Question 1

Culture comprises a set of values, norms, beliefs, and understandings that are uniquely practiced by a specific group of people. lt is also what makes this specific group of people different from others. Diversity in cultures is something that needs to be learned in international business. Discuss the major components or elements of culture and provide an example for each component or element of culture discussed.

Question 2

"Gold was once the medium of exchange for trade between individuals and countries until the gold standard collapsed entirely in 1939. lt was then replaced by the Bretton Woods System.' Explain the Bretton Woods System. Discuss the exchange rate systems that were used to replace the Bretton Woods System. ln your opinion, which exchange rate system is the best system? Justify your answer.