GSCM 311 MIDTERM EXAM QUESTIONS WITH 100% VERIFIED ANSWERS

GSCM 311 MIDTERM EXAM QUESTIONS WITH 100% VERIFIED ANSWERS .Protectionism is 1. the practice of the businesses only allowing a certain amount of imports a year to protect their supply chains from unethical practices other countries might deem ethical 2. the practice of businesses and governments to collude on protecting fledgling companies by only allowing them to sell within the local region 3. the practice of reducing tariffs with other countries to protect trading relationships. 4. the practice of shielding a country's domestic industries from foreign competition by taxing imports. - ANSWERS-4 .According to the reading, which of the following is a free trade agreement that will create the world's largest trading bloc and mark a significant achievement for China as it battles the U.S. for influence and economic supremacy in the Asia-Pacific region. 1. NAFTA 2. Mercosur 3. RECP (Regional Comprehensive Economic Partnership) 4. European Union - ANSWERS-3 .Egypt can produce cotton sheets very efficiently (lower opportunity costs) but can't produce plastic very efficiently. According to competitive advantage Egypt should 1. Export cotton sheets and import plastic 2. Export plastic and import cotton sheets 3. Export both cotton sheets and plastic 4. Import both cotton sheets and plastic - ANSWERS-1 ."Creative destruction" , where industries undergo dramatic changes or are replaced by new industries in response to changing consumer preferences and innovation, resulting in a demand for a labor market that is: 1. Cheaper 2. Larger 3. More skilled 4. More flexible - ANSWERS-4 .Which of the following is a benefit of Global Trade? 1. Jobs and investment are often exchanged and flow both ways 2. Raise the standard of living for both developed and developing nations 3. Experiencing automation 4. All of the above - ANSWERS-4 .World Health Organization, globalization refers to the opening of international borders for faster flows of. 1. Goods, services and finance 2. All of the above 3. Ideas 4. People - ANSWERS-2 .According to Milton Friedman, access to cheaper labor internationally has increased the wage gap between high-skilled jobs and low-skilled jobs in advanced countries. 1. FALSE 2. TRUE - ANSWERS-2 .The Bretton Woods System became the foundation of world trade and created financial commodity interdependence based on the US dollar. 1. FALSE 2. TRUE - ANSWERS-2 .Who is Thomas Friedman? 1. Someone who contributed to the development of electricity as a power source leading to some electric-powered manufacturing and the electric telegraph which revolutionized communication 2. Someone who observed the world has moved from periods of being round (where trade barriers are high) to periods of being flat (where barriers to trade are lowered) 3. Someone who organized the Kerosine oil industry making cheap, bright light available to the masses