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rsm100 final Questions & answers
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rsm100 final Questions & answers
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rsm100 finalinternational vs global - ANS-international = operate in more than one country, but
mostly import and export from one main location
global = produce and sell locally in different countries, top management is multinational,
dispersed headquarters
bringing coal to newcastle - ANS-- england had AA in mining coal due to stripmining
compared to countries like england/france
- however, they were the first country to have the industrial revolution really take off
- since that gave them CA in manufacturing (each worker put in mines would give up a
lot of output from factories), they undertook more manufacturing and traded with other
countries for coal, since they were comparatively more productive (had to give up less
factory work)
why do nations trade - ANS-- CA - trade for goods that they have a high OC in
- some countries have AA in goods due to their physical climate; trade allows people in
other countries to have access to them
risks of international business - ANS-- exchange rate
- transportation costs and risks
- supply chain issues
- environmental hazards
- political conflict
why companies trade - ANS-- excess resources/capacity
- cost reduction from economies of scale
- foreign demand
evidence of globalization - ANS-data shows increase in trade, FDI, and financial
transactions
why is the global economy better off with international free trade - ANS-- lower costs
and greater choice for consumers
- having more trade increases jobs
- grows global economy because people are encouraged to trade
what does a lower cad mean - ANS-- cannot get as much external currency for 1 CAD
- money stays in the country
, - less importing because they become more expensive
- more exporting because it is cheaper for other countries
- decreases trade deficit
what does a higher cad mean - ANS-- each canadian dollar gets you more external
currency relative to before
- importing becomes more attractive because you can buy more with your cad
- exporting decreases because other countreis pay more for each good
- trade deficit increases (import > export, currency leaving country)
explain how covid impacted globalization - ANS-- furthered the trend of slowbalization -
keeping operations local rather than global
- disrupted supply chains and showcased their vulnerability (ex. chip shortage)
- decreased corporate travel
- lowered consumer spending, which decreased need for trade
how did covid affect the clothing industry - ANS-- showed vulnerability of supply chains,
causing companies to want to produce and sell locally
- lower demand for nonessential items
explain the concept of resiliency vs efficiency from a globalization perspective - ANS--
countries that are resilient are independent and emphasize protectionism
- efficiency comes from an interconnected world, but countries are less resilient
because they are affected by crises in other countries
- efficient models require international cooperation to get through crises like covid
was brexit a good choice for the uk? - ANS-yes
- allows sovereignty over decisions
- they don't need to follow UK regulations that don't benefit them, such as on investment
- they were giving more than they were receiving
- gain own international reputation
- increases security of country against less wealthy ones
no
- lose international connection
- less mobility between countries in the eu
- lose some business entities such as banks that would rather operate in a free trade
area
- less fishing rights
was brexit a good choice for the eu? - ANS-yes
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