INTB Exam 1 Ed IMM Questions and
Answers
Globalization - ANSWERS-Actions or processes that involve the entire world and result in making
something worldwide in scope.
Globalization of Markets - ANSWERS-the merging of historically distinct and separate national
markets into one huge global marketplace
- Walmart Diaper Story, China Hotel Story
Globalization of Production - ANSWERS-Refers to 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.
- Boeing, P&G example
- Outsourcing
Factors of production - ANSWERS-Inputs into the productive process of a firm, including labor,
management, land, capital and technological know-how.
General Agreement on Tariffs and Trade (GATT) - ANSWERS-a 1948 International treaty that
committed signatories to lowering barriers to the free flow of goods across national borders and
led to the WTO.
World Trade Organization (WTO) - ANSWERS-The organization that succeeded the General
Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay
Round of GATT negotiations.
, Primarily responsible for policing the world trading system and making sure nation-states
adhere to the rules laid down in trade treaties signed by two member states.
-164 nations
International Monetary Fund (IMF) - ANSWERS-an international organization that acts as a
lender of last resort, providing loans to troubled nations, and also works to promote trade
through financial cooperation
- Known as the last resort
World Bank - ANSWERS-International institution set up to promote general economic
development in the world's poorer nations.
Created in 1944 by 44 nations that met at Bretton Woods, NH wanting fair globalization
United Nations - ANSWERS-An international organization made up of 193 countries
headquartered in New York City, formed in 1945 to promote peace, security, and cooperation.
Purpose: To maintain international peace and security, develop friendly relations among
nations, to cooperate in solving international problems and in promoting respect for human
rights, and to be a center for harmonizing the actions of nations.
Group of 20 (G20) - ANSWERS-Established in 1999, the G20 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.
International Trade - ANSWERS-Occurs when a firm exports goods or services to consumers in
another country.
Answers
Globalization - ANSWERS-Actions or processes that involve the entire world and result in making
something worldwide in scope.
Globalization of Markets - ANSWERS-the merging of historically distinct and separate national
markets into one huge global marketplace
- Walmart Diaper Story, China Hotel Story
Globalization of Production - ANSWERS-Refers to 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.
- Boeing, P&G example
- Outsourcing
Factors of production - ANSWERS-Inputs into the productive process of a firm, including labor,
management, land, capital and technological know-how.
General Agreement on Tariffs and Trade (GATT) - ANSWERS-a 1948 International treaty that
committed signatories to lowering barriers to the free flow of goods across national borders and
led to the WTO.
World Trade Organization (WTO) - ANSWERS-The organization that succeeded the General
Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay
Round of GATT negotiations.
, Primarily responsible for policing the world trading system and making sure nation-states
adhere to the rules laid down in trade treaties signed by two member states.
-164 nations
International Monetary Fund (IMF) - ANSWERS-an international organization that acts as a
lender of last resort, providing loans to troubled nations, and also works to promote trade
through financial cooperation
- Known as the last resort
World Bank - ANSWERS-International institution set up to promote general economic
development in the world's poorer nations.
Created in 1944 by 44 nations that met at Bretton Woods, NH wanting fair globalization
United Nations - ANSWERS-An international organization made up of 193 countries
headquartered in New York City, formed in 1945 to promote peace, security, and cooperation.
Purpose: To maintain international peace and security, develop friendly relations among
nations, to cooperate in solving international problems and in promoting respect for human
rights, and to be a center for harmonizing the actions of nations.
Group of 20 (G20) - ANSWERS-Established in 1999, the G20 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.
International Trade - ANSWERS-Occurs when a firm exports goods or services to consumers in
another country.
