WGU C211 GLOBAL ECONOMICS FINAL
PAPER FULL QUESTIONS AND ANSWERS
COMPLETE SOLUTION VIEW AHEAD
●● BRIC
Answer: Brazil, Russia, India, and China.
●● Emerging Economies
Answer: A term that has gradually replaced the term 'developing
countries' since the 1990s.
●● Emerging Markets
Answer: A term that is often used interchangeably with 'emerging
economies.'
●● Expatriate manager (expat)
Answer: A manager who works abroad, or 'expat' for short.
●● Foreign Direct Investment (FDI)
Answer: Investment in, controlling, and managing value-added activities
in other countries.
,●● Global Business
Answer: Business around the globe.
●● Globalization
Answer: The close integration of countries and peoples of the world.
●● Gross Domestic Product (GDP)
Answer: The sum of value added by resident firms, households, and
governments operating in an economy.
●● Gross National Income
Answer: GDP plus income from non-resident sources abroad.
●● Gross National Product (GNP)
Answer: GDP plus income from non-resident sources abroad.
●● Group of 20 (G-20)
Answer: The group of 19 major countries plus the European Union (EU)
whose leaders meet on a biannual basis to solve global economic
problems.
●● International Business
,Answer: (1) A business (or firm) that engages in international
(crossborder) economic activities and/or (2) the action of doing business
abroad.
●● International Premium
Answer: A significant pay raise when working overseas.
●● Liability of Foreignness
Answer: The inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
●● Multinational Enterprise (MNE or MNC)
Answer: A firm that engages in foreign direct investment (FDI).
●● Nongovernmental Organization (NGO)
Answer: An organization that is not affiliated with governments.
●● Purchasing Power Parity (PPP)
Answer: A conversion that determines the equivalent amount of goods
and services that different currencies can purchase.
●● Reverse Innovation
, Answer: An innovation that is adopted first in emerging economies and
is then diffused around the world.
●● Risk Management
Answer: The identification and assessment of risks and the preparation
to minimize the impact of high-risk, unfortunate events.
●● Scenario Planning
Answer: A technique to prepare and plan for multiple scenarios (either
high or low risk).
●● Semi-globalization
Answer: A perspective that suggests that barriers to market integration at
borders are high, but not high enough to insulate countries from each
other completely.
●● Triad
Answer: North America, Western Europe, and Japan.
●● Absolute Advantage
Answer: The economic advantage one nation enjoys that is absolutely
superior to other nations.
●● Administrative Policy
PAPER FULL QUESTIONS AND ANSWERS
COMPLETE SOLUTION VIEW AHEAD
●● BRIC
Answer: Brazil, Russia, India, and China.
●● Emerging Economies
Answer: A term that has gradually replaced the term 'developing
countries' since the 1990s.
●● Emerging Markets
Answer: A term that is often used interchangeably with 'emerging
economies.'
●● Expatriate manager (expat)
Answer: A manager who works abroad, or 'expat' for short.
●● Foreign Direct Investment (FDI)
Answer: Investment in, controlling, and managing value-added activities
in other countries.
,●● Global Business
Answer: Business around the globe.
●● Globalization
Answer: The close integration of countries and peoples of the world.
●● Gross Domestic Product (GDP)
Answer: The sum of value added by resident firms, households, and
governments operating in an economy.
●● Gross National Income
Answer: GDP plus income from non-resident sources abroad.
●● Gross National Product (GNP)
Answer: GDP plus income from non-resident sources abroad.
●● Group of 20 (G-20)
Answer: The group of 19 major countries plus the European Union (EU)
whose leaders meet on a biannual basis to solve global economic
problems.
●● International Business
,Answer: (1) A business (or firm) that engages in international
(crossborder) economic activities and/or (2) the action of doing business
abroad.
●● International Premium
Answer: A significant pay raise when working overseas.
●● Liability of Foreignness
Answer: The inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
●● Multinational Enterprise (MNE or MNC)
Answer: A firm that engages in foreign direct investment (FDI).
●● Nongovernmental Organization (NGO)
Answer: An organization that is not affiliated with governments.
●● Purchasing Power Parity (PPP)
Answer: A conversion that determines the equivalent amount of goods
and services that different currencies can purchase.
●● Reverse Innovation
, Answer: An innovation that is adopted first in emerging economies and
is then diffused around the world.
●● Risk Management
Answer: The identification and assessment of risks and the preparation
to minimize the impact of high-risk, unfortunate events.
●● Scenario Planning
Answer: A technique to prepare and plan for multiple scenarios (either
high or low risk).
●● Semi-globalization
Answer: A perspective that suggests that barriers to market integration at
borders are high, but not high enough to insulate countries from each
other completely.
●● Triad
Answer: North America, Western Europe, and Japan.
●● Absolute Advantage
Answer: The economic advantage one nation enjoys that is absolutely
superior to other nations.
●● Administrative Policy
