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B Com Exam  >  B Com Tests  >  Business Environment  >  Test: Global Environment - 1 - B Com MCQ

Test: Global Environment - 1 - B Com MCQ


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10 Questions MCQ Test Business Environment - Test: Global Environment - 1

Test: Global Environment - 1 for B Com 2024 is part of Business Environment preparation. The Test: Global Environment - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Global Environment - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Global Environment - 1 below.
Solutions of Test: Global Environment - 1 questions in English are available as part of our Business Environment for B Com & Test: Global Environment - 1 solutions in Hindi for Business Environment course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Global Environment - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Business Environment for B Com Exam | Download free PDF with solutions
Test: Global Environment - 1 - Question 1
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What is globalization?

Detailed Solution for Test: Global Environment - 1 - Question 1
Globalization is the integration of national economies through trade, investment, capital flow, labor migration, and technology. It involves the removal of barriers between nations and the flow of goods, services, capital, and labor across borders. Therefore, option D is the correct answer.
Test: Global Environment - 1 - Question 2
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Which factor has had the strongest impact on accelerating the pace of globalization?

Detailed Solution for Test: Global Environment - 1 - Question 2
While the removal of tariffs and quotas has helped globalize the world economy, transportation and communication technologies have had the strongest impact on accelerating the pace of globalization. These technologies have allowed businesses to maintain global networks and connect with customers, suppliers, and competitors worldwide. Therefore, option D is the correct answer.
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Test: Global Environment - 1 - Question 3
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What role do the World Bank and the International Monetary Fund play in globalization?

Detailed Solution for Test: Global Environment - 1 - Question 3
The World Bank and the International Monetary Fund play important roles in the process of globalization. They promote free trade in developing economies, focus on international monetary policy, and deal with debt and trade balances between developing and industrialized countries. Therefore, option D is the correct answer.
Test: Global Environment - 1 - Question 4
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Why is globalization important for businesses in the 21st Century?
Detailed Solution for Test: Global Environment - 1 - Question 4
Globalization is important for businesses in the 21st Century because it allows them to mobilize global resources, reach world markets, and promote efficiency and scalability. In order to succeed in today's globalized world, businesses need to be able to adapt to international markets and take advantage of global opportunities. Therefore, option D is the correct answer.
Test: Global Environment - 1 - Question 5
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What is the business environment?
Detailed Solution for Test: Global Environment - 1 - Question 5
The business environment refers to the factors and forces that affect a business. It includes living persons, natural resources, and various external factors such as the economy, government regulations, social trends, and technological advancements. Therefore, option B is the correct answer.
Test: Global Environment - 1 - Question 6
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Which of the following is a part of the micro environment of business?
Detailed Solution for Test: Global Environment - 1 - Question 6
Customers are a part of the micro environment of business. They have a direct impact on the performance of a company as their desires, preferences, attitudes, and expectations constantly change. Therefore, option A is the correct answer.
Test: Global Environment - 1 - Question 7
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How does the political environment affect business?
Detailed Solution for Test: Global Environment - 1 - Question 7
The political environment affects business in various ways. It determines the type of government in power, influences government policies and regulations, and affects the ideology of ruling parties. These factors can have a significant impact on a business's operations, strategies, and profitability. Therefore, option D is the correct answer.
Test: Global Environment - 1 - Question 8
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What is the major macro-economic factor that influences business?
Detailed Solution for Test: Global Environment - 1 - Question 8
Economic growth is the major macro-economic factor that influences business. It refers to the overall increase in a country's economic output and is an important indicator of business opportunities and market conditions. Therefore, option A is the correct answer.
Test: Global Environment - 1 - Question 9
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What is the significance of technological advancements in business?
Detailed Solution for Test: Global Environment - 1 - Question 9
Technological advancements are significant in business as they lead to the development of new products and techniques, improve production methods and efficiency, and contribute to market competitiveness. Businesses need to embrace technological changes to stay relevant and meet the evolving needs of customers. Therefore, option D is the correct answer.
Test: Global Environment - 1 - Question 10
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How does the international environment impact domestic markets?
Detailed Solution for Test: Global Environment - 1 - Question 10
The international environment has a significant impact on domestic markets. It leads to liberalization and globalization, influences the behavior of foreign companies, and affects the prices of imported goods. Changes in the international environment, such as global recessions or fluctuations in exchange rates, can have ripple effects on domestic businesses and economies. Therefore, option D is the correct answer.
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