BBB 4M1 - Unit 2 (Chapters 3-6)

Question 1

Selling products in a foreign country below the cost of production in the home country.

Accepted Answer

Dumping

Question 2

This strategy tries to customize products, service, and marketing for the local culture.

Accepted Answer

Multidomestic Strategy

Question 3

Lack of national control & loss of tradition are disadvantages of:

Accepted Answer

Common Currency

Question 4

Where the economy begins to grow again.

Accepted Answer

Expansion

Question 5

include customers, suppliers, competitors, and employees...

Accepted Answer

Primary Stakeholders

Question 6

OECD

Accepted Answer

Organization for Economic Co-operation & Development

Question 7

Production and unemployment reach their lowest levels.

Accepted Answer

Trough

Question 8

An economic system determined by free competition.

Accepted Answer

Market Economy

Question 9

Organizations that are made up of mostly volunteers and have a service and development focus.

Accepted Answer

Non-governmental Organizations

Question 10

The economy is ruled by a single individual or small group of people.

Accepted Answer

Autocracy

Question 11

Not judging a culture to our own standards of what is right or wrong, strange or normal.

Accepted Answer

Cultural Relativism

Question 12

A country governed by all eligible members of the population through elected representatives.

Accepted Answer

Democracy

Question 13

Which of the following countries is NOT part of the G7?

Accepted Answer

Spain

Question 14

Promotes financial stability, prevents economic crises, encourage growth, & assuage poverty

Accepted Answer

International Monetary Fund

Question 15

Third-world countries...

Accepted Answer

Underdeveloped Countries

Question 16

The ability of a country to use its resources to make a product more efficiently than others.

Accepted Answer

Absolute Advantage

Question 17

The government controls all element of the economy, including prices, wages & production.

Accepted Answer

Centrally-Planned Economy

Question 18

The granting of very small loans is referred to spur entrepreneurship...

Accepted Answer

Microcredit

Question 19

First-world countries

Accepted Answer

Developed countries

Question 20

Has its own flag, currency, anthem & common foreign policies.

Accepted Answer

EU

Question 21

The movement of goods, services, technology, investment, ideas, & people throughout the world.

Accepted Answer

Globalization

Question 22

During this period, there is a decline in consumer purchasing, an increase in unemployment.

Accepted Answer

Recession

Question 23

Ensures that global trade flows smoothly, predictably and freely as possible.

Accepted Answer

WTO

Question 24

When a company/business seeks to influence a political party on an issue.

Accepted Answer

Lobbying

Question 25

Helps a company be socially accountable to itself, its stakeholders, and the public.

Accepted Answer

CSR

Question 26

APEC

Accepted Answer

Asia Pacific Economic Cooperation

Question 27

Combines government intervention and private enterprise.

Accepted Answer

Mixed Economy

BBB 4M1 - Unit 2 (Chapters 3-6)

Questions 27

BBB 4M1 - Unit 2 (Chapters 3-6)

Questions 27