International Business: The Challenges of Globalization, Global Edition, 7e (Wild)
Chapter 1 Globalization
1) International business is any commercial transaction that crosses the borders of two or more nations.
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2) Imports are goods and services purchased abroad and brought into a country.
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3) Multinational corporations (MNCs) have direct investments abroad in multiple countries.
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4) A born global firm is a company that engages in international business from or near its inception.
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5) The term "globalization of production" refers to convergence in buyer preferences in markets around the world.
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6) Products marketed in all countries essentially without any changes are known as continental products.
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7) The General Agreement on Tariffs and Trade (GATT) was designed to promote free trade by reducing both tariffs and nontariff barriers to international trade.
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8) The power of the General Agreement on Tariffs and Trade (GATT) to settle trade disputes is what sets it apart from the World Trade Organization (WTO).
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9) The World Trade Organization's dispute settlement system has the ability to penalize offending nations.
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10) NAFTA is the international organization that enforces the rules of international trade worldwide.
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11) Resistance to worldwide trade agreements has resulted in some nations placing greater emphasis on regional pacts.
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12) Gross national product (GNP) is the value of all goods and services imported into a country over a one-year period.
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13) Extranets give distributors and suppliers access to a company's database to place orders or restock inventories electronically.
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14) A characteristic of the world's least-global nations is low levels of corruption.
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15) The role of the World Bank is to provide financing for national economic development efforts.
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16) The rules of the international monetary system are enforced by the World Bank.
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