GEB 3373 Exam 1

In the US, trade between _______ is considered domestic, but in the EU, trade between ______ is international.
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According to BP's latest Energy Outlook, what will be the world's top energy source by 2040?renewablesAccording to BP's latest Energy Outlook, global energy growth is being driven mainly byAsian countriesBased on what we learned in the Chapter 1 lecture about internet penetration rates and the number of internet users in different areas of the world, which region likely has the most potential for online businesses in the future?AsiaA recent study from the National Bureau of Economic Research finds a positive relationship between the installation of "fast internet" in sub-Saharan Africa and increased employment.TrueAccording to the World Tourism Organization, which region attracts the most tourists?EuropeGlobal business travel is more common than travel for leisure and recreation.FalseHighly globalized countries tend to begeographically small with high GDPsThe world's most globalized countries tend to be small.TrueAll of the following are acronyms that represent groups of emerging markets EXCEPTLDCsAn emerging market is defined as havinga faster-growing economy than high-income nationsAfrica has a population of _____ and _____ countries.1.1 billion; 55Countries in sub-Saharan Africa that rely on oil, minerals, or agriculture have seen growth rates higher than that of the region as a whole.FalseWhich of the following regions depends the most heavily on the oil industry for its economic growth?Middle EastWhich of the following is FALSE regarding the Arctic?China and India have no interest in the region since their countries do not border itWhen unemployed or underemployed people reduce their spending and demand for goods and services drops as a result, business profits are reduced and companies fire workers, which causes more unemployment and further reductions in spending and demand. This occurred in the U.S. during the Great Depression and more recently in Japan. This phenomenon is known as adeflationary spiralBecause the yen is viewed as a ______ currency, Japan's exports have _____.Safe-haven; fallenWhich of the following best describes keiretsu?Large conglomerates of related companies that control Japanese industryFDI to China has increased significantly in recent decades due toHigh economic growthWhich of the following regions is most indebted to China?The Far EastChina's statistics on economic growth are most likely exaggerated.TrueThe EU's GDP totals about$20 trillionAccording to the Economist video about the history of the EU, why was the European Union originally created?to prevent another war"Eurozone" is the termdescribing the 19 members of the European Union that have adopted the euro as their national currencyWhich region has the highest levels of income inequality?Latin AmericaSuppose Country X has a Gini coefficient of 0.1. What does this mean?A large number of people earn a large proportion of the income in the countryWhy has trade between the U.S. and China decreased significantly in the last year?Trump trade policy_____ has the largest economy in North America; _____ has the highest per capita GDP in North America. (Hint: The PowerPoint lecture is more up-to-date than the textbook.)the U.S.; the U.S.The Russian government exerts a lot of control over the media in the country.TrueAll of the following have contributed to Russia's current economic problems EXCEPThigh oil pricesWho are Russia's oligarchs?Businessmen who became rich after the fall of the USSRYour boss is considering partnering with either an American company or a German company. He is leaning toward the American company because, he says, when he compares the two companies' financial statements side-by-side, the German business looks weaker than the U.S. option. What do you advise him to do?Advise taking a second, closer, look at the financial statements and factor in the different accounting methods that German firms useAfter the Enron scandal, the _______ was passed. It ______ and_____ accounting requirements.Sarbanes-Oxley Act; increased and strengthenedWhich U.S. law was passed to deal with accounting scandals that occurred in the early 2000s?Sarbanes-Oxley ActWhich company was used as an arbitration case study in the Chapter 3 lecture?Samsung_______ occurs when one jurisdiction will apply the laws of a second jurisdiction so long as the laws don't violate the first jurisdiction's laws.The principle of comityAlmost half of the 20 highest countries on the "Doing Business Report" rankings can be found in Europe.trueAccording to the latest "Doing Business" Report from the IFC/World Bank, which country is the most business-friendly in the world?New ZealandBecause of the United States is heavily regulated, it is ranked in the middle of the "Doing Business" list published annually by the World Bank.FalseAfter Iraq invaded Kuwait in 1990, a U.N. embargo was imposed, whichbarred all commerce with IraqA(n) ______ limits commerce with a country, while a(n) _____ bars all commerce with a country.Sanction; embargoWhat is the difference between expropriation and confiscation?With expropriation, companies are compensated for their lossesAt the beginning of the financial crisis of 2007-2008, compared with conventional, Western banks, Islamic banks experienced only minor profit losses, and credit and asset growth remained strong.TrueWhat kind of legal system is found in Saudi Arabia?religious lawAccording to Transparency International's Corruption Perceptions Index, which region is the LEAST corrupt?EU/Western EuropeSuppose that the Vietnamese government imposes a new tax ONLY on computer companies operating within its borders. This is an example ofmicropolitical riskAll of the following insure firms against political risk EXCEPTIMF______ risk occurs when a firm's property is threatened through expropriation or confiscation.OwnershipAccording to the Chapter 3 lecture, the Samuel Slater method is "_____, then ______."flout; followWhich country is known for "trademark trolling"?ChinaIn China, which two legal concepts are currently at odds with one another?rule of law; rule by lawUp to ____ percent of all information is communicated nonverbally.90Giving the "thumbs up" sign in the Middle Eastis a rude expletiveYou are working with different companies as you build your organization and would like to offer gifts for the help you have received from others. Which