Busmhr 2000 Study guides, Class notes & Summaries
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BUSMHR 2000 Exam 1 questions with correct answers
- Exam (elaborations) • 35 pages • 2023
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Globalization 
The shift toward a more integrated and interdependent world economy. 
 
 
 
Globalization of markets 
The merging of historically distinct and separate national markets into one huge global marketplace. 
 
 
 
Globalization of production 
The sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production. 
 
 
 
Factors of production 
Labor, energy, land, and capital. 
 
 
 
General Agreemen...
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BUSMHR 2000 Exam 1 Questions and Answers New (2024/2025) Solved 100% Correct
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Group of Twenty (G20) - ️️-Established in 1999. 
-Comprises the finance ministers and central bank governors of the 19 largest 
economies in the world, plus representatives from the European Union and the 
European Central Bank. 
-Originally established to formulate a coordinated policy response to financial crises in 
developing nations. 
-2008/2009 it became the forum where major nations attempted to launch a coordinated 
policy response to the global financial crisis. 
The Uruguay Round -...
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BUSMHR 2000 Final Exam Review Questions And Answers Graded A+
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benefit domestic producers by limiting competition from abroad, increases prices for 
consumers - ️️results of VER 
local content requirement - ️️demands that some fraction of the product be 
produced domestically 
help domestic producers compete against low cost foreign imports and gain export 
markets, consumers absorb the costs - ️️results of subsidies 
tariffs, subsidies, import quotas, voluntary export restraints, local content requirement, 
antidumping policies - ️️6 instru...
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BUSMHR 2000-Final exam Questions and Answers with complete solution
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voluntary export restraints - ️️a.An official agreement with another country that 
voluntarily restricts the quantity of its exports 
b.Quota on trade imposed by the exporting country, typically at the request of the 
importing country's government 
Ad Valorem Tariff - ️️can increase government revenues, provide protection to 
domestic producers against foreign competitors by increasing the cost of imported 
foreign goods, force consumers to pay more for certain imports, reduce overall ...
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BUSMHR 2000 Exam 1 Questions and Answers | Latest Update 2024/2025
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Globalization 
 ~~> The trend toward increased cultural and economic 
connectedness between people, businesses, and organizations 
throughout the world. 
Global Institutions 
 ~~> (1) -Help manage, regulate, and police the global marketplace. 
 -Promote the establishment of multinational treaties to govern the 
global business system. 
 - General Agreement on Tariffs and Trade (GATT), World Trade 
Organization (WTO), International Monetary Fund (IMF), World Bank, 
United Nations (UN)....
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BUSMHR 2000-Final exam
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free trade - answer-government does not attempt to restrict what citizens can buy from another country or what they can sell to another country 
 
tariffs - answer-A tax on imports that effectively raises the cost of imported products relative to domestic products 
 
special tariffs - answer-levied as a fixed charge for each unit of a good imported 
 
Ad Valorem Tariff - answer-can increase government revenues, provide protection to domestic producers against foreign competitors by increasing th...
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BUSMHR 2000 Exam 2 Questions and Answers with complete solution
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political union - ️️regional integration with no internal tariffs, common external 
tariffs, factor mobility allowed, common currency, monetary & fiscal policies, and 
common political institutions 
common market - ️️regional integration with no internal tariffs, common external 
tariffs, and factor (i.e. factors of production - labor, capital etc.) mobility allowed 
Flow - ️️amount of FDI over a period of time (one year) 
Stock - ️️total accumulated value of foreign owned assets...
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BUSMHR 2000 Final Exam Review
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free trade - answer-govt does not attempt to restrict what its citizens can buy from another country or sell to another country 
 
tariffs, subsidies, import quotas, voluntary export restraints, local content requirement, antidumping policies - answer-6 instruments of trade policy 
 
tariff - answer-a tax levied on imports that effectively raises the cost of imported products relative to domestic products 
 
increases govt revenues, protects domestic producers from foreign competitors, pro-produ...
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BUSMHR 2000 Exam 1 Questions And Answers Latest Updates
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Mercantilism - ️️1st theory of international trade- an economic policy under which 
nations sought to increase their wealth and power by obtaining large amounts of gold 
and silver and by maximizing exports and minimizing imports 
Economic Motives - ️️the motivation to increase return through higher revenues or 
lower costs through international raw materials, natural resources, a cheap labor supply 
for manufacturing goods 
Global Institutions - ️️(1) -Help manage, regulate, and pol...
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BUSMHR 2000 Exam 1
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• Globalization - answer-The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world. 
 
Global Institutions - answer-(1) -Help manage, regulate, and police the global marketplace. 
-Promote the establishment of multinational treaties to govern the global business system. 
- General Agreement on Tariffs and Trade (GATT), World Trade Organization (WTO), International Monetary Fund (IMF), World Bank, United Nations (UN). 
 
WT...
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