1. Describe the two main facets of globalization. Explain how each of these components of
globalization has helped create the shift towards a more integrated world economy.

​2.​ Describe the World Trade Organization and its role in international business?

​3. ​What is meant by the term "political system?" What are the two related dimensions by which a political system can be assessed?

4.​ Describe the three main legal systems, and for each, give an example of a country that uses such a system.

​5.​ Describe what is meant by the term "culture?" Differentiate between the terms culture, values, and norms.

6.​ What are some of the similarities between Islam and Christianity as they relate to the practice of business?

7.​ Identify the most common ethical issues that may arise in the international business setting. Discuss the roots of these issues. Discuss how managers of international firms should address such issues.

​8.​ When does free trade occur?

9.​ Describe what is meant by first-mover advantages?

10.​ What is a tariff? Describe the difference between specific tariffs and ad valorem tariffs.

Bonus Question:
1.​ What is a subsidy? Provide some examples of the forms that subsidies take. How do subsidies help domestic producers?

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1. The two main facets of globalization are economic development of nations and increased trade across nations. Globalization helps to increase in the volume of transactions which are conducted across borders and lead to an increase in investment and trade. This creates integration and dependence amongst economies. It leads to optimal utilization of resources. Developing economies can steer their development through exporting products at which they have a comparative advantage than other nations.
2. WTO deals with the rules of trade across nations. It came into existence in 1995 as a replacement to GATT. The organization has aided international...
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