C211 WGU 2024-2025 EXAM WITH
CORRECT ANSWERS AND VERIFIED
QUESTIONS GRADED A+
Globalization - ANS-The close integration of countries and peoples of the world
Purchasing power parity (PPP) - ANS-A conversion that determines the equivalent amount of goods and
services that different currencies can purchase
Scenario planning - ANS-A technique to prepare and plan for multiple scenarios (either high or low risk)
Risk management - ANS-The identification and assessment of risks and the preparation to minimize the
impact of high-risk unfortunate events
Gross national income - ANS-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) - ANS-GDP plus income from non-resident sources abroad
,Reverse Innovation - ANS-An innovation that is adopted first in emerging economies an is then diffused
around the world
International business (IB) - ANS-(1) A business (or firm) that engages in international (crossborder)
economic activities and/or (2) the action of doing business abroad
semiglobalization - ANS-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 - ANS-Brazil, Russia, India, and China
base of the pyramid (BOP) - ANS-Economies where people make less than $2,000 per capita per year
Emerging economies - ANS-A term that has gradually replaced the term "developing countries" since the
1990s
emerging markets - ANS-A term that is often used interchangeably with "emerging economies"
nongovernmental organizations (NGOs) - ANS-An organization that is not affiliated with governments
expatriate manager - ANS-A manager who works abroad, or "expat" for short
gross domestic product (GDP) - ANS-The sum of value added by resident firms, households, and
government operating in an economy
foreign direct investment (FDI) - ANS-Investment in, controlling, and managing value-added activities in
other countries
Group of 20 (G-20) - ANS-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 - ANS-The inherent disadvantage that foreign firms experience in host countries
because of their non-native status.
global business - ANS-Business around the globe
international premium - ANS-A significant pay raise when working overseas
multinational enterprise (MNE) - ANS-A firm that engages in foreign direct investment (FDI)
Triad - ANS-North America, Western Europe, Japan
normative pillar - ANS-The mechanism through which norms influence individual and firm behaviour
transaction costs - ANS-The costs associated with economic transactions or, more broadly, the costs of
doing business.
Property rights - ANS-The legal right to use an economic property (resource) and to derive income and
benefits from it.
political system - ANS-The rules of the game on how a country is governed politically
market economy - ANS-An economy that is characterized by the "invisible hand" of market forces
totalitarianism - ANS-A political system in which one person or party exercises absolute political control
over the population
cognitive pillar - ANS-The internalized (or taken-for granted) values and beliefs that guide individual and
firm behaviour
theocratic law - ANS-A legal system based on religious teachings
CORRECT ANSWERS AND VERIFIED
QUESTIONS GRADED A+
Globalization - ANS-The close integration of countries and peoples of the world
Purchasing power parity (PPP) - ANS-A conversion that determines the equivalent amount of goods and
services that different currencies can purchase
Scenario planning - ANS-A technique to prepare and plan for multiple scenarios (either high or low risk)
Risk management - ANS-The identification and assessment of risks and the preparation to minimize the
impact of high-risk unfortunate events
Gross national income - ANS-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) - ANS-GDP plus income from non-resident sources abroad
,Reverse Innovation - ANS-An innovation that is adopted first in emerging economies an is then diffused
around the world
International business (IB) - ANS-(1) A business (or firm) that engages in international (crossborder)
economic activities and/or (2) the action of doing business abroad
semiglobalization - ANS-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 - ANS-Brazil, Russia, India, and China
base of the pyramid (BOP) - ANS-Economies where people make less than $2,000 per capita per year
Emerging economies - ANS-A term that has gradually replaced the term "developing countries" since the
1990s
emerging markets - ANS-A term that is often used interchangeably with "emerging economies"
nongovernmental organizations (NGOs) - ANS-An organization that is not affiliated with governments
expatriate manager - ANS-A manager who works abroad, or "expat" for short
gross domestic product (GDP) - ANS-The sum of value added by resident firms, households, and
government operating in an economy
foreign direct investment (FDI) - ANS-Investment in, controlling, and managing value-added activities in
other countries
Group of 20 (G-20) - ANS-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 - ANS-The inherent disadvantage that foreign firms experience in host countries
because of their non-native status.
global business - ANS-Business around the globe
international premium - ANS-A significant pay raise when working overseas
multinational enterprise (MNE) - ANS-A firm that engages in foreign direct investment (FDI)
Triad - ANS-North America, Western Europe, Japan
normative pillar - ANS-The mechanism through which norms influence individual and firm behaviour
transaction costs - ANS-The costs associated with economic transactions or, more broadly, the costs of
doing business.
Property rights - ANS-The legal right to use an economic property (resource) and to derive income and
benefits from it.
political system - ANS-The rules of the game on how a country is governed politically
market economy - ANS-An economy that is characterized by the "invisible hand" of market forces
totalitarianism - ANS-A political system in which one person or party exercises absolute political control
over the population
cognitive pillar - ANS-The internalized (or taken-for granted) values and beliefs that guide individual and
firm behaviour
theocratic law - ANS-A legal system based on religious teachings
