Globalization: Quiz on International Business and Challenges

This homework assignment presents a series of quizzes on the topic of globalization, covering various aspects of international business. The quizzes explore the definition of globalization, its key drivers like technological advancement and international trade, and its impact on the global economy, including the dominance of the United States and the rise of other economic powers. The assignment also examines the arguments for and against globalization, the challenges faced by international managers, and the role of technology, particularly the internet, in facilitating globalization. The quizzes address the relevance of international business for small organizations, the globalization of production and markets, and the differences between managing domestic and international businesses. Finally, the assignment discusses the potential impact of China's increasing economic prominence on the global trading system and commodity prices. The quizzes provide a comprehensive overview of globalization, its complexities, and its implications for businesses and economies worldwide.

Running head: GLOBALIZATION 1
Globalization
Name
Institution

GLOBALIZATION 2
GLOBALIZATION
Quiz 1
The term globalization covers many aspects of modern life, from trade to
communication to foreign policy to culture, that it may be difficult to pinpoint what exactly
the term globalization means. Globalization refers to the process in which individuals, goods
and ideas spread throughout the universe, spurring more integration and interaction between
the world’s government, culture, and economies (Samiee, 2019). It refers to a process of
integration and interaction among individuals, governments, and companies of different
countries, a process being driven by investment and international trade as well as supported
by IT (information technology). Globalization has effects on culture, on the environment, on
the political system and economic development around the world.
Quiz 2
The key drivers of globalization are technological advancement, international
investment, and international trade (Dwyer, 2015). Technological advancements make it
easier for ideas, goods, and people to move across different borders. Conversely, international
trade strengthens and encourages interdependence between nations. Other drivers of
globalization include government, market, cost as well as competition.
Quiz 3
The global economy enabled the United State to dominate the world trade and the
world economy. With the growth of the global economy, there has been constant fall in the
share of world export and world output accounted for by the United State. Globalization as

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well growth of the global economy has led to the fall in the dominance of United State
organizations in the international marketplace.
Quiz 4
The main argument for globalization: Cross-border investment and increased
international trade will lead to lower prices of different commodities. There is also an
argument that globalization increases the income of consumers, encourages economic
growth, as well as helps in creating jobs in different countries. Some researchers also argue
that the benefits of globalization outweigh the cost.
Arguments against: Some people believe that globalization has negative effects on
wage rates, living standard, as well as the environment. Many researchers also believe that
globalization also causes environmental degradation
Quiz 5
There are four different challenges for the managers which include nations have
different cultures, the legal system, and political systems. There is also difficulty in
international transactions. On the other hand, globalization creates more new jobs opportunity
for different people such as Managers.
Quiz 6
For the past thirty years, there has been a continuous change in the world in that the
national economy changed to self-contained entities, separated by barriers to investment and
trade, as well as differences in culture, business systems, and government regulation toward a
world where culture is converging, investment and trade barrier is declining, as well as
national economies are re-uniting into an integrated international economic system. As

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organizations from Japan and China play an essential role in the global economy, the
supremacy of organizations from Western Europe and the United States has diminished.
Consumer spending power in developing countries will continue to grow quickly. British
organizations also encounter the opportunity of attracting Asian organizations interested in
British. For North American organizations, the same will apply, even though the significance
of the growing prosperity more so in Latin America indicates a potentially large market in
Hong Kong, whereas losing its independence. International businesses that are in the three
places are facing new threats and opportunities.
Quiz 7
I disagree with this statement that state that studying international business is not
relevant for small organization workers. Currently, a large number of medium and small
organizations participate in international business. Therefore, the size of the company does
not determine global competition. This is because some small businesses recorded the fastest
growth in export. For instance, Sri Lanka used to be underdeveloped but it has excelled due
to their willingness to accept and learn the outside world. Also working in the project group
and IT firms may require a good understanding of global business. This is because
international business will enable the team to corporate effectively. International business
also enables individuals who are working with a global organization to better evaluate career
opportunities. Also, studying international business enables the individual to understand the
latest and best business tools and techniques. Therefore studying international business
provides different people with a global mind-set and a better understanding of international
business. The purpose of learning the global business is to impart knowledge and skills
relating to international business.
Quiz 8

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Changes in technology in a country can lead to globalization. Some researchers
argued that technology is one of the main factors that stimulate the globalization of markets.
According to some researchers, globalization is the change towards a more interdependent
and integrated world economy. The main factors that enable most of the firms to go global
include the internet, telecommunication, and transportation.
Globalization of production is the process of acquiring manufacturing components,
goods, and materials from around the world. It enables organizations to take advantage of
differences in production cost and international wage gaps, including such factors as time,
capital, and energy. The uses of the internet and electronic mail have lowered the costs linked
to controlling and coordinating international business.
Globalization of the market is the process whereby a company integrating into the
global market places. Advances in communication and transportation technology enabled
organizations such as Apple and Coca-Cola to sell their commodities worldwide. Today, it is
hard to conduct business without the use of the Internet, Xerox, printer, as well as other
scientific inventions. Without the telephone, for example, it would be hard to communicate
with other companies. It seems that global markets and production might have taken place
without technological changes. However, it is clear that advancement in technology speeded
these processes as well as made them more useful.
Quiz 9
This statement describes a poor understanding of different challenges that are in
international business. It is true that managing an international organization requires more
skills and knowledge as compared to managing a domestic organization. The management of
international business is quite different from the management of domestic business because
of the following reasons: Countries are quite different; the problems faced by a manager in

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the two levels of business, international business require conversation of money into foreign
currencies, and an international business operates within the rules and regulation put forward
by the intervention of the government in the investment system and international trade. Due
to these differences, it is essential to study international business as a discipline or field of
study. A course on international business will offer a greater understanding of these
dissimilarities, as well as how conducting both domestic and international businesses need
consideration of various issues.
Quiz 10
The internet affects international business as well as the globalization in that it has
made it easier for companies, small and large, to participate in international business. It also
made it easier for some organizations to actively participate in the global market. Before the
development of the internet, many small organizations were unable to conduct business in
foreign countries. And the few organizations that conducted business outside their domestic
economy have to spend a huge amount of money. The internet allows for globalization in that
many organizations can join in to offer goods as well as services that are in high demand
throughout the world. Nations are capable of outsourcing to other nations so that they can
improve the quality and lower costs of their commodities. Globalization enables different
countries to work together by combining their resources to create services and goods.
Therefore the internet is vital to international business activity as well as globalization of the
world economy in that it allows users of the internet to purchase goods and services from
firms that provide global shipping.
Quiz 11

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The trading system of the world would clearly be interfered with by such a
development. At this time, China enjoys privileged status within WTO as one of the
developing nations. Such an increase to eminence, nonetheless, would obviously force China
to become equal and a full member, with all the responsibilities and rights. Also, China
would be given the opportunity of determining the terms of trade among different nations. On
the monetary front, China would have fully trading and convertible currency; as well it could
turn to be the major benchmark currencies of the Universe. In regard to Western global
organizations, China would denote both a large market, as well as the home base of capable
competitors. Lastly, the global commodity prices would be affected in that it would probably
fall.

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References
Dwyer, L. (2015). Globalization of tourism: Drivers and outcomes. Tourism Recreation
Research, 40(3), 326-339.
Samiee, S. (2019). Reflections on global brands, global consumer culture and
globalization. International Marketing Review.