Globalization
1- Explain the New, Evolutionary, and Pendulum views of Globalization. How do these differ from one another?
2- What is Foreign Direct Investment?
3- What different political views exist on FDI?
4- What benefits exist to a country receiving FDI? Elaborate.
5- What costs exist to a country receiving FDI? Elaborate.
6- How do resources influence competitive dynamics of a business?
7- How do capabilities impact the competitive dynamics of a firm?
8- What is resource similarity and how does this impact competitive dynamics?

International Trade and Foreign Exchange Market
1- Give a description of the classical theory of international trade.
2- How would the modern theory compare to the classical theory?
3- Compare absolute advantage to comparative advantage. What differences exist?
4- What is mercantilism and why is this an important term?
5- What are the critical features of the product life cycle?
6- How would you describe strategic trade?
7- How are supply and demand related to the exchange rate of a country?
8- Which theory came first, mercantilism or modern-day protectionism?
9- If a company seeks to limit foreign exchange rate exposure in the forward direction, what is the most effective way to do this?
10- What is transaction risk?
11- Explain the concept of “hedging” as it relates to reducing various types of risk.
12- What is the difference between currency hedging and strategic hedging?
13- What advantages exist with first mover?
14- What advantages exist with late mover?
15- Consider the model of foreign market entries. How is scale-of-entry related/relevant?

COMPETENCY: Political and Economic Forces
1- How do institutions reduce uncertainty?
2- Discuss and compare the three pillars (regulatory, normative, and cognitive)
3- Compare formal and informal institutions.
4- On what is the institution based view of global business grounded? What core propositions lie at the root of this view?
5- How is global business affected by democracy?
6- How is global business affected by totalitarianism?
7- What are the differences between democracy and totalitarianism?
8- Explain the core features of civil, common and theocratic law? How do they compare?
9- What is a property right? In what way are property rights essential?
10- What is an intellectual property right?
11- Contrast the market, command, and mixed economy types.

COMPETENCY: Consumer Behavior (Mankiw Chapter 21)
1- What is an indifference curve?
2- What are the four properties of an indifference curve?
3- Explain marginal rate of substitution.
4- What is a budget constraint?
5- How might a budget constraint be impacted by an increase in income?
6- What two graphical elements are needed in order to determine a consumer’s optimal point of consumption?
7- How is a consumer’s optimal point of consumption determined precisely? What is the condition that must be met?

Firm Behavior under Different Market Structures (Mankiw Chapters 13-17)
1- How is marginal cost derived?
2- How is marginal cost related to total cost?
3- What is the specific formula to calculate marginal cost?
4- If Dave’s company has a total cost of $100 when quantity output is 5, and a total cost of $115 when quantity output is 6, what is the marginal cost of producing the 6th unit?
5- Total cost is made of two types of costs, what are they?
6- How does a firm determine to shut down in the short-run? What rule characterizes this?
7- What is a price taker? Which of the market structures are characterized as being “price takers”?
8- When a market is characterized as being a price taker, what fundamental shape does the demand curve for this market take?
9- How is the demand curve for a perfectly competitive firm distinct from the demand curve for a monopolistic market?
10- What does “downward sloping” with regards to a demand curve mean?
11- Where do firms with market power determine the quantity of product/service they will produce?
12- What is the primary goal/objective of the firm?
13- If the firm has price setting capacity, how will they use information about marginal costs and marginal revenues in order to accomplish their primary objective?
14- Describe the basic distinctions between the market models with respect to: number of market participants, type of product being marketed, ease of entry/exit into the market, and the prevalence of advertising/marketing.
15- What fundamental truth is realized when studying the behavior of an oligopolistic firm within the context/model called “prisoner’s dilemma”?
16- How might an oligopolistic firm behave like a monopoly? What forces may prevent this?

Macroeconomic Principles
1- What tools does the Federal Reserve have with regards to monetary control?
2- What are open market operations?
3- When the Fed buys bonds, what impact does this have on the money supply and aggregate demand?
4- When the Fed sells bonds, what impact does this have on the money supply and aggregate demand?
5- What is a discount rate?
6- When the Fed reduces the discount rate, what impact will this have on the money supply and the aggregate demand?
7- When the Fed increases the discount rate, what impact will this have on the money supply and the aggregate demand?
8- What is a reserve ratio?
9- What would the Fed need to do with the reserve ratio in order to increase the money supply and aggregate demand in the economy?
10- What would the Fed need to do with the reserve ratio in order to decrease the money supply and aggregate demand in the economy?
11- If the Fed uses monetary policy in a way that increases money supply, what effect will this have on interest rates and aggregate demand (consider them separately)?
12- If the government uses fiscal policy to increase government spending what impact will this have on interest rates and aggregate demand?
13- If the government uses fiscal policy and cuts taxes, what effect will this have on interest rates and aggregate demand?

Microeconomic Principles
1- Explain the effect an income change might have on shifting the demand curve?
2- What is the difference between a normal good and an inferior good? Explain.
3- Explain how the price of related goods is related to changes in the demand curve?
4- If Luke and I are the only sellers of paper in a given market, and Luke drops his prices for paper, how will this impact the demand for my paper? Which way will the demand curve shift?
5- What other factors might influence the position of the demand curve?
6- What numerical value determines whether or not a product/service is considered price elastic versus inelastic?
7- What is income elasticity and how is it measured?
8- What is price elasticity of demand? Explain the distinctions between elastic, inelastic, and unit-elastic.
9- What two results stem from income elasticity? Why is this important to an economist?
10- What is cross-price elasticity? How is this defined and what result comes from this measure of elasticity?
11- Can you summarize the 3 types of elasticity, their equations, purpose and outcomes?
12- In the net, how are price (P) and quantity (Q) changed by a simultaneous increase in demand and supply?
13- In the net, how are price (P) and quantity (Q) changed by a simultaneous increase in demand and decrease in supply?
14- In the net, how are price (P) and quantity (Q) changed by a simultaneous decrease in demand and supply?
15- In the net, how are price (P) and quantity (Q) changed by a simultaneous decrease in demand and increase in supply?

International Trade
1- Explain the concept of a tariff.
2- Explain dead weight loss.
3- How are tariff’s and dead weight loss related? Explain.
4- What are the two primary categories of trade barriers that exist?
5- If an import tariff is imposed on coconuts that are imported into the U.S., how will this impact the price of coconuts for U.S. consumers?
6- Why might a government be interested in imposed an import tariff on a good? What benefit would the government derive primarily?
7- How would imposing an import tariff on cigars impact the domestic production of cigars?
8- If an import tariff on coconuts was removed in the U.S., how would this impact the demand for coconuts by U.S. consumers?
9- What would happen to the overall domestic demand for a good if an import tariff were imposed on that good?
10- How does a tariff generally impact the following entities: consumers, producers, government? Compare the effects between the entities.

Measuring Economic Performance
2- Who receives consumer surplus?
3- In relation to the demand curve and price, how is consumer surplus measured?
4- What is producer surplus?
5- Who receives producer surplus?
6- In relation to the demand curve and price, how is producer surplus measured?
7- How is total surplus determined?
8- In what ways might government or policy makers make use of surplus measures?
9- What is the difference between macroeconomics and microeconomics?
10- Why must income equal expenditure in an economy as a whole?
11- Define gross domestic product (GDP). What does it measure?
12- Describe the four components of GDP and explain how they affect aggregate demand.
13- Why are transfer payments such as social security not counted in government expenditures?
14- What is the difference between real and nominal GDP? Why do we need to measure GDP in real terms?

 

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