Question
Choose the best answer.
_____ are goods and services brought in from other countries, while _____ are goods and services sent out to other countries.
Purchases; sales
Imports; exports
Exports; imports
Sales; purchases
2) Choose the best answer.
The _____ is the activity of buying and selling goods and services between different countries of the world.
gross domestic product
global transaction
global market
global exchange
3) Choose the best answer.
_____ is the term for the overall economic integration and connection of global economies.
Global market
Gross domestic product
Global exchange
Globalization
4) Choose the best answer.
Which of these is the process of basing company processes or services specifically overseas?
offshoring
importing
exporting
outsourcing
5) Choose the best answer.
Seeing time as a fixed point on a linear timeline is an example of a culture’s _____.
time orientation
time-relative perspective
time dilation
time perspective
6) Choose True or False.
Offshoring is a form of outsourcing, but outsourcing is not necessarily always offshoring.
True
False
7) Choose True or False.
Another way to describe globalization is as the slow growth of a global economy.
True
False
8) Choose True or False.
Cultural differences have little impact on business management and trade; ultimately, business principles are consistent across cultures.
False
True
9) Match the statements with the pros and cons.
Locals typically suited to have the most knowledge of how to conduct successful business within their own region.
Variations in culture have a tremendous impact on business management and trade.
Companies can dramatically increase sales, and therefore profit, through overseas expansion.
By participating in international virtual business, companies gain easier access to innovative international technologies.
Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.
Virtual businesses can lower costs by offshoring various services to developing nations.
Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.
_____ are goods and services brought in from other countries, while _____ are goods and services sent out to other countries.
Purchases; sales
Imports; exports
Exports; imports
Sales; purchases
2) Choose the best answer.
The _____ is the activity of buying and selling goods and services between different countries of the world.
gross domestic product
global transaction
global market
global exchange
3) Choose the best answer.
_____ is the term for the overall economic integration and connection of global economies.
Global market
Gross domestic product
Global exchange
Globalization
4) Choose the best answer.
Which of these is the process of basing company processes or services specifically overseas?
offshoring
importing
exporting
outsourcing
5) Choose the best answer.
Seeing time as a fixed point on a linear timeline is an example of a culture’s _____.
time orientation
time-relative perspective
time dilation
time perspective
6) Choose True or False.
Offshoring is a form of outsourcing, but outsourcing is not necessarily always offshoring.
True
False
7) Choose True or False.
Another way to describe globalization is as the slow growth of a global economy.
True
False
8) Choose True or False.
Cultural differences have little impact on business management and trade; ultimately, business principles are consistent across cultures.
False
True
9) Match the statements with the pros and cons.
Locals typically suited to have the most knowledge of how to conduct successful business within their own region.
Variations in culture have a tremendous impact on business management and trade.
Companies can dramatically increase sales, and therefore profit, through overseas expansion.
By participating in international virtual business, companies gain easier access to innovative international technologies.
Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.
Virtual businesses can lower costs by offshoring various services to developing nations.
Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.
Answers
GPT-4o mini
Here are the best answers for each question:
1) **Imports; exports**
2) **global market**
3) **Globalization**
4) **offshoring**
5) **time orientation**
6) **True**
7) **False**
8) **False**
9)
- **Pros:**
- Locals typically suited to have the most knowledge of how to conduct successful business within their own region.
- Companies can dramatically increase sales, and therefore profit, through overseas expansion.
- By participating in international virtual business, companies gain easier access to innovative international technologies.
- Virtual businesses can lower costs by offshoring various services to developing nations.
- **Cons:**
- Variations in culture have a tremendous impact on business management and trade.
- Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.
- Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.
1) **Imports; exports**
2) **global market**
3) **Globalization**
4) **offshoring**
5) **time orientation**
6) **True**
7) **False**
8) **False**
9)
- **Pros:**
- Locals typically suited to have the most knowledge of how to conduct successful business within their own region.
- Companies can dramatically increase sales, and therefore profit, through overseas expansion.
- By participating in international virtual business, companies gain easier access to innovative international technologies.
- Virtual businesses can lower costs by offshoring various services to developing nations.
- **Cons:**
- Variations in culture have a tremendous impact on business management and trade.
- Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.
- Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.