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Question
Explain how the theory of absolute advantage conflicts with the theory of mercantilism.Answer
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Which of the following statements is true of developing countries that have embraced globalization?
A) The countries have experienced an increase in life expectancy.
B) As a result of extensive commercialism, there has been a decline in personal income.
C) Relying upon developed countries for technology has rendered their talent pool stagnant.
D) Their rich cultural diversity hasn't been affected by exposure to new cultures.
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Supporters and critics of globalization appear to agree that globalization prevents dislocation in labor markets.
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According to the opponents of globalization, which of the following occurs as a result of worker dislocation brought about by globalization?
A) increased labor costs for companies
B) lower workers' wages in developed nations
C) surfeit of jobs in developed nations
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Export-processing zones are special areas in which companies engage in tariff-free importing and exporting.
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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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B) rise of closed economies
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Explain how technological innovation has benefitted entrepreneurs.
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Compare and contrast the world's three main political ideologies: anarchism, totalitarianism, and pluralism.
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Incentives and rewards for individual business initiatives are an important aspect of collectivist cultures.
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Pluralistic political systems include authoritarian regimes such as communism and fascism.
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The government maintains control over the banking industry in a country. Which of the following is most likely true if the country has a mixed economy?
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B) The government considers banking sector as important to national security.
C) The country has never experienced threats against its long-term stability.
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Democracies try to preserve peaceful coexistence among groups of people with diverse cultural, ethnic, and racial backgrounds. These rights are known as ________ rights.
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B) central
C) subcapital
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According to Hofstede's framework, a culture that scores low on ________ can change more rapidly because tradition and commitment are not impediments to change.A) masculinityB) individualismC) long-term orientationD) risk-taking
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According to Hofstede's framework, a culture with ________ values security and places its faith in strong systems of rules and procedures in society.
A) large uncertainty avoidance
B) low power distance
C) short-term orientation
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Andy comes from a culture that emphasizes hard work and promotes the entrepreneurial spirit within individuals. While he and his coworkers are encouraged to achieve their personal goals, they are also held responsible for their actions. According to Hofstede's framework, which of the following dimensions does this culture illustrate?
A) feminity
B) individualism
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Which of the following terms refers to the technology used in a culture to manufacture goods and provide services?
A) vernacular culture
B) popular culture
C) trash culture
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Religion is confined to national political boundaries.
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Describe brain drain and its impact on an economy. What is reverse brain drain?
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Lingua franca is ________.
A) a language spoken by all countries in a continent
B) a form of non-verbal language adopted by all nations as the official language for business transactions
C) a unique language developed by Asian countries
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Which of the following is the most common form of social stratification in the world today?
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A caste system is a system of social stratification in which ________.
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B) a person's position in society depends upon his educational qualifications and achievements
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Folk customs that spread by cultural diffusion to other regions develop into ________.
A) trash culture
B) traditions
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A culture's values tend to become more flexible over time.
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________ facilitate(s) the process of cultural imperialism.
A) Strict product liability laws
B) Relaxed trade and investment barriers
C) Technological stagnation
D) Social media censorship
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Subcultures mimic the values, preferences, and beliefs of dominant cultures.
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Which of the following terms is used to refer to habits or ways of behaving in specific circumstances that are passed down through generations?
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B) attitudes
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A) material culture
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C) cultural imperialism
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Kireki is a small country with a corrupt government. Its population is rural for most part and citizens have few or no legal rights. Which of the following is the type of market featured in Kireki?
A) developed market
B) traditional market
C) emerging market
D) virtual market