Notesale: Turn your study into money

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WGU C211
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Which view claims that the phenomenon of globalization was initially driven by
the desire of Western economies to exploit their power through multinational
enterprises?
The new-force view
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What is the aggregation of importing and exporting that leads to the countrylevel trade surplus or deficit?
Balance of trade
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Which theory states that patterns of international trade change across new,
maturing, and standardized stages?
Product life cycle theory
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What happens to a country's real exchange rate and nominal interest rate as
the price level increases, assuming all other factors are unchanged?
Exchange rates fall and interest rates rise
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What is the easiest method nonfinancial companies use to handle currency
fluctuations?
Currency diversification
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A company is looking for a location with an abundance of ground-breaking
individuals, firms, and universities
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What advantage comes with not sharing benefits with late entrants?
First-mover advantage
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What size commitment is required for a non-equity mode of entry into a
foreign market?
Small commitment
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Normative
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What is the key role of an institution, according to the institution-based view?
To reduce uncertainty
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What is a core proposition underpinning an institutional-based view of global
business?
Bounded rationality
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Which legal system uses comprehensive lists of rules and written codes?
Civil law
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What is the purpose of having property rights and intellectual property rights?
To legally protect the use of tangible and intangible property and allow its lawful
owner to derive income and other benefits from it
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Market economies
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In addition to encouraging efficiency, why might a government intervene in a
market?
To promote equality
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Which action should the
farmer take to maximize profits?
Produce the quantity where the price equals the farmer's marginal cost
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Which condition applies when a competitive firm decides to temporarily shut
down?
Average variable costs are above the price
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What is the producer's demand curve if the producer sells a differentiated
product?
Downward sloping
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What is a characteristic of monopolistic competition?
Many firms and differentiated products
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36
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What can be assumed that the consumer will buy if it is observed that the
consumer's budget constraint has shifted inward?
Fewer normal goods and more inferior goods
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41
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What is one way the Federal Reserve influences the reserve ratio?
By altering reserve requirements
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What is the effect of an increase in the money supply in the short run?
Interest rates decrease and aggregate demand for goods and services increase
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How is consumer surplus represented on a graph?
The area below the demand curve and above price
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The area below the
price and above the supply curve on a graph
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A painter spends $200 on paint
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What is the amount of these transactions that is
added to gross domestic product (GDP)?
$1,000
A U
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state purchases a fleet of new highway patrol vehicles manufactured in
Japan
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S
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Government expenditures increase
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48
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What effect does implementing a new tariff have on the government that
implements it?
Tax revenue will increase

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