Business and Society Exam Bank
Course Introduction
Business and Society explores the complex interrelationship between businesses, their stakeholders, and the broader social and environmental context in which they operate. The course examines topics such as corporate social responsibility, ethical decision-making, stakeholder analysis, and the impact of globalization on business practices. Students will analyze real-world cases to understand how businesses balance profitability with social, ethical, and environmental concerns, and how public policy and societal expectations influence corporate strategies and decision-making.
Recommended Textbook
International Business The Challenges of Globalization 5th Edition by John J. Wild
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16 Chapters
3050 Verified Questions
3050 Flashcards
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Page 2
Chapter 1: Globalization
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Globalization is a trend characterized by ________, which refers to national boundaries becoming less relevant.
Answer: denationalization
Q2) ________ is the use of computer networks to purchase, sell, or exchange products, service customers, and collaborate with partners.
Answer: E-business (e-commerce)
Q3) The rise of a new international entity called the ________ suggests that any firm, regardless of age, experience, and resources, can engage in international business.
Answer: born global firm
Q4) Globalization benefits YouTube by helping the company reach a global audience.
A)True
B)False
Answer: True
Q5) The integrating power of globalization forces managers and their firms to be knowledgeable about the nations in which they operate.
A)True
B)False
Answer: True
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Chapter 2: Cross-Cultrual Busines
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232 Verified Questions
232 Flashcards
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Sample Questions
Q1) When speaking of culture, we tend to invoke the concept of the ________.
A) "brain drain" phenomenon
B) caste system
C) class system
D) nation-state
Answer: D
Q2) The Hofstede dimension that captures the extent to which a culture emphasizes the individual versus the group is ________.
A) anarchy versus collectivism
B) democracy versus totalitarianism
C) individualism versus collectivism
D) capitalism versus communism
Answer: C
Q3) Which of the following believes that salvation comes from faith in God and that hard work gives glory to God?
A) Hindus
B) Muslims
C) Buddhists
D) Protestants
Answer: D
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Chapter 3: Politics, Law, and Business Ethics
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218 Verified Questions
218 Flashcards
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Sample Questions
Q1) The government of which of the following countries is currently a mix of communist and right-wing totalitarianism?
A) India
B) Iran
C) Kenya
D) China
Answer: D
Q2) The forced transfer of assets from a company to the government without compensation is called ________.
Answer: confiscation
Q3) Events that can cause political risk include which of the following?
A) Conflict and violence
B) Property seizure
C) Local content requirements
D) All of the above
Answer: D
Q4) Explain each of the four means of incorporating risk into business strategies when companies employ an adaptation strategy.
Answer: Not Answer
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Chapter 4: Economic Systems and Development
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218 Verified Questions
218 Flashcards
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Sample Questions
Q1) The term "juche" in Korean refers to ________.
A) strong personal relationships
B) self-reliance
C) allowing market forces to operate without interference
D) intervention in markets on an as-needed basis
Q2) Australia, Canada, Japan, and New Zealand are all ________ countries.
A) developed
B) newly industrialized
C) less-developed
D) emerging
Q3) In which of the following systems is a nation's land, factories, and other economic resources owned by the government?
A) Mixed economy
B) Public economy
C) Market economy
D) Centrally planned economy
Q4) Interfering with the price mechanism violates a fundamental principle of the market economy.
A)True
B)False
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Chapter 5: International Trade
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179 Verified Questions
179 Flashcards
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Sample Questions
Q1) Whereas comparative advantage theory focuses on the productivity of the production process for a particular good, factor proportions theory argues that a country specializes in producing and exporting goods using the factors of production that are most abundant.
A)True
B)False
Q2) According to mercantilism, accumulation of wealth depended on expanding a nation's total volume of trade, not necessarily on creating a trade surplus.
A)True
B)False
Q3) Under factor proportions theory, a nation's resources include all of the following EXCEPT ________.
A) labor
B) land
C) information
D) capital equipment
Q4) Discuss the factor proportions theory and describe the evidence on this theory.
