Podcast
Questions and Answers
What does globalization of production refer to?
What does globalization of production refer to?
- Sourcing goods and services locally to support domestic economies.
- Producing goods and services only for the domestic market without considering international factors.
- Sourcing goods and services from a single location to reduce costs.
- Sourcing goods and services from different locations to utilize differences in factors of production. (correct)
What is a key benefit of globalization mentioned in the text?
What is a key benefit of globalization mentioned in the text?
- Decreased efficiency in global operations.
- Increased revenue opportunity through global sales. (correct)
- Reduced revenue opportunities due to global competition.
- Isolation from international markets.
What characterized mercantilism, as described in the text?
What characterized mercantilism, as described in the text?
- Countries focused on maximizing imports and minimizing exports.
- Countries aimed to import more than they export.
- Countries sought to export more than they imported. (correct)
- Countries prioritized self-sufficiency and minimal trade.
Which of the following is NOT a factor causing globalization as mentioned in the text?
Which of the following is NOT a factor causing globalization as mentioned in the text?
What differentiates norms from culture as described in the text?
What differentiates norms from culture as described in the text?
What is one of the challenges mentioned in the text regarding globalization?
What is one of the challenges mentioned in the text regarding globalization?
Which theory predicts that countries will export goods that make intensive use of locally abundant factors?
Which theory predicts that countries will export goods that make intensive use of locally abundant factors?
What does the Theory of Absolute Advantage suggest countries should specialize in?
What does the Theory of Absolute Advantage suggest countries should specialize in?
Which theory focuses on producing at a lower cost?
Which theory focuses on producing at a lower cost?
What does comparative advantage measure?
What does comparative advantage measure?
According to David Ricardo, how can a country boost its economic growth the most?
According to David Ricardo, how can a country boost its economic growth the most?
What is the opportunity cost of producing clothing if the US produces it according to the text?
What is the opportunity cost of producing clothing if the US produces it according to the text?
Which stage of the Product Life Cycle Theory involves foreign producers beginning to produce for their home markets?
Which stage of the Product Life Cycle Theory involves foreign producers beginning to produce for their home markets?
According to Porter's National Competitive Advantage theory, what are the crucial features that determine the success of an organization in the international market?
According to Porter's National Competitive Advantage theory, what are the crucial features that determine the success of an organization in the international market?
At which point in the Product Life Cycle Theory do producers from advanced countries with lower labor costs start exporting to the U.S.?
At which point in the Product Life Cycle Theory do producers from advanced countries with lower labor costs start exporting to the U.S.?
How can governments act as catalysts to improve a country's competitive advantage according to Porter's Diamond Theory?
How can governments act as catalysts to improve a country's competitive advantage according to Porter's Diamond Theory?
Which factor limits the potential for exports from the U.S. in the Product Life Cycle Theory?
Which factor limits the potential for exports from the U.S. in the Product Life Cycle Theory?
In which stage of the Product Life Cycle Theory do U.S. firms consider setting up production facilities in advanced countries?
In which stage of the Product Life Cycle Theory do U.S. firms consider setting up production facilities in advanced countries?
