International Business and Cross-Border Transactions Quiz

International Trade and Globalization

• Imports refer to goods and services purchased abroad and brought into a country.

Globalization Drivers

• The main driver of the decrease in the cost of global communication and travel is advancements in technology.

Technology and Globalization

• Technology plays a crucial role in facilitating societal and commercial changes by increasing global connectivity and accessibility.

Talent Acquisition

• The purpose of head hunting firms is to identify and recruit top talent globally for companies.
• Some companies tap into global talent by using head hunting firms or by establishing international recruitment offices.

Characteristics of Globalization

• Protectionism, or the practice of protecting domestic industries through tariffs and trade restrictions, is NOT a characteristic of globalization.

Global Production

• The term used to describe the dispersal of production activities worldwide to minimize costs or maximize quality is outsourcing.

Global Markets

• The main effect of globalization on markets is to create increased competition and interconnectedness.

Global Products

• Global products are products that are designed and marketed for a global audience, often with a consistent brand image and uniform packaging.

Cost Reduction through Globalization

• Companies can reduce costs through globalization of markets by outsourcing production, reducing labor costs, and taking advantage of economies of scale.