International Business and Trade Final UPDATED Actual Exam Questions and CORRECT Answers
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Course
International Business and Trade
Institution
International Business And Trade
International Business and Trade Final
UPDATED Actual Exam Questions and
CORRECT Answers
World Bank - CORRECT ANSWER- Established for international cooperation and
economic development
Globalization of production - CORRECT ANSWER- Sourcing goods globally for cost
and quality advantages
Mu...
International Business and Trade Final
UPDATED Actual Exam Questions and
CORRECT Answers
World Bank - CORRECT ANSWER✔✔- Established for international cooperation and
economic development
Globalization of production - CORRECT ANSWER✔✔- Sourcing goods globally for cost
and quality advantages
Multinational enterprise - CORRECT ANSWER✔✔- Company with productive activities in
multiple countries
Foreign direct investment (FDI) - CORRECT ANSWER✔✔- Investing resources in business
activities outside the home country
Totalitarianism - CORRECT ANSWER✔✔- Absolute control by one person or party, no
opposing parties
Private ownership - CORRECT ANSWER✔✔- Ownership incentivizing better consumer
service
Mixed economy - CORRECT ANSWER✔✔- Combination of private ownership and state
control
Class consciousness - CORRECT ANSWER✔✔- Perceiving oneself based on class
background
Norms - CORRECT ANSWER✔✔- Social rules governing interactions in a society
Justice theories - CORRECT ANSWER✔✔- Focus on fair distribution of economic goods
, Ethics - CORRECT ANSWER✔✔- Principles of right or wrong governing conduct
Utilitarian approach - CORRECT ANSWER✔✔- Action judged by balance of good over bad
consequences
Free trade - CORRECT ANSWER✔✔- No government influence on trade quotas or duties
Absolute advantage - CORRECT ANSWER✔✔- Country more efficient in producing a
product
Economies of scale - CORRECT ANSWER✔✔- Unit cost reductions with large output scale
Heckscher-Ohlin theory - CORRECT ANSWER✔✔- Trade pattern determined by factor
endowment differences
Government intervention - CORRECT ANSWER✔✔- Intervening to protect jobs and
industries from foreign competition
GATT - CORRECT ANSWER✔✔- Trade regulation with tariff reductions in negotiation
rounds
World Trade Organization (WTO) - CORRECT ANSWER✔✔- Promotes international trade,
including services
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