SCE WI Fi B. WTO, GATT C. WTO, IMF D. IMF, GATT 7- The system of government in a nation is called the (0.5 marks) A. Political system. B. Economic environment. C. Political economy. D. National policy. 8- The following factor affects both international business and domestic business the same way (0.5 marks) A. different currencies B. product quality C. product mobility D. trade policies 9- Which of the following best defines international business? (1 marks) A- It includes all public economic flows between two or more countries. B- It includes all private economic flows between two or more countries. C- It includes all business transactions involving two or more countries. D- It includes all business transactions in countries other than your home country. ARD W 10- The following factors are key drivers of globalization (1 marks) A. Government action, exchange rates, competition and socio demographic factors. B. Market convergence, competition, exchange rates and cost advantages. C. Cost advantages, government action, economic cycles and competition. D. Market, cost, competition and government policies. 11- A philosophy of freedom of an individual in the economic and political pursuits is (0.5 marks) A. Collectivism. B. Individualism. C. Socialism. D. Democracy. 12- Many people left farms and went to cities to find work in factories in a process called (0.5 marks) A. urbanization B. factory system C. industrial revolution colonization