MGMT 361 Exam 1 part 1 – Flashcards
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One of the UN's central mandates is
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-promotion of higher standards of living -Full employment -Conditions of economic and social progress and development
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"Beggar thy neigbor
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retaliatory trade policies, with countries progressively raising trade barriers against each other.
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Foreign direct investment occurs when
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a firm invest resources in business activites outside its home country
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Lowering of barriers to international trade enables firms to
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view the world, rather than a single country, as, their market
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Globalization of markets has
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reduced the cultural distance between countris and is bringing about some convergence of consumer tastes and preference
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Globalization of markets results in markets becoming
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less diverse
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A U.S. Investment firm, sets up a customer service call center in India to take advantage of lower labor costs. This is an example of what
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Outsourcing
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World trade organization primarily responsible for
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policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by member states
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Established on October 24, 1945, by 51 counties committed to preserving peace through internation cooperation and collective security
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United Nations
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World merchandise trade
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-Manufactured goods -Agricultural goods -Mining products
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In the 1970s, many Japanese firms invested in North America and Europe
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as a hedge against unfavorable currency movement
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Total cumulative vaule of foreign investments best referred to as
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stock of foriegn direct investments
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A multinational enterprise is a firm that
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has production units in more than two countries
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Since the 1960s, which of the follwoing has been a notable trend in the demographics of the multinational enterprise
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the growth of mini-multinationals
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In the last two decades, latin American countires like Brazil, Mexio, and chile have
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welcomed foreign investments
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A study published in 2011 by the OECD noted that
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the gap between the poorest and the richest segments of society in some OECD countries had widened
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A number of econometric studies have found consistent evidence of a hump-shaped relationship beween income levels and pollution levels. According to this, as an economy grows and income level rises
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after a while the pollution levels decrease
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Globalization is critizied because it increase the power of
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supernational organizations over nation-states
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Interdependent political, economic, and legal systems of a country make up its
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political economy
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Modern socialism has been popularized largely through the work of
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Karl Marx
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Communists
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believed that socialsm could be achieved only through violent revolution and totalitarian dictatorship
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In several Western democracies, the poor performace of state-owned enterprises, because of protection from competion and guaranteed government financial support led to
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privatization
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Philosophies can be traced back to the acient Greek philosopher Aristotle
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-individualism
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Totalitarianism
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form of governemnt in which one person or political party excersies absolute control over all spheres of human life
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Antitrust laws in the United States are designed to
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outlaw monopolies
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In a mixed economy
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certain sectors of the economy are left to private ownership and free market mechanisms while other secots have significant state ownership and government planning
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Under common law system
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cases are judge with reference to three characteristics: tradtion, precendent, and custom
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Power to interpret the law
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common law system
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power only to apply the law
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civil law system
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Trademarks
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design and names by which merchants or manufacturers designate and differentiate their products
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Copyright
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-exclusive legal rights of authors, composers, playwrights, artists,a d publishers to publish and disperse their work
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Statements pertaining to innovation and enterpreneurship
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-Engines of growth -Require strong property rights -Require a market economy
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Strong legal protection of property rights is required
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for a business environment to be conducive to innovation and entrepreneurial activities
