WGU C211 Questions and Answers
Already Graded A
Globalization ✔✔The close integration of countries and peoples of the world
Purchasing power parity (PPP) ✔✔A conversion that determines the equivalent amount of goods
and services that different currencies can purchase
Scenario planning ✔✔A technique to prepare and plan for multiple scenarios (either high or low
risk)
Risk management ✔✔The identification and assessment of risks and the preparation to minimize
the impact of high-risk unfortunate events
Gross national income ✔✔GDP plus income from non-resident sources abroad. GNI is the term
used by the World Bank and other international organizations to supersede the term GNP.
Gross national product (GNP) ✔✔GDP plus income from non-resident sources abroad
Reverse Innovation ✔✔An innovation that is adopted first in emerging economies an is then
diffused around the world
International business (IB) ✔✔(1) A business (or firm) that engages in international (crossborder)
economic activities and/or (2) the action of doing business abroad
semiglobalization ✔✔A perspective that suggests that barriers to market integration at borders are
high, but not high enough to insulate countries from each other completely
BRIC ✔✔Brazil, Russia, India, and China
,base of the pyramid (BOP) ✔✔Economies where people make less than $2,000 per capita per year
Emerging economies ✔✔A term that has gradually replaced the term "developing countries" since
the 1990s
emerging markets ✔✔A term that is often used interchangeably with "emerging economies"
nongovernmental organizations (NGOs) ✔✔An organization that is not affiliated with
governments
expatriate manager ✔✔A manager who works abroad, or "expat" for short
gross domestic product (GDP) ✔✔The sum of value added by resident firms, households, and
government operating in an economy
foreign direct investment (FDI) ✔✔Investment in, controlling, and managing value-added
activities in other countries
Group of 20 (G-20) ✔✔The group of 19 major countries plus the European Union (EU) whose
leaders meet on a biannual basis to solve global economic problems.
liability of foreignness ✔✔The inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
global business ✔✔Business around the globe
international premium ✔✔A significant pay raise when working overseas
, multinational enterprise (MNE) ✔✔A firm that engages in foreign direct investment (FDI)
Triad ✔✔North America, Western Europe, Japan
normative pillar ✔✔The mechanism through which norms influence individual and firm behaviour
transaction costs ✔✔The costs associated with economic transactions or, more broadly, the costs
of doing business.
Property rights ✔✔The legal right to use an economic property (resource) and to derive income
and benefits from it.
political system ✔✔The rules of the game on how a country is governed politically
market economy ✔✔An economy that is characterized by the "invisible hand" of market forces
totalitarianism ✔✔A political system in which one person or party exercises absolute political
control over the population
cognitive pillar ✔✔The internalized (or taken-for granted) values and beliefs that guide individual
and firm behaviour
theocratic law ✔✔A legal system based on religious teachings
institutional framework ✔✔Formal and informal institutions governing individual and firm
behaviour
institutions ✔✔Formal and informal rules of the game
Already Graded A
Globalization ✔✔The close integration of countries and peoples of the world
Purchasing power parity (PPP) ✔✔A conversion that determines the equivalent amount of goods
and services that different currencies can purchase
Scenario planning ✔✔A technique to prepare and plan for multiple scenarios (either high or low
risk)
Risk management ✔✔The identification and assessment of risks and the preparation to minimize
the impact of high-risk unfortunate events
Gross national income ✔✔GDP plus income from non-resident sources abroad. GNI is the term
used by the World Bank and other international organizations to supersede the term GNP.
Gross national product (GNP) ✔✔GDP plus income from non-resident sources abroad
Reverse Innovation ✔✔An innovation that is adopted first in emerging economies an is then
diffused around the world
International business (IB) ✔✔(1) A business (or firm) that engages in international (crossborder)
economic activities and/or (2) the action of doing business abroad
semiglobalization ✔✔A perspective that suggests that barriers to market integration at borders are
high, but not high enough to insulate countries from each other completely
BRIC ✔✔Brazil, Russia, India, and China
,base of the pyramid (BOP) ✔✔Economies where people make less than $2,000 per capita per year
Emerging economies ✔✔A term that has gradually replaced the term "developing countries" since
the 1990s
emerging markets ✔✔A term that is often used interchangeably with "emerging economies"
nongovernmental organizations (NGOs) ✔✔An organization that is not affiliated with
governments
expatriate manager ✔✔A manager who works abroad, or "expat" for short
gross domestic product (GDP) ✔✔The sum of value added by resident firms, households, and
government operating in an economy
foreign direct investment (FDI) ✔✔Investment in, controlling, and managing value-added
activities in other countries
Group of 20 (G-20) ✔✔The group of 19 major countries plus the European Union (EU) whose
leaders meet on a biannual basis to solve global economic problems.
liability of foreignness ✔✔The inherent disadvantage that foreign firms experience in host
countries because of their non-native status.
global business ✔✔Business around the globe
international premium ✔✔A significant pay raise when working overseas
, multinational enterprise (MNE) ✔✔A firm that engages in foreign direct investment (FDI)
Triad ✔✔North America, Western Europe, Japan
normative pillar ✔✔The mechanism through which norms influence individual and firm behaviour
transaction costs ✔✔The costs associated with economic transactions or, more broadly, the costs
of doing business.
Property rights ✔✔The legal right to use an economic property (resource) and to derive income
and benefits from it.
political system ✔✔The rules of the game on how a country is governed politically
market economy ✔✔An economy that is characterized by the "invisible hand" of market forces
totalitarianism ✔✔A political system in which one person or party exercises absolute political
control over the population
cognitive pillar ✔✔The internalized (or taken-for granted) values and beliefs that guide individual
and firm behaviour
theocratic law ✔✔A legal system based on religious teachings
institutional framework ✔✔Formal and informal institutions governing individual and firm
behaviour
institutions ✔✔Formal and informal rules of the game
