chap 1

________ are all goods and services sold abroad and sent out of a country.

• Net national products

• Exports

• Gross domestic products (GDP)

• Imports

Supporters affirm that globalization ________.

• Brings an end to practices like outsourcing

• Causes worker dislocation that gradually lowers wages

• Increases wealth and efficiency in all countries

• Curbs market flexibility in developed nations

Which of the following was created to regulate fixed exchange rates and enforce the rules of the International monetary system?

• International Monetary Fund

• World Trade Organization

• European Union

• World Bank

Any commercial transaction that crosses the borders of two or more nations is known as ________.

• Domestic marketing

• Market segmentation

• International business

• Global manufacturing

Globalization is criticized because it ________.

• Does not generate labor market flexibility in developing nations

• Prevents developed countries from outsourcing work to developing nations

• Creates fewer manufacturing jobs in developing nations

• Exploits workers in low-wage nations

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

• Global Financial Markets Association

• World Trade Organization (WTO)

• Financial Stability Board

• World Bank

Goods and services purchased abroad and brought into a country are called ________.

• Gross domestic products (GDP)

• Exports

• Gross national products (GNP)

• Imports

“Emerging markets” is a term that refers to an economy that experiences considerable economic growth and possesses some, but not all, characteristics of a developed economy. Emerging markets are countries that are transitioning from the “developing” phase to the “developed” phase.

• True

• False

A born global firm is a company that engages in international business from or near its inception.

• True

• False

Opponents argue that globalization ________.

• Eliminates manufacturing jobs in developed nations

• Generates labor market flexibility in developed nations

• Brings an end to practices like outsourcing

• Slows down the employment rate in developing nations