Introduction to International Business Quiz

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What is the definition of international business?

International business refers to the conduct of economic activities, including trade, investment, and production, that transcend national borders.

What are the drivers of international business mentioned in the text?

The drivers of international business include globalization and the liberalization of trade.

What does FDI stand for and what does it involve?

FDI stands for Foreign Direct Investment. It involves firms engaging in investment activities that transcend national borders.

How are multinational enterprises (MNEs) characterized?

Multinational enterprises (MNEs) are characterized by their operations transcending national borders. Signup and view all the answers

What are the key factors shaping business interactions on a global scale?

Economic, cultural, political, and legal factors shape business interactions on a global scale. Signup and view all the answers

What is the significance of advancements in communication, transportation, and technology in the context of international business?

Advancements in communication, transportation, and technology fuel the ongoing process of increased interconnectedness and interdependence among countries. Signup and view all the answers

What are the key components of international business?

Cross-Border Trade, Foreign Direct Investment (FDI), Global Supply Chain Management, Global Marketing and Branding, Cross-Cultural Management, International Finance Signup and view all the answers

How does international trade benefit businesses?

International trade allows businesses to access a broader customer base, tap into global resources, and diversify market risks. Signup and view all the answers

What is Foreign Direct Investment (FDI)?

FDI occurs when a company invests directly in a foreign country by acquiring or establishing businesses, subsidiaries, or joint ventures. Signup and view all the answers

What is global supply chain management?

Global supply chain management involves the coordination and optimization of the flow of goods, information, and finances across international borders. Signup and view all the answers

What is the purpose of international marketing strategies?

International marketing strategies adapt marketing approaches to diverse cultural, linguistic, and regulatory environments to build brand recognition and address local consumer preferences. Signup and view all the answers

Why is cross-cultural management important in international business?

Cross-cultural management aims to foster effective collaboration in a diverse international workforce, promote harmonious relationships, minimize misunderstandings, and enhance productivity in a globalized business environment. Signup and view all the answers

How does technological advancement facilitate international business?

Technological advancements facilitate communication, data transfer, and supply chain management on a global scale, enabling businesses to operate more efficiently across borders. Signup and view all the answers

Why do businesses seek international expansion?

Businesses seek international expansion to tap into new markets, reach a larger customer base, and diversify revenue streams. Signup and view all the answers

What are the benefits of accessing resources in foreign markets?

Accessing raw materials, skilled labor, and other resources in foreign markets may not be readily available or cost-effective in a company's home country, providing a competitive advantage. Signup and view all the answers

How does global finance impact international business?

International finance involves currency management and financial operations across borders, impacting businesses' profitability and risk exposure. Signup and view all the answers