non-resident
sources
abroad.
The
term
used
by
the
World
Bank
and
other
international
organizations
to
supersede
the
term
GNP.
Gross
national
product
(GNP)
-
ANSWER-GDP
plus
income
from
non-resident
sources
abroad
Group
of
20
(G-20)
-
ANSWER-The
group
of
19
major
countries
plus
the
European
Union
(EU)
whose
leaders
meet
on
a
biannual
basis
to
solve
global
economic
problems. International
business
(IB)
-
ANSWER-(1)
A
business
(or
firm)
that
engages
in
international
(cross-border)
economic
activities
and/or
(2)
the
action
of
doing
business
abroad.
International
premium
-
ANSWER-A
significant
pay
raise
when
working
overseas.
Liability
of
foreignness
-
ANSWER-The
inherent
disadvantage
that
foreign
firms
experience
in
host
countries
because
of
their
non-native
status.
Multinational
enterprise
(MNE)
-
ANSWER-A
firm
that
engages
in
foreign
direct
investment
(FDI).
Nongovernmental
organization
(NGO)
-
ANSWER-An
organization
that
is
not
affiliated
with
governments.
Purchasing
power
parity
(PPP)
-
ANSWER-A
conversion
that
determines
the
equivalent
amount
of
goods
and
services
that
different
currencies
can
purchase.
Reverse
innovation
-
ANSWER-An
innovation
that
is
adopted
first
in
emerging
economies
and
is
then
diffused
around
the
world.
Risk
management
-
ANSWER-The
identification
and
assessment
of
risks
and
the
preparation
to
minimize
the
impact
of
high-risk,
unfortunate
events.
Scenario
planning
-
ANSWER-A
technique
to
prepare
and
plan
for
multiple
scenarios
(either
high
or
low
risk).
Semiglobalization
-
ANSWER-A
perspective
that
suggests
that
barriers
to
market
integration
at
borders
are
high,
but
not
high
enough
to
insulate
countries
from
each
other
completely .
Triad
-
ANSWER-North
America,
Western
Europe,
and
Japan.
Purchasing
power
parity
(PPP)
-
ANSWER-adjustment
made
to
the
GDP
to
reflect
differences
in
the
cost
of
living
The
bottom
billion
-
ANSWER-Concentrated
in
Africa
and
Central
Asia
-
58
small
countries,
stuck
at
the
bottom
in
terms
of
growth,
incomes
and
human
development Enhance
employability
&
advance
career,
better
preparation
to
be
expat,
competence
in
interacting
with
foreign
suppliers/partners/competitors/employees
-
ANSWER-Why
study
global
business?
Institution-based
view
-
ANSWER-A
core
perspective.
Success
and
failure
of
firms
are
constrained
by
institutions
Formal
rules
-
ANSWER-requirements
that
treat
domestic
and
foreign
firms
as
equals
enhance
the
potential
odds
for
foreign
firms'
success
or
those
that
discriminate
against
foreign
firms,
would
undermine
the
chances
for
foreign
entrants
Informal
rules
-
ANSWER-cultures,
ethics,
and
norms
play
an
important
part
in
shaping
the
success
and
failure
of
firms
around
the
globe
Resource-based
view
-
ANSWER-A
core
perspective.
Success
and
failure
of
firms
is
determined
by
their
environment
New
force
in
recent
times,
a
long-running
historical
evolution,
a
pendulum
swinging
between
extremes
-
ANSWER-What
are
the
three
views
of
globalization?
"Four
Tigers"
-
ANSWER-Hong
Kong,
Singapore,
South
Korea
and
Taiwan
Absolute
advantage
-
ANSWER-The
economic
advantage
one
nation
enjoys
that
is
absolutely
superior
to
other
nations.
Administrative
policy
-
ANSWER-Bureaucratic
rules
that
make
it
harder
to
import
foreign
goods.
antidumping
duty
-
ANSWER-T ariffs
levied
on
imports
that
have
been
"dumped"
(selling
below
costs
to
"unfairly"
drive
domestic
firms
out
of
business).
Balance
of
Trade
-
ANSWER-The
aggregation
of
importing
and
exporting
that
leads
to
the
country-level
trade
surplus
or
deficit.
Classical
trade
theories
-
ANSWER-The
major
theories
of
international
trade
that
were
advanced
before
the
20th
century,
which
consist
of
(1)
mercantilism,
(2)
absolute
advantage,
and
(3)
comparative
advantage. Comparative
advantage
-
ANSWER-Relative
(not
absolute)
advantage
in
one
economic
activity
that
one
nation
enjoys
in
comparison
with
other
nations.
Deadweight
cost
-
ANSWER-Net
losses
that
occur
in
an
economy
as
a
result
of
tariffs.
Export
-
ANSWER-Selling
abroad.
Factor
endowment
-
ANSWER-The
extent
to
which
different
countries
possess
various
factors
of
production
such
as
labor,
land,
and
technology .
Factor
endowment
theory
-
ANSWER-A
theory
that
suggests
that
nations
will
develop
comparative
advantages
based
on
their
locally
abundant
factors.
Heckscher-Ohlin
theory
-
ANSWER-Another
name
for
factor
endowment
theory
First-mover
advantage
-
ANSWER-Advantage
that
first
movers
enjoy
and
do
not
share
with
late
entrants.
Free
trade
-
ANSWER-The
idea
that
free
market
forces
should
determine
how
much
to
trade
with
little
or
no
government
intervention.
Import
-
ANSWER-Buying
from
abroad.
Import
quota
-
ANSWER-Restriction
on
the
quantity
of
imports.
Import
tariff
-
ANSWER-A
tax
imposed
on
imports.
Infant
industry
argument
-
ANSWER-The
argument
that
if
domestic
firms
are
as
young
as
"infants,"
in
the
absence
of
government
intervention,
they
stand
no
chances
of
surviving
and
will
be
crushed
by
mature
foreign
rivals.
Local
content
requirement
-
ANSWER-A
requirement
stipulating
that
a
certain
proportion
of
the
value
of
the
goods
made
in
one
country
must
originate
from
that
country.
Merchandise
-
ANSWER-T angible
products
being
traded.
Modern
trade
theories
-
ANSWER-The
major
theories
of
international
trade
that
were
advanced
in
the
20th
century,
which
consist
of
(1)
product
life
cycle,
(2)
strategic
trade,
and
(3)
national
competitive
advantage
of
industries.
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