IBA 250 REVIEW QUESTIONS & ANSWERS
Saudi arabia's acess to large oil reserves - Answer -comparative adv
Japanese companies have superior skills in making automobiles and electronics -
Answer -competitive adv
It may be beneficial for two countries to trade with each other as long as one is relatively
more efficient at producing a product needed by the other. - Answer -Comparative Adv
Principle
A product is introduced and exported from an advanced country. However, over time, as
the product becomes more standardized, it is produced and exported from a developing
country and mostly imported by advanced nations. - Answer -International Product Life
cycle
Maintain a positive trade balance by maximizing exports and minimizing imports -
Answer -mercantilism
A country should produce and export only those products it can produce using fewer
resources than any other country - Answer -Absolute adv
What are the two ways firms internationalize? - Answer -1. Internationalization process
Model
2. Born Global
What is the Internationalization process Model ? - Answer -domestic focus, pre-export
stage, experimental, active involvement, committed involvement
Acquire and retain one or more value chain activities within the firm while expanding
abroad to have greater control over foreign operations - Answer -Internationalization
Theory
Arrival for an 8:00am meeting at 8:00/8:15 vs arrival for a 8:00 am meeting at 7:50 -
Answer -polychromic orientation vs monochromic orientation
Latin America: close talkers vs US: further talkers - Answer -perception of space
You can explain a nation's culture by referring to a tradtion or institution associated with
that country. For example, american football to explain our culture - Answer -cultural
metaphor
People get down to business first, value expertise and performance, and rely heavily on
spoken words and detailed verbal explanations - Answer -low-context culture
Saudi arabia's acess to large oil reserves - Answer -comparative adv
Japanese companies have superior skills in making automobiles and electronics -
Answer -competitive adv
It may be beneficial for two countries to trade with each other as long as one is relatively
more efficient at producing a product needed by the other. - Answer -Comparative Adv
Principle
A product is introduced and exported from an advanced country. However, over time, as
the product becomes more standardized, it is produced and exported from a developing
country and mostly imported by advanced nations. - Answer -International Product Life
cycle
Maintain a positive trade balance by maximizing exports and minimizing imports -
Answer -mercantilism
A country should produce and export only those products it can produce using fewer
resources than any other country - Answer -Absolute adv
What are the two ways firms internationalize? - Answer -1. Internationalization process
Model
2. Born Global
What is the Internationalization process Model ? - Answer -domestic focus, pre-export
stage, experimental, active involvement, committed involvement
Acquire and retain one or more value chain activities within the firm while expanding
abroad to have greater control over foreign operations - Answer -Internationalization
Theory
Arrival for an 8:00am meeting at 8:00/8:15 vs arrival for a 8:00 am meeting at 7:50 -
Answer -polychromic orientation vs monochromic orientation
Latin America: close talkers vs US: further talkers - Answer -perception of space
You can explain a nation's culture by referring to a tradtion or institution associated with
that country. For example, american football to explain our culture - Answer -cultural
metaphor
People get down to business first, value expertise and performance, and rely heavily on
spoken words and detailed verbal explanations - Answer -low-context culture
