Mid2 - Study Guide 4,5,6,7,8

A major automotive manufacturer in the United States notices that imported cars from a specific Asian nation are rapidly flooding the market, causing significant job losses in its domestic factories. The company successfully lobbies the government to impose a restriction that limits the maximum number of these foreign cars that can be legally brought into the country over the next year. Which trade restriction did the government primarily implement in this scenario?

• Quota

• Tariff

• Embargo

• Local Content Law

Alex is the Chief Executive Officer (CEO) of a major tech firm. His primary role involves assessing how future shifts in consumer technology and economic trends will impact the company's long-term competitive position and then setting the strategic direction for the next ten years. The skills Alex is primarily demonstrating are:

• Technical skills

• Human relations skills

• Conceptual skills

• Time-management skills

A small marketing agency has a structure where the three co-founders each manage a team, but they frequently rotate the head of their newest digital strategy initiative every six months. This rotation is specifically designed to keep employees motivated and prevent boredom by exposing them to different tasks and leaders. This practice is an example of which motivational technique?

• Participative Management

• Management by Objectives (MBO)

• Job Enrichment (specifically, job rotation)

• Theory X Management

A custom shipbuilding company is constructing a luxury cruise liner. Because the vessel is massive and must be built in a dry dock, all specialized labor, heavy equipment, and construction materials must be delivered directly to the ship's location. The work crew moves around the static product. The production layout being used by the shipbuilding company is a:

• Process Layout

• Product Layout

• Fixed-Position Layout

• Assembly Line Layout

In this situation, which element of the delegation process was most likely insufficient, setting Sarah up for failure?

• Responsibility

• Accountability

• Authority

• Span of Control

Globalization is best defined as the process by which:

• All trade barriers between all nations are eliminated.

• Domestic environmental and tax regulations are completely bypassed.

• The world economy is becoming a single interdependent system.

• Businesses only operate in a single, highly-developed country.

A key advantage of globalization for businesses is:

• The guaranteed loss of cultural heritage and language.

• The ability to source affordable labor and inexpensive raw material.

• The exploitation of workers in less developed countries.

• Benefiting only the foreign investors and not the local residents.

The WTO aims to resolve disputes among its members by:

• Imposing an immediate embargo on the disputing nations.

• Establishing fair procedures.

• Levying a 50% direct tax on all imported products.

• Requiring all members to adopt a trade deficit.

When a country's imports exceed its exports, the country experiences a(n):

• Absolute advantage.

• Trade surplus.

• Trade deficit.

• Comparative advantage.

The rate at which the currency of one nation can be exchanged for the currency of another nation is the:

• Balance of trade.

• Local content law.

• Exchange rate.

• Subsidy.