Long Test IBT

the shift away from self-contained national economies that are closed to cross-border trade towards a more integrated and interdependent world economy where millions of dollars of goods and services are traded daily.

occurs when a firm exports goods or services to consumers in another country.

occurs when a firm invests resources in business activities outside its home country.

The process who formalized the worked toward removing barriers that prevented the free flow of goods, services, and capital between countries.

Is any business that has productive activities in two or more countries.

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In the 1973, global business activity was dominated by large, U.S. multinational firms.

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Globalization has resulted in an increase in the dominance of U.S. firms in the global marketplace.

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The goal of Globalization of Market is to lower overall cost structure or improve the quality or functionality of their product and gain competitive advantage.

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In economic terms, the least important are probably the development of commercial jet aircraft and super-freighters and the introduction of containerization, which simplifies trans-shipment from one mode of transport to another.

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Samuelson argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country in producing it.