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Market Integration and Global Trade Terminology

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Market Integration and Global Trade Terminology

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Questions and Answers

What is the definition of tariffs?

Taxes imposed on all goods

Taxes imposed on imported goods (correct)

Taxes imposed on exported goods

Subsidies for local production

Which term refers to a process used by firms to gather resources, transform them into goods, and distribute them to consumers?

Commodity chain (correct)

Centralized

Decentralized

Tariffs

What is the main purpose of global trade?

To eliminate all trade barriers between nations

To increase market share and access goods internationally (correct)

To decrease imports and increase exports of nations

To limit market access for countries

What is the difference between global corporations and multinational companies?

Multinational companies have coordinated product offerings in each country whereas global corporations do not Signup and view all the answers

Which term best describes a company that operates with resolute constancy, treating the world as a single entity?

Global corporation Signup and view all the answers

'International companies are importers and exporters, typically without investment outside of their home country.' Which term best describes these types of companies?

Multinational companies Signup and view all the answers

What is a key characteristic of transnational companies?

Decentralized decision-making Signup and view all the answers

During the Investment-based Globalization period, what characterized the commodity chains?

Producer-driven with lead firms controlling the chain Signup and view all the answers

What marked the shift during Trade-based Globalization (1970-95) period?

Transition to export-oriented industrialization Signup and view all the answers

What has characterized Digital Globalization from 1995 onwards?

Advancements in digital technology driving interconnectedness Signup and view all the answers

Which period of globalization saw a domination by buyer-driven commodity chains?

Trade-based Globalization (1970-95) Signup and view all the answers

What is a distinguishing feature of global corporations?

'Global-first' approach in decision-making Signup and view all the answers