GSCM 311 MIDTERM QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
Which of the following are seen as unethical in many western cultures but are not seen
as unethical in other cultures?
Freely Sharing Intellectual Property
Bribery
Caste systems
Child Labor
All of the Other Options - Answers -All of the Other Options
The "Bretton Woods System" has been the foundation of ...
Economics laws since 2005
Regional trade since 1956
World trade since 1944
Tax systems since 1935 - Answers -World trade since 1944
According to Milton Friedman what will result in prosperity for North America?
Insource All Steel Production to the U.S.
Use Local Infrastructure to Exclusively Trade Within North America
Open Our Boundaries
Increase Tariffs on Chinese Goo - Answers -Open Our Boundaries
The _____________ is probably the most famous of these trading blocs, where non-
tariff barriers to trade have been collectively removed by member nations. The
_____________ now has 27 members and was originally inspired by a small open
borders trading union between Belgium, The Netherlands, and Luxembourg. (The two
blanks are the same word). - Answers -European Union
According to the reading, free trade is beneficial to all countries because each can gain
if it specializes according to this economic principle:
Scarcity of Goods
Tragedy of Commons
Comparative Advantage
Pareto Efficient Production - Answers -Comparative Advantage
Choose the title that matches this definition.
"A country should specialize in producing and exporting only those goods and services
which it can produce more efficiently (at lower opportunity cost) than other goods and
services (which it should import)."
Absolute Advantage
Comparative Advantage
Competitive Advantage
, Mercantilism - Answers -Comparative Advantage
The number of jobs needed to produce manufactured goods has been increasing for
many decades as robots and better manufacturing methods have replaced more labor-
intensive operations. - Answers -False
True or False? Globalization for business typically refers to the make or buy decision
beyond national borders. - Answers -True
Who founded the basic concept of international trade theory? - Answers -David Ricardo
Which of the following is not a desired result of conducting a PEST analysis?
Confirm your personal cultural schemas
Implement appropriate practices
Spot opportunities
Avoid problematic practices - Answers -Confirm your personal cultural schemas
For companies who choose a self-governance approach to service operations, they are
always better off than outsourcing to another firm - Answers -False
From the "Did We Expand Too Quickly?" case, the UK was chosen as an international
location for Ascendancy in part because climbing was already a prominent and
established pass-time at that location. - Answers -False
During which phase of PEST analysis would you include research on education?
Economic
Technological
Political
Educational
Socio-Cultural - Answers -Socio-Cultural
Which of the following ownership strategies requires the most operational support?
Licensing
Direct ownership
Franchising
Marketing - Answers -Direct ownership
According to the PEST analysis video, which of the following constitutes a socio-cultural
factor?
Population demographics
Human rights
All answers listed
National culture and values
Religion
DEFINITION
ENGLISH - Answers -All answers listed
ACCURATE ANSWERS
Which of the following are seen as unethical in many western cultures but are not seen
as unethical in other cultures?
Freely Sharing Intellectual Property
Bribery
Caste systems
Child Labor
All of the Other Options - Answers -All of the Other Options
The "Bretton Woods System" has been the foundation of ...
Economics laws since 2005
Regional trade since 1956
World trade since 1944
Tax systems since 1935 - Answers -World trade since 1944
According to Milton Friedman what will result in prosperity for North America?
Insource All Steel Production to the U.S.
Use Local Infrastructure to Exclusively Trade Within North America
Open Our Boundaries
Increase Tariffs on Chinese Goo - Answers -Open Our Boundaries
The _____________ is probably the most famous of these trading blocs, where non-
tariff barriers to trade have been collectively removed by member nations. The
_____________ now has 27 members and was originally inspired by a small open
borders trading union between Belgium, The Netherlands, and Luxembourg. (The two
blanks are the same word). - Answers -European Union
According to the reading, free trade is beneficial to all countries because each can gain
if it specializes according to this economic principle:
Scarcity of Goods
Tragedy of Commons
Comparative Advantage
Pareto Efficient Production - Answers -Comparative Advantage
Choose the title that matches this definition.
"A country should specialize in producing and exporting only those goods and services
which it can produce more efficiently (at lower opportunity cost) than other goods and
services (which it should import)."
Absolute Advantage
Comparative Advantage
Competitive Advantage
, Mercantilism - Answers -Comparative Advantage
The number of jobs needed to produce manufactured goods has been increasing for
many decades as robots and better manufacturing methods have replaced more labor-
intensive operations. - Answers -False
True or False? Globalization for business typically refers to the make or buy decision
beyond national borders. - Answers -True
Who founded the basic concept of international trade theory? - Answers -David Ricardo
Which of the following is not a desired result of conducting a PEST analysis?
Confirm your personal cultural schemas
Implement appropriate practices
Spot opportunities
Avoid problematic practices - Answers -Confirm your personal cultural schemas
For companies who choose a self-governance approach to service operations, they are
always better off than outsourcing to another firm - Answers -False
From the "Did We Expand Too Quickly?" case, the UK was chosen as an international
location for Ascendancy in part because climbing was already a prominent and
established pass-time at that location. - Answers -False
During which phase of PEST analysis would you include research on education?
Economic
Technological
Political
Educational
Socio-Cultural - Answers -Socio-Cultural
Which of the following ownership strategies requires the most operational support?
Licensing
Direct ownership
Franchising
Marketing - Answers -Direct ownership
According to the PEST analysis video, which of the following constitutes a socio-cultural
factor?
Population demographics
Human rights
All answers listed
National culture and values
Religion
DEFINITION
ENGLISH - Answers -All answers listed
