The midterm exam is purely take home. You should post your answers in this assignment box. You should use the sources available to you. In particular, you should use the Legatum Prosperity Index, the CIA Worldfactbook, and Hofstede′s Country Comparisons on cultural dimensions. Here are some of the links. You may, of course, use others. For definitions and desсrіptions, please use your own words. Do not cut and paste.
The countries: Denmark, Kitts and Nevis,Suriname
https://www.hofstede-insights.com/product/compare-... (Links to an external site.)Links to an external site.
https://www.cia.gov/library/publications/the-world... (Links to an external site.)Links to an external site.
https://www.prosperity.com/ (Links to an external site.)Links to an external site.
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Running head: MID TERM EXAM ASSIGNMENT
Mid Term Exam Assignment
MID TERM EXAM ASSIGNMENT
International Business Country Summary/Midterm Exam Question 1
Define each of the following
1. Unemployment rate.
It is the percentage of workers who are willing to work but are unemployed either as a result of
the shortage of job opportunities, low salaries or other economic factors in the labor force.
2. Budget surplus or deficit
A budget surplus is defined as the situation where the total revenues collected in an economy are
greater than the expenditures. A budget deficit, on the other hand, is a situation where the total
revenues collected in an economy are lesser than the total expenditures.
3. To export
To export is to sell a good or service abroad or to another country and in return get foreign
income. Basically to export is to transfer a good or service from the local market to another
market in another country.
4. To import
To import is to purchase goods or services from other counties for production or consumption
thus giving out the local currency.
5. Trade surplus or deficit.
A trade surplus is a situation which occurs when the number of imports exceeds the number of
exports. In this case, there are more goods and services being purchased from abroad by the
citizens of a certain country than those that they are selling abroad. On the other hand, a trade
MID TERM EXAM ASSIGNMENT
surplus occurs when there are more exports from a country than the imports. Therefore, more
goods and services are sold abroad by citizens of a certain country than they are buying from
6. National Culture
A national culture is a set dimensions, beliefs, behaviors and customs of the citizens of a certain