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Chapter 6—Investing Abroad Directly
TRUE/FALSE
1. FPI refers to investment in a portfolio of foreign securities such as stocks and bonds that do not entail
the active management of foreign assets.
ANS: T PTS: 1 DIF: Easy REF: p. 80

OBJ: 6.1 NAT: AACSB: Tier 1 Analytic | Tier 2 Operations Management
2. A type of FDI in which the firm moves upstream or downstream in different value chain stages in a
host country is called horizontal FDI.
ANS: F PTS: 1 DIF: Moderate REF: p. 81

OBJ: 6.1 NAT: AACSB: Tier 1 Communication | Tier 2 Strategy
3. Vertical FDI refers to producing the same products or offering the same services in a host country as
firms do at home.
ANS: F PTS: 1 DIF: Easy REF: p. 81

OBJ: 6.1 NAT: AACSB: Tier 1 Analytic | Tier 2 Strategy
4. FDI stock refers to accumulation of inbound FDI in a country or outbound FDI from a country.
ANS: T PTS: 1 DIF: Moderate REF: p. 81

OBJ: 6.1 NAT: AACSB: Tier 1 Communication | Tier 2 Creation of Value
5. If firms from country A undertake $20 billion of FