Word-Review for Test 2-Management 425-Chapters 5-8

Word-Review for Test 2-Management 425-Chapters 5-8 - Test...

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1 Test Review Management 425 David C. Wyld, Professor of Management Test 2
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Review for Test 2 Management 425 Chapters 5-8 Here are some hints as to what topics you will see on the second exam. Of course, you’re responsible for all the chapters, but these topics will be on the test for sure. Good luck in your studying! Chapter 5 What are Porter’s four broad attributes of a nation? In a nutshell, what is Porter’s theory of national competitive advantage? What does Porter believe about the relationship of managerial ideology to competitive advantage? In a nutshell, what is the Heckscher-Ohlin theory? What groups generally oppose free trade? In a nutshell, what is the product life cycle theory? How does it relate to international trade patterns? What is home demand? How does it relate to production? What is meant by economies of scale? How do these relate to what new trade theorists believe? What are factor endowments? What is mercantilism? What do mercantilists believe about trade surpluses? Know the basics of the theory of comparative advantage? What were Adam Smith’s beliefs on a country’s absolute advantage and its trade? Chapter 6 Know the formal definition of free trade? What is the Smoot-Hawley Act? When was it passed and what did it do? What were some of the key issues in the Millennium Round of the 2
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WTO? What are local content regulations? What are examples of actions firms have to undertake to comply with them? o They provide protection for a domestic producer of parts in the same way an import quota does: by limiting foreign competition.
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