Q5) U.S. jobs that are export-dependent typically pay ________ than jobs that are not export-dependent.
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Chapter 6: Business-Government Trade Relations
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Purposely understaffing customs offices to cause time delays, requiring special licenses that take a long time to obtain, and requiring air carriers to land at inconvenient airports are all examples of ________.
A) time delays
B) local bureaucracy
C) administrative delays
D) global strategy failures
Q2) Freeland's efforts to provide opportunities to its emerging industries can be classified as which of the following motives?
A) Political
B) Economic
C) Cultural
D) All of the above
Q3) The three main goals of the World Trade Organization are to help the free flow of trade, to help negotiate further opening of markets, and to settle trade disputes between its members.
A)True
B)False
Q4) According to its supporters, ________ helped South Korea build its chaebol.
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Chapter 7: Foreign Direct Investment
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173 Verified Questions
173 Flashcards
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Sample Questions
Q1) The U.S. Commerce Department sets the threshold at which it classifies an international capital flow as foreign direct investment at ________ percent.
A) 4
B) 10
C) 7
D) 1
Q2) The practice of "following clients" can be expected in industries where many component parts are obtained from suppliers with whom a manufacturer has a close working relationship.
A)True
B)False
Q3) ________ theory states that when an imperfection in the market makes a transaction less efficient than it could be, a company will undertake foreign direct investment to internalize the transaction and thereby remove the imperfection.
Q4) In industries with a limited number of large firms, foreign direct investment decisions frequently resemble a "follow the leader" scenario.
A)True
B)False
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Page 9
Chapter 8: Regional Economic Integration
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182 Flashcards
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Sample Questions
Q1) The process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital is known as regional economic integration (regionalism).
A)True
B)False
Q2) A group of nations in a geographic region undergoing economic integration is called a ________.
A) regional economic integration
B) regional domestication
C) regional trading bloc
D) foreign direct investment region
Q3) The members of the European Coal and Steel Community signed the Treaty of Rome in 1951 and created the Andean Community.
A)True
B)False
Q4) Trade agreements are lowering trade barriers and opening new markets for goods and services.
A)True
B)False
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Chapter 9: International Financial Markets
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195 Verified Questions
195 Flashcards
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Sample Questions
Q1) The most commonly quoted rate in the Eurocurrency market is the ________.
A) London Interbank Offer Rate (LIBOR)
B) London Interbank Bid Rate (LIBID)
C) spot rate
D) cross rate
Q2) A ________ currency is traded freely in the foreign exchange market.
A) barter
B) convertible
C) vehicular
D) soft
Q3) A loan in which the borrower promises to repay the borrowed amount plus a predetermined rate of interest is called ________.
A) equity
B) exchange rate
C) stock
D) debt
Q4) All of Europe's currencies combined are referred to as Eurocurrency.
A)True
B)False
Q5) What is the foreign exchange market? Explain why investors use this market.
Page 11
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Chapter 10: International Money System
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182 Verified Questions
182 Flashcards
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Sample Questions
Q1) The international monetary system based on fixed exchange rates ended in ________.
A) 1973
B) 1983
C) 1993
D) 2003
Q2) Compare and contrast the two main techniques for forecasting exchange rates-fundamental and technical analysis.
Q3) When the government buys its own securities on the open market, cash is infused into the economy and the money supply increases.
A)True
B)False
Q4) If Just-for-Kids is selling in a country with a strong currency while sourcing from a country with a weak currency, it will ________.
A) improve its profits
B) face U.S. government penalties
C) generate losses
D) engage in unethical conduct
Q5) What was the significance of the Jamaica Agreement? Identify its key provisions.
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Chapter 11: International Strategy and Organization
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199 Verified Questions
199 Flashcards
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Sample Questions
Q1) Companies that see the business environment as posing neither profitable opportunities nor threats will likely follow a ________ strategy.
A) growth
B) retrenchment
C) stability
D) combination
Q2) ________ is the process of identifying and selecting an organization's objectives and deciding how the organization will achieve those objectives.
