Question 1

The IMF is often seen as the lender of last resort to nation-states whose economies are in turmoil.

Accepted Answer

The IMF is often seen as the lender of last resort to nation-states whose economies are in turmoil and currencies are losing value against those of other nations.

Question 2

Globalization refers to the shift toward a more integrated and interdependent world economy.

Accepted Answer

Globalization refers to the shift toward a more integrated and interdependent world economy.

Question 3

Moore's Law predicts that the power of microprocessor technology doubles and its cost of production declines in half every 18 months.

Accepted Answer

Moore's Law predicts that the power of microprocessor technology doubles and its cost of production declines in half every 18 months.

Question 4

As firms follow each other around the world,they bring with them many of the assets that served them well in other national markets.Thus,greater diversity replaces uniformity.

Accepted Answer

As firms follow each other around the world,they bring with them many of the assets that served them well in other national markets,creating some homogeneity across markets.Thus,greater uniformity replaces diversity.

Question 5

The GATT succeeded the World Trade Organization (WTO).

Accepted Answer

The WTO succeeded the GATT.

Question 6

After World War I,the advanced nations of the West committed themselves to removing barriers to the free flow of goods,services,and capital between nations.

Accepted Answer

After World War II,the advanced nations of the West committed themselves to removing barriers to the free flow of goods,services,and capital between nations.

Question 7

In any society,the media are the primary conveyors of culture.

Accepted Answer

In any society,the media are the primary conveyors of culture.

Question 8

Tastes and preferences of consumers in different nations are beginning to converge on some global norm.

Accepted Answer

Tastes and preferences of consumers in different nations are beginning to converge on some global norm.

Question 9

The most global markets currently are markets for consumer products.

Accepted Answer

The most global markets currently are not markets for consumer products but markets for industrial goods and materials that serve a universal need the world over.

Question 10

Because of globalization,companies rarely need to customize marketing strategies,product features,and operating practices in different countries.

Accepted Answer

Significant differences still exist among national markets along many relevant dimensions.These differences frequently require companies to customize marketing strategies,product features,and operating practices to best match conditions in a particular country.

Question 11

The volume of world output has grown faster than the volume of world merchandise trade since the 1950s,according to data from the World Trade Organization.

Accepted Answer

According to WTO data,the volume of world merchandise trade has grown faster than the world economy since 1950.

Question 12

The dominance of large multinational British firms on the international business scene is one of the changing trends of globalization.

Accepted Answer

The dominance of large multinational U.S.firms on the international business scene is one of the changing trends of globalization.

Question 13

The IMF is less controversial than its sister concern,the World Bank.

Accepted Answer

The World Bank is less controversial than its sister institution,the IMF.The World Bank has focused on making low-interest loans to cash-strapped governments in poor nations that wish to undertake significant infrastructure investments,while the IMF is often seen as the lender of last resort to nation-states whose economies are in turmoil and currencies are losing value against those of other nations.

Question 14

World merchandise trade includes trade in manufactured goods,agricultural goods,and services.

Accepted Answer

World merchandise trade includes trade in manufactured goods,agricultural goods,and mining products,but not services.

Question 15

The Internet has acted as a regulatory brake on unfettered international trade in business.

Accepted Answer

The Internet has been a major force in facilitating international trade in business.

Question 16

Over its entire history,the WTO has promoted the lowering of barriers to cross-border trade and investment.

Accepted Answer

Over its entire history,and that of the GATT before it,the WTO has promoted the lowering of barriers to cross-border trade and investment.In doing so,the WTO has been the instrument of its member states,which have sought to create a more open global business system unencumbered by barriers to trade and investment between countries.

Question 17

Trade in services now accounts for more than half of the value of all international trade.

Accepted Answer

Trade in services now accounts for about 20 percent of the value of all international trade.

Question 18

As transportation costs associated with the globalization of production decline,dispersal of production to geographically separate locations becomes more economical.

Accepted Answer

As transportation costs associated with the globalization of production decline,dispersal of production to geographically separate locations becomes more economical.

Question 19

A company has to be a major multinational corporation to facilitate,and benefit from,the globalization of markets.

Accepted Answer

A company does not have to be the size of multinational giants to facilitate,and benefit from,the globalization of markets.

Question 20

Substantial impediments,such as barriers to foreign direct investment,make it difficult for firms to achieve the optimal dispersion of their productive activities to locations around the globe.

Accepted Answer

Substantial impediments such as barriers to foreign direct investment make it difficult for firms to achieve the optimal dispersion of their productive activities to locations around the globe.

Quiz 1: Globalization

The IMF is often seen as the lender of last resort to nation-states whose economies are in turmoil.

Globalization refers to the shift toward a more integrated and interdependent world economy.

Moore's Law predicts that the power of microprocessor technology doubles and its cost of production declines in half every 18 months.

As firms follow each other around the world,they bring with them many of the assets that served them well in other national markets.Thus,greater diversity replaces uniformity.

The GATT succeeded the World Trade Organization (WTO).

After World War I,the advanced nations of the West committed themselves to removing barriers to the free flow of goods,services,and capital between nations.

In any society,the media are the primary conveyors of culture.

Tastes and preferences of consumers in different nations are beginning to converge on some global norm.

The most global markets currently are markets for consumer products.

Because of globalization,companies rarely need to customize marketing strategies,product features,and operating practices in different countries.

The volume of world output has grown faster than the volume of world merchandise trade since the 1950s,according to data from the World Trade Organization.

The dominance of large multinational British firms on the international business scene is one of the changing trends of globalization.

The IMF is less controversial than its sister concern,the World Bank.

World merchandise trade includes trade in manufactured goods,agricultural goods,and services.

The Internet has acted as a regulatory brake on unfettered international trade in business.

Over its entire history,the WTO has promoted the lowering of barriers to cross-border trade and investment.

Trade in services now accounts for more than half of the value of all international trade.

As transportation costs associated with the globalization of production decline,dispersal of production to geographically separate locations becomes more economical.

A company has to be a major multinational corporation to facilitate,and benefit from,the globalization of markets.

Substantial impediments,such as barriers to foreign direct investment,make it difficult for firms to achieve the optimal dispersion of their productive activities to locations around the globe.