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BUEC342 Midterm: Midterm Review: Chapters 1-6

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Business Economics
Runjuan Liu

BUEC 342 Midterm Review March 1 in-class C50minutes) Close book Multiple-choice questions: about 25 questions Chapter 1-6: about 60% questions are about chapter 5 and 6 Lecture notes with the help of the textbook Chapter 1 1. Define the term globalization 2. Give examples of the main causes of globalization. Explain why globalization are now proceeding at a rapid rate. Illustrate how changing international trade patterns, foreign direct investment flows and the rise of new multinational corporations are reshaping the world economy 5. Summarize the main arguments in the debate over the impact of globalization on job security income levels, labour and environmental policies, and national sovereignty Chapter 2 1. Give examples of how the political systems of countries differ 2. Distinguish how the economic systems of countries differ 3. Explain how the legal systems of countries differ. 4. Illustrate how political, economic, and legal systems collectively in a count s ability to achieve meaningful economic progress Chapter 3 1. Define the term culture. 2. Demonstrate how culture is different because of differences in social structure, religion language, education, economic philosophy, and political philosophy. 3. Illustrate the relationship between culture and the values found in the workplace 4. Describe how culture is not a constant, but changes over time. Chapter 4 1. Explain the source and nature of ethical issues and dilemmas in an international business. 2. nlustrate the main ethical issues in international business. Identify the causes of poor ethical decision making in international business organizations 3. 4. Describe the different conceptual underpinnings for ethical decisions in IB Chapter 5 Fully understand the different theories that have been offered to explain trade between nations. Mercantilism Product cycle theory Absolute advantage New trade theory Comparative advantage: Ricardian Competitive advantage and Heckscher-Ohlin Chapter 6 1. Identity the policy instruments used by governments to influence international trade flows 2. Understand why governments sometimes intervene in international trade 3. Summarize and explain the arguments against strategic trade policy 4. Describe the development of the world trading system and the current trade issue
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