INBU 3301 MIDTERM QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
What is globalization? - Answers - the shift toward a more integrated and
interdependent world economy
How much are the world's exported goods and services worth each year - Answers -
more than 19$ trillion
What is globalization of markets? - Answers - the merging of separate national markets
into one huge global marketplace
What are some characteristics of globalization of markets - Answers - low cost
transportation, and low cost global communications (like World Wide Web which helps
to create electronic global marketplaces)
What is globalization of production? - Answers - refers to the sourcing of goods and
services from locations around the world to take advantage of national differences,
costs and quality of factors of production
What can companies do in globalization of production - Answers - can lower their
overall cost structure, and improve the quality of functionality of their product offering
What does the General Agreement on Tariffs and Trade (GATT) say and when was it
signed - Answers - signed in 1947, to reduce tariffs and other trade barriers and to
eliminate preferences, on a reciprocal and mutually advantageous basis, succeeded by
WTO in 1994
What is the World Trade Organization and what does it do - Answers - It is a formal
structure for continued negotiations to reduce trade barriers and a mechanism for
settling trade disputes. What it does: polices the world trading system,, ensures nation-
states adhere to the rules, facilitates multinational agreements among members
What is the International Monterey Fund and what does it do - Answers - established in
1944, headquarters are Washington DC. It maintains order in the international monetary
system,, is the lender of last resort for countries in crisis and requires nations-states to
adopt specific economic policies aimed at returning their economies to stability and
growth
What are the countries in crisis that would need to reach out to the International
Monetary Fund - Answers - argentina, indonesia, Mexico, russia, South Korea, thailand,
turkey, ireland and Greece
,What does the World Bank do and when was it established - Answers - established in
1944, headquarters Washington DC. It promotes economic development, focused on
making low-interest loans to cash-strapped governments in poor nations that wish to
undertake significant infrastructure investments
What world issues are the UN (United Nations) supposed to be figuring out (name at
least 5) - Answers - poverty, hunger, health and well-being, good education, gender
equality, clean water and sanitation, affordable and clean energy, economic growth,
industry, innovation and infrastructure, less inequalities, sustainable cities and
communities, responsible consumption and production, climate action, live below water,
life on land, peace, justice and strong institutions.
What is the G20 and when was it formed - Answers - 2008, it has been the forum
through which major nations attempted to launch a coordinated policy responses to the
global financial crisis
Who is in the G20 - Answers - finance ministers and central bank governors of the 19
largest economies in the world, plus representatives from the EU and European Central
Bank. Represents 90% of global GDP and 80% of international global trade
What are the countries in the G20 (name 5) - Answers - Argentina, Canada, Australia,
Brazil, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi
Arabia, South Africa, South Korea, Turkey, U.K. and U.S.
Why do we need global institutions? - Answers - they help manage, regulate and police
the global marketplace promote the establishment of multinational treaties to govern the
global business system
Forces Driving Globalization: Declining trade and investment Barries. Select all that
apply - Answers - all of the above
Forces Driving Globalization: The Role of Technological Change (select all that apply) -
Answers - All of the above
The Changing Demographics of the Global Economy: The changing world output and
world trade picture. (where is the output being produced) - Answers - a bigger share of
world output is produced in emerging countries
The Changing Demographics of the Global Economy: The Changing foreign direct
investment picture (how much does the U.S. account for FDI flows) - Answers - in
1960s, U.S. firms accounted for about two-thirds of worldwide FDI flows. Today, the
U.S. accounts for less than one-fifth of worldwide FDI flows
The Changing Demographics of the Global Economy: The changing nature of MNEs
(multinational businesses in and outside of the states) - Answers - Multinational
enterprise (MNE) - any business that has productive activities in two or more countries.