Q3) All parties, ranging from suppliers and employees to stockholders and consumers, who are affected by a company's activities are referred to as ________.
Q4) Companies involved in more than one line of business must first formulate a(n) ________ strategy.
Q5) Inbound and outbound logistics are considered ________.
A) capabilities
B) primary activities
C) support activities
D) core competencies
Q6) ________ teams help reduce waste in the production process.
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Chapter 12: Analyzing International Opportunities
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Sample Questions
Q1) Companies go international either to ________ or to ________.
Q2) Regulations that can eliminate a market or site from further consideration include strict environmental regulations and requirements that companies divulge proprietary information.
A)True
B)False
Q3) Quality of workforce, materials, and infrastructure is analyzed in which step of the screening process for potential markets and sites?
A) Step 1: Identify basic appeal
B) Step 2: Assess the national business environment
C) Step 3: Measure market or site potential
D) Step 4: Select the market or site
Q4) During the site screening process, a site may be eliminated from consideration if it does not display an appropriate work ethic or educational attainment necessary for production.
A)True
B)False
Q5) ________ is the collection and analysis of information in order to assist managers in making informed decisions.
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Chapter 13: Selecting and Managing Entry Modes
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Sample Questions
Q1) ________ is export/import financing in which the importer's bank issues a document stating that the bank will pay the exporter when the exporter fulfills the terms of the document.
A) Draft
B) Bill of lading
C) Letter of credit
D) Bill of exchange
Q2) ________ is a contractual entry mode in which a company owning intangible property grants another firm the right to use that property for a specified period of time.
Q3) A relationship whereby two or more entities cooperate (but do not form a separate company) to achieve the strategic goals of each is called a(n) ________.
Q4) A(n) ________ is formed when each joint venture partner requires the same component in its production process.
Q5) Exporting permits companies to diversify their sales.
A)True
B)False
Q6) Using examples, explain how licensing works. What are its advantages and disadvantages?
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Chapter 14: Developing and Marketing Products
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187 Flashcards
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Sample Questions
Q1) Explain the primary concerns of managers when establishing distribution policies.
Q2) A ________ is a promotional strategy designed to pressure channel members to carry a product and promote it to final users.
Q3) Under the product extension and communication adaptation method, a company extends the same home-market product and marketing promotion into the target market.
A)True
B)False
Q4) The process of sending promotional messages about products to target markets is called ________.
Q5) A push strategy tends to be appropriate for expensive consumer goods characterized by buyers who are brand loyal.
A)True
B)False
Q6) ________ are semantic elements that make up all company and product brand names.
Q7) Differentiate between worldwide and dual pricing. Is one of these more difficult to achieve?
Q8) In a(n) ________ channel, producers sell directly to final buyers.
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Chapter 15: Managing International Operations
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140 Flashcards
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Sample Questions
Q1) Financing obtained from investors who believe the borrower will experience rapid growth and who receive equity part ownership in return is called ________.
A) internal funding
B) venture capital
C) GDR
D) Eurobond
Q2) Companies can obtain financial resources through which of the following means?
A) borrowing
B) issuing equity
C) internal funding
D) all of the above
Q3) Companies may scale back their international investments when it becomes apparent that making operations profitable will take longer than expected.
A)True
B)False
Q4) The process by which a company extends its control over additional stages of production either inputs or outputs is called ________.
Q5) Selecting the location for production facilities is called ________.
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Chapter 16: Hiring and Managing Employees
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Sample Questions
Q1) The psychological process of readapting to one's home culture is called culture shock.
A)True
B)False
Q2) Teaching people to be considerate and understanding of other people's feelings and emotions is known as ________.
Q3) The process of identifying and attracting a qualified pool of applicants for vacant positions is called recruitment.
A)True
B)False
Q4) The process of screening and hiring the best-qualified applicants with the greatest performance potential is called recruitment.
A)True
B)False
Q5) Reverse culture shock is less troubling than initial culture shock.
A)True
B)False
Q6) Briefly explain how companies compensate managers in international markets.
Q7) ________ constitute the most basic level of cultural training.
Page 18
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