Comm 211 Exam Questions With Correct
Answers A+
Factors promoting globalization - AnswerDeclining trade and investement barriers, and
technilogical change
Technological Change - AnswerTelecommunications, the internet, globalization of production,
globalization of markets
Multinational Enterpr...
Factors promoting globalization - Answer✔Declining trade and investement barriers, and
technilogical change
Technological Change - Answer✔Telecommunications, the internet, globalization of production,
globalization of markets
Multinational Enterprises - Answer✔any buisness that has production activities in two or more
countries
the globalization debate - Answer✔Experts often beleive that globalization is good, some people
are worried about it raising costs
What are the two sets of political systems - Answer✔Collectivism and individualism, and
democracy and totaltarianism
define the difference between collectivism and Individualism - Answer✔Collectivism: Goals of
society Individualism: promote individual freedom and economic pursuits
what is socialism: - Answer✔form of collectivism that promotes state-owned enterprises
two forms of socialism - Answer✔communists and social democrats
4 types of totalitarianism - Answer✔ONe part/person has total control and opposition is not
allowed: Communisit, theocratic, Tribal, right wing
3 types of economic systems - Answer✔Market economy, mixed economy, command economy
What are the possible benefits of foreign markets? - Answer✔long term (market size could grow,
current wealth, future growth), better growth in countries with free markets and property rights
What is culture - Answer✔system of values and norms shared among group of people that
consitues a design for living. Distinguishes one human group from another
What are values - Answer✔what is beleived is right and desirable
what are norms - Answer✔social rules that tells people how to behave (normal behaviour)
Two types of norms - Answer✔folkways (routines:dress codes) and Mores (central norms: theft)
6 elements of culture - Answer✔Religion, political Philospphy, economic philosophy, education,
language, social structure
Political Philosophy is... - Answer✔individualism vs. collectivism / mixed economy vs.
command economy
Economic philosophy is... mixed economy vs. command economy vs market economy -
Answer✔
Social structure is... - Answer✔groups of 2+ people with shared identity (social stus, influence
views, workplace)
Social mobility - Answer✔extent to be able to move from one social group to the next
Religion is... - Answer✔shared set of beleifs and rituals
Education effects what? - Answer✔indicates type of products that will sell and the type of
promotion that would be effective
What are Hofstede's 5 cultural dimensions? - Answer✔Power distance, individualism vs.
collectivism (not political), uncertainty avoidance, masculinity vs femininty, and long term vs
short term
WHat is power distance? - Answer✔how people deal with inequality in physical and intellectual
ability. High power distance: allows for inequality, power and wealth Low poer distance: down
playes the inequalities
High vs low Uncertainty Avoidance - Answer✔High: cares about job security, patterns and rules
Low: takes risks, less emotional resistance to change
Cultural change is... - Answer✔CULTURES CHANGE SLOW OVER TIME, SOCIAL
TURMOIL, faster change is common as economies become stronger
What are the benefits of free trade? - Answer✔1. Specialize in the manufcturing / exporting of
products that are easier to make for that country 2. import products that are produced more
eficiently elsewhere 3. Allows for specialization 4. larger selection of products and services 5.
more job creation 6. new enterpeneurial oppertunities
What is Mercantilism - Answer✔philosophy that countries should encourage exports and
discourage imports. Main flaw: there was gain for one country and losses for another
Absolute Advantage is... - Answer✔theory by Adam Smith: argues trade is a positive sum game
(everyone wins), different countries have different advantages, they should foccus on those
advantages
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