Exam 1: Globalization

Scenario: Tacky Toys and Mushi Toys Tacky Toys, a U.S.-based toy retailer, buys all its merchandise from Mushi Toys, a Japan-based toy manufacturer with production facilities in 12 nations. Mushi Toys markets its toys globally without modification. -The products that Mushi Toys manufactures are best described as ________.

The trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies is called ________.

Because of its ability to penalize offending nations, the World Trade Organization (WTO) dispute settlement system truly is the spine of the global trading system.

International business occurs within a dynamic, integrated system that weaves together four distinct elements.

The power of the General Agreement on Tariffs and Trade (GATT) to settle trade disputes is what sets it apart from its predecessor, the World Trade Organization (WTO).

________ is the use of computer networks to purchase, sell, or exchange products, service customers, and collaborate with partners.

A group of nations smaller than the World Trade Organization (WTO) but still committed to fostering trade and boosting cross-border investment is the ________.

Denationalization refers to national boundaries becoming less relevant.

Globalization protesters complain that it is homogenizing our world and destroying the rich diversity of cultures it contains.

Summarize the claims made against globalization regarding its impact on labor, the environment and markets, and the responses of globalization supporters.

The ________ is an agency created to provide financing for national economic development efforts.

The World Bank is an agency created to provide financing for national economic development efforts.

Compare and contrast the purposes of the World Bank and the International Monetary Fund.

________ refers to the dispersal of production activities to locations that help a company achieve its cost-minimization or quality-maximization objectives for a good or service.

Globalization ________ argue that it allows us all to profit from our differing circumstances and skills.

Opposition groups say ________ causes worker dislocation that results in a gradual ratcheting-down of wages.

The globalization of markets benefits companies by ________.

Describe the "global business environment" model and each of its four elements.

Globalization benefits YouTube by helping the company reach a global audience.

Gross national product (GNP) is the value of all goods and services produced by a country during a one-month period, excluding income generated by both domestic production and the country's international activities.