of the following countries would be less likely to see gifts as a conflict of interest?JapanThe world's current lingua franca isEnglishAll of the following are in the Latin European cultural cluster EXCEPTBelgiumWhat best describes a characteristic of low-context culture in Hall's approach?Communications are fact-orientedAll of the following are part of the Middle East cultural cluster EXCEPTIranIn considering Hofstede's Six Dimensions of Culture, neither extreme should be considered "good" or "bad."TrueAccording to a graph presented during the Chapter 4 lecture, countries that are power respecting also tend to be morecollectivistA culture that values independence and a person's own career first has a(n) ______.individualist social orientationHow is time valued differently in Anglo-Saxon countries vs. in Latin America?"Time is money" in Anglo-Saxon countries, while promptness is not as important in Latin AmericaWhich basic element of culture has the most significant effect on consumption trends throughout the year?ReligionHow is age valued differently in the U.S. compared with Asia?In the U.S., youthfulness is considered a positive attribute, while in Asia, seniority is more importantAll of the following countries are known to have higher levels of social mobility EXCEPTUnited KingdomAccording to the Chapter 4 lecture, all of the following are basic elements of culture EXCEPTpoliticsAccording to a study from the Pew Charitable Trust, which of the following influence(s) economic mobility?Savings, neighborhood poverty, educationWhich of the following contains an example of an increase in relative mobility?Paolo's income increases by $1,000, and he moves from the lowest quartile of the income distribution to a middle quartileThe world's cultures are becoming ______ due to ______.more similar; better communications technologyAccording to Fred Hassan, former chairperson and CEO of Schering-Plough, all of the following are components of implementing a successful cross-cultural management strategy EXCEPTHire more locals in foreign subsidiariesNissan CEO Carlos Ghosn's interactions with his employees worldwide demonstrated that his Japanese employees were more _____, while his Latin American and Latin European employees were more ________.power respecting; power tolerantIn most ____ countries, the government, businesses, and civil society work together closely to achieve societal goals.Continental EuropeanAccording to the Chapter 5 lecture, all of the following are steps in the corporate social auditing process EXCEPTCorrect existing problemCompany X uses machinery in its factories that meets the minimum pollution-mitigation requirements mandated by law. More environmentally friendly equipment is available, but company officials have deemed it too expensive. Company X is exhibiting a(n) ________ approach to corporate social responsibility.defensiveWhich of the following companies has/have exhibited obstructionist behavior with regard to social responsibility?British PetroleumWhy have more companies become concerned about corporate social responsibility in recent years?Companies can easily get lots of bad publicity through social media campaigns that can lower their profitsWhat is mainly driving the move toward more corporate social responsibility?Social MediaIn the "Age of Damage," social media has made it important for companies to be ______ so they can protect their reputation and mitigate bad publicity.more transparent about their actionsSocial and development impact bonds are attractive new forms of financing societal improvement becausethe government pays only if the programs funded by the bonds are successfulGift exchanges are less likely to be considered a conflict of interest in a ________ culture.high-contextIf you have "good guanxi" with a Chinese businessperson, this means thatYou have a personal relationship based on the exchange of favorsThe concept of guanxi, defined as ______, is important in _____ business culture.a system of reciprocal exchanges of favors; ChineseWhistle-blowing is more acceptable in Japanese society than in American society.FalseEthical standards are universal and not usually affected by national cultures or customs.FalseWhen it comes to ethics in a business or corporate setting, standards and expectations may vary across cultures in all of the following aspects EXCEPTThe need to earn a profitAccording to the Chapter 5 lecture, in what industry can modern-day slavery be found?cocoaAccording to the video "Supply Chain Reaction," what is "the bottom dollar of the supply chain"?tin mines in IndonesiaThe textile industry has faced serious ethical issues recently due to the ____ in _____.factory disasters; BangladeshThe Alien Tort Claims Act of 1789 allows companies to be sued for human rights violations committed by foreign governments.TrueWhich major EU member recently (within the last decade) passed a law making it illegal for companies to fail to prevent bribery or to engage in corruption anywhere in the world?United KingdomElements of CultureSocial structure Language Communication Religion Values and AttitudesIn class, we discussed the controversy over cosmetic products that make the skin look lighter in the context ofsocial stratificationWhich of the following is the largest component of U.S. GDP?consumptionThe Ministry of International trade and Industry (MITI) is a key player in ... foreign trade policyJapan'sThe jobs report that is released monthly by the Bureau of Labor Statistics is based on which of the following?Employment statistics survey and household surveyAccording to our discussion in class, the unemployment rate in the U.S. is approx.4% (3.7)Which of the following provides the foundation of the legal system in India?Common lawWhat does OECD stand for?Organization for Economic Cooperation and DevelopmentOECD countries are a group ofhigh-income nationsOPIC and MIGA are two organization that provideinsuranceWhen was the WTO established?1995When was the EU formed?1993BRICS countriesBrazil, Russia, India, China, South AfricaCIVETS countriesColombia, Indonesia, Vietnam, Egypt, Turkey, South AfricaDumpingselling products in a foreign country at lower prices than those charged in the producing countryLow-ContextWords used by speaker convey message directly Specific terms of transaction are important Fact-oriented U.S., Canada, Germany, Switzerlandhigh-context culturepeople rely heavily on situational cues for meaning when communicating with others Japan