SEVI Test 1 Actual Exam Study Questions with Verified Answers

SEVI Test 1 Actual Exam Study Questions with Verified Answers 1. importance of global trade to the US economy - ANSWER buying and selling goods across national boundaries 2. what percent of US GDP depends on global trade - ANSWER international trade now accounts for over q/4 (25%) of gross domestic product 3. balance of trade (BOT) - ANSWER a country can have a negative or positive balance of trade 4. trade surplus - ANSWER when a country exports more than it imports 5. trade deficit (unfavorable) - ANSWER imports are greater than exports 6. tariff - ANSWER tax paid on imported goods non business tariff barriers include embargos of different types and quotas 7. balance trade - ANSWER country can have negatie or positive balance of trade 8. trade restrictions - ANSWER tariff, non tariff barriers 9. trade embargo - ANSWER a ban the import of goods from specific country egic embargo - ANSWER forbids exchange of weapons, chemicals, or other items deemed to be of strategic importance ary embargo - ANSWER trade restriction on specific items to protect the health of epople and environment (invasive species, milk from russia) go - ANSWER ban t quoata - ANSWER limit on the quantity of a specific product that can be imported into a country ive reasons against trade barriers (trade restriction) - ANSWER higher prices for consumers, reduction in consumer choices, misallocation of international resources, loss of jobs ute advantage - ANSWER refer to a country or individual ability to produce more of a good or service than another with the same resource rative advantage - ANSWER refer to the ability to product a good at a lower opportunity cost compared to another producer, even if they may not procuce the most overall quantity ral competence - ANSWER set of values, behaviors, attitudes and practices that enable individuals to interact effectively with people from different cultures ctersitcis of cultural competence - ANSWER openness to cultural diversity flexible and adaptability curiosity patience non judgemental attitude tolerance and respect of differences s of developmental model of intercultural sensitivity - ANSWER denial, defense/reversal,minimization, acceptance, adaptation, integration ene - ANSWER warm global period where the planet is +/- 1 degree celcius (1.8 degree farenheit) supports the modern world opocene - ANSWER a new geological epoch following the Holocene (12,000 years of stable climate). Defined as the current geological age, viewed as the period during which human activity has been the dominant influence on climate and the environment. tary boundary - ANSWER refer to a framework defining a "safe operating space" for humanity. It sets limits on human-induced environmental changes to prevent irreversible, catastrophic damage to the Earth system, often citing the stability of the Holocene epoch as the baseline. ng point - ANSWER moment a trend turns into an epidemic once a tipping point is crossed, it may trigger other tipping points (like dominoes) e bottom line - ANSWER people, planet, profit e bottom line (people) - ANSWER people part includes a companys impact on its employees, community, stakeholders through factors like fair labor practices, employee wellbeing, community engagement and social responsibility e bottom line (plant) - ANSWER encompasses the company environmental impact including resource consumption, waste management, carbon emissions, and overall sustainability practices paradigm - ANSWER business only responsibility is to shareholders extractive, linear mindset (take, use, dispose) paradigm - ANSWER businesses have responsibility to all their stakeholders regenerative mindset, circular (take, use, reuse, recycle) holders - ANSWER the owners investors who purhcase shares of stock in corporation holder - ANSWER include employees, customer, supplier, lender, and community at large all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address al dilemma - ANSWER a situation in which a difficult choice must be made between two courses of action, either of which transgresses moral principles