WGU C211 focus questions from chapters, C211 Global Economics for Managers Questions and answers 2023 With Complete Solution Graded and Already Passed.

Globalization can be viewed as: - CORRECT ANSWER 1. a new force sweeping through the world in recent times. 2. a long-run historical evolution since the dawn of human history. 3. a pendulum that swings from one extreme to another from time to time. Which are the three views of globalization? - CORRECT ANSWER A recent force, a longrunning evolution, and a pendulum An import quota is: - CORRECT ANSWER restriction on the quantity of imports that can be brought into a country. Examples of nontariff trade barrier (NTB) - CORRECT ANSWER Import quotas Local content requirements Subsidies Free trade is defined as: - CORRECT ANSWER The idea that market forces should determine how much to trade with little or no government intervention. political argument against free trade - CORRECT ANSWER Consumer protection National security Environmental and social responsibility To express its opposition to the political regime in Myanmar, the United States has banned the importation of jade and other gemstones from that country. This is an example of a - CORRECT ANSWER trade embargo The primary political views on FDI are: - CORRECT ANSWER Free market and pragmatic nationalism Firms can increase their chances of success with FDI by - CORRECT ANSWER 1. assessing whether FDI is justified, in light of other options. 2. understanding that political realities either facilitate or constrain FDI. 3. leveraging OLI advantages in a way that is valuable, unique, and hard to imitate by rival firms. How do firms create value when engaging rivals - CORRECT ANSWER 1. Secure patents on key products. 2. All of these 3. Launch products in multiple markets. 4. Hold a dominant position in key markets. The theory of comparative advantage was advocated by - CORRECT ANSWER David Ricardo The modern trade theories include the following - CORRECT ANSWER 1. Theory of product life cycle 2. Theory of national competitive advantage of industries 3. Theory of strategic trade The theory of mercantilism - CORRECT ANSWER views international trade as a zero-sum game. According to the theory of absolute advantage, under free trade - CORRECT ANSWER each nation gains by specializing in economic activities in which a nation has absolute advantage comparative advantage - CORRECT ANSWER the ability to produce a good at a lower opportunity cost than another producer Absolute Advantage - CORRECT ANSWER The economic advantage one nation enjoys that is absolutely superior to other nations.