The shift toward a more integrated and interdependent world economy is referred to as
a) economic integration
b) economic interdependency
c) globalization
d) internationalization
The merging of historically distinct and separate national markets into one huge global marketplace is known as
a) global market facilitation
b) cross-border trade
c) supranational market integration
d) the globalization of markets
Firms that are involved in international business tend to be
a) large
b) small
c) medium-sized
d) large, small, and medium-sized
The correct answer is d.
Which is not a factor of production?
a) trade
b) land
c) capital
d) energy
The correct answer is a.
The sourcing of good and services from around the world to take advantage of national differences in the cost and quality of factors of production is called
a) economies of scale
b) the globalization of production
c) global integration
d) global sourcing
The correct answer is bWhich organization is responsible for policing the world trading system?
a) the International Monetary Fund
b) the United Nations
c) the World Trade Organization
d) the World Bank
The correct answer is c.
What is the single most important innovation to the globalization of markets and production?
a) advances in transportation technology
b) the development of the microprocessor
c) advances in communication
d) the Internet
The correct answer is b.
Which of the following trends is true?
a) the United States is accounting for a greater percentage of world trade than ever before
b) the United States is accounting for a greater percentage of foreign direct investment than ever before
c) the share of world trade accounted for by developing countries is rising
d) the share of foreign direct investment by developing countries is declining
The correct answer is c.
Which of these is not a concern of