, Since the 1960s the number of non-U.S. multinationals has risen and the number of
mini-multinationals has risen
The Changing Demographics of the Global Economy: The changing world order (what
are the changes) - Answers - all of them
Is globalization good or bad? (against characteristics) - Answers - the cultural
imperialism of global media and MNEs, job losses, environmental degradation
Is globalization good or bad? (for characteristics) - Answers - lower prices for goods and
services, greater economic growth, higher consumer income and more jobs
how are the political, economic and legal systems of a country interdependent? -
Answers - they interact and influence each other, they affect the level of economic well-
being in the nation
What is a political system and how is it assessed? - Answers - a political system is the
system of government in a nation, and is assessed according to collectivism,
individualism, totalitarian and democratic
Collectivism in a political system - Answers - a political system that stressed the primacy
of collective goals over individual goals
Individualism in a political system - Answers - an individual should have freedom in his
own economic and political pursuits
Totalitarian in a political system - Answers - form of government in which one person or
political party exercises absolute control over all spheres of human life and prohibits
opposing political parties
Democratic in a political system - Answers - a political system in which government is
by the people, exercised either directly or through elected representatives
Is Plato collectivism or individualism and what does he believe? - Answers -
collectivism, and that individual rights should be sacrificed for the good of society
Is Aristotle collectivism or individualism and what does he believe? - Answers -
individualism, and that private property is more highly productive than communal
property and will thus stimulate progress
who are collectivist individuals in history - Answers - Karl Marx and Leo Trotsky
who are individualists individuals in history - Answers - Adam Smith and John Stuart Mill
ACCURATE ANSWERS
What is globalization? - Answers - the shift toward a more integrated and
interdependent world economy
How much are the world's exported goods and services worth each year - Answers -
more than 19$ trillion
What is globalization of markets? - Answers - the merging of separate national markets
into one huge global marketplace
What are some characteristics of globalization of markets - Answers - low cost
transportation, and low cost global communications (like World Wide Web which helps
to create electronic global marketplaces)
What is globalization of production? - Answers - refers to the sourcing of goods and
services from locations around the world to take advantage of national differences,
costs and quality of factors of production
What can companies do in globalization of production - Answers - can lower their
overall cost structure, and improve the quality of functionality of their product offering
What does the General Agreement on Tariffs and Trade (GATT) say and when was it
signed - Answers - signed in 1947, to reduce tariffs and other trade barriers and to
eliminate preferences, on a reciprocal and mutually advantageous basis, succeeded by
WTO in 1994
What is the World Trade Organization and what does it do - Answers - It is a formal
structure for continued negotiations to reduce trade barriers and a mechanism for
settling trade disputes. What it does: polices the world trading system,, ensures nation-
states adhere to the rules, facilitates multinational agreements among members
What is the International Monterey Fund and what does it do - Answers - established in
1944, headquarters are Washington DC. It maintains order in the international monetary
system,, is the lender of last resort for countries in crisis and requires nations-states to
adopt specific economic policies aimed at returning their economies to stability and
growth
What are the countries in crisis that would need to reach out to the International
Monetary Fund - Answers - argentina, indonesia, Mexico, russia, South Korea, thailand,
turkey, ireland and Greece
,What does the World Bank do and when was it established - Answers - established in
1944, headquarters Washington DC. It promotes economic development, focused on
making low-interest loans to cash-strapped governments in poor nations that wish to
undertake significant infrastructure investments
What world issues are the UN (United Nations) supposed to be figuring out (name at
least 5) - Answers - poverty, hunger, health and well-being, good education, gender
equality, clean water and sanitation, affordable and clean energy, economic growth,
industry, innovation and infrastructure, less inequalities, sustainable cities and
communities, responsible consumption and production, climate action, live below water,
life on land, peace, justice and strong institutions.
What is the G20 and when was it formed - Answers - 2008, it has been the forum
through which major nations attempted to launch a coordinated policy responses to the
global financial crisis
Who is in the G20 - Answers - finance ministers and central bank governors of the 19
largest economies in the world, plus representatives from the EU and European Central
Bank. Represents 90% of global GDP and 80% of international global trade
What are the countries in the G20 (name 5) - Answers - Argentina, Canada, Australia,
Brazil, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi
Arabia, South Africa, South Korea, Turkey, U.K. and U.S.
Why do we need global institutions? - Answers - they help manage, regulate and police
the global marketplace promote the establishment of multinational treaties to govern the
global business system
Forces Driving Globalization: Declining trade and investment Barries. Select all that
apply - Answers - all of the above
Forces Driving Globalization: The Role of Technological Change (select all that apply) -
Answers - All of the above
The Changing Demographics of the Global Economy: The changing world output and
world trade picture. (where is the output being produced) - Answers - a bigger share of
world output is produced in emerging countries
The Changing Demographics of the Global Economy: The Changing foreign direct
investment picture (how much does the U.S. account for FDI flows) - Answers - in
1960s, U.S. firms accounted for about two-thirds of worldwide FDI flows. Today, the
U.S. accounts for less than one-fifth of worldwide FDI flows
The Changing Demographics of the Global Economy: The changing nature of MNEs
(multinational businesses in and outside of the states) - Answers - Multinational
enterprise (MNE) - any business that has productive activities in two or more countries.
, Since the 1960s the number of non-U.S. multinationals has risen and the number of
mini-multinationals has risen
The Changing Demographics of the Global Economy: The changing world order (what
are the changes) - Answers - all of them
Is globalization good or bad? (against characteristics) - Answers - the cultural
imperialism of global media and MNEs, job losses, environmental degradation
Is globalization good or bad? (for characteristics) - Answers - lower prices for goods and
services, greater economic growth, higher consumer income and more jobs
how are the political, economic and legal systems of a country interdependent? -
Answers - they interact and influence each other, they affect the level of economic well-
being in the nation
What is a political system and how is it assessed? - Answers - a political system is the
system of government in a nation, and is assessed according to collectivism,
individualism, totalitarian and democratic
Collectivism in a political system - Answers - a political system that stressed the primacy
of collective goals over individual goals
Individualism in a political system - Answers - an individual should have freedom in his
own economic and political pursuits
Totalitarian in a political system - Answers - form of government in which one person or
political party exercises absolute control over all spheres of human life and prohibits
opposing political parties
Democratic in a political system - Answers - a political system in which government is
by the people, exercised either directly or through elected representatives
Is Plato collectivism or individualism and what does he believe? - Answers -
collectivism, and that individual rights should be sacrificed for the good of society
Is Aristotle collectivism or individualism and what does he believe? - Answers -
individualism, and that private property is more highly productive than communal
property and will thus stimulate progress
who are collectivist individuals in history - Answers - Karl Marx and Leo Trotsky
who are individualists individuals in history - Answers - Adam Smith and John Stuart Mill
