MGT 302 Chapter 1 LaRosa ASU,
Chapter 2 LaRosa ASU, Chapter 4
LaRosa ASU, Chapter 7 LaRosa ASU
Questions With Solved Solutions.
Globalization - Answer trend away from distinct national economic units and toward one
huge global market
Globalization of markets - Answer moving away from an economic system in which national
markets are distinct entities, isolated by trade barriers and barriers of distance, time and
culture, and toward a system in which national markets are merging into one global market
Globalization of production - Answer trend by individual firms to disperse parts of their
productive processes to different locations around the globe to take advantage of differences in
cost and quality of factors of production
Factors of production - Answer Inputs in to the productive process of a firm, including labor,
management, land, capital, and technological know-how
General Agreement on Tariffs and Trade (GATT) - Answer International treaty that committed
signatories to lowering barriers to the free flow of goods across national borders and let to the
WTO
World Trade Organization (WTO) - Answer The organization that succeeded GATT as a result
of the successful completion of the Uruguay Round of GATT negotiations
International Monetary Fund (IMF) - Answer Often referred to as the lender of last resort,
the International Monetary Fund was set up to maintain order in the international monetary
system
World Bank - Answer International institution set up by 44 nations in order to promote
general economic development in the world's poorer nations, through investments in
infrastructure and other initiatives
, Group of Twenty (G20) - Answer Finance ministers and central bank governors of the 19
largest economies in the world, plus representatives from the European Union and the
European Central Bank
International trade - Answer process by which a firm exports goods or services to consumers
in another country
Foreign direct investment (FDI) - Answer direct investment in business operations in a
foreign country
Moore's Law - Answer Microprocessor power doubles and production costs drops by 50%
every 18 months
Stock of FDI - Answer the total accumulated value of foreign-owned assets at a given time
Multinational enterprise (MNE) - Answer a firm that owns business operations in more than
one country
IntPolitical economy - Answer the political, economic and legal systems of a country
Collectivism - Answer a political system that stresses the primacy of collective goals over
individual goals
Individualism - Answer An emphasis on the importance of guaranteeing individual freedom
and self-expression.
Socialist - Answer Those who believe in public ownership of the means of production for the
common good of society.
Communist - Answer Those who believe socialism can be achieved only through revolution
and totalitarian dictatorship.
Social democrats - Answer Those committed to achieving socialism by democratic means.
Chapter 2 LaRosa ASU, Chapter 4
LaRosa ASU, Chapter 7 LaRosa ASU
Questions With Solved Solutions.
Globalization - Answer trend away from distinct national economic units and toward one
huge global market
Globalization of markets - Answer moving away from an economic system in which national
markets are distinct entities, isolated by trade barriers and barriers of distance, time and
culture, and toward a system in which national markets are merging into one global market
Globalization of production - Answer trend by individual firms to disperse parts of their
productive processes to different locations around the globe to take advantage of differences in
cost and quality of factors of production
Factors of production - Answer Inputs in to the productive process of a firm, including labor,
management, land, capital, and technological know-how
General Agreement on Tariffs and Trade (GATT) - Answer International treaty that committed
signatories to lowering barriers to the free flow of goods across national borders and let to the
WTO
World Trade Organization (WTO) - Answer The organization that succeeded GATT as a result
of the successful completion of the Uruguay Round of GATT negotiations
International Monetary Fund (IMF) - Answer Often referred to as the lender of last resort,
the International Monetary Fund was set up to maintain order in the international monetary
system
World Bank - Answer International institution set up by 44 nations in order to promote
general economic development in the world's poorer nations, through investments in
infrastructure and other initiatives
, Group of Twenty (G20) - Answer Finance ministers and central bank governors of the 19
largest economies in the world, plus representatives from the European Union and the
European Central Bank
International trade - Answer process by which a firm exports goods or services to consumers
in another country
Foreign direct investment (FDI) - Answer direct investment in business operations in a
foreign country
Moore's Law - Answer Microprocessor power doubles and production costs drops by 50%
every 18 months
Stock of FDI - Answer the total accumulated value of foreign-owned assets at a given time
Multinational enterprise (MNE) - Answer a firm that owns business operations in more than
one country
IntPolitical economy - Answer the political, economic and legal systems of a country
Collectivism - Answer a political system that stresses the primacy of collective goals over
individual goals
Individualism - Answer An emphasis on the importance of guaranteeing individual freedom
and self-expression.
Socialist - Answer Those who believe in public ownership of the means of production for the
common good of society.
Communist - Answer Those who believe socialism can be achieved only through revolution
and totalitarian dictatorship.
Social democrats - Answer Those committed to achieving socialism by democratic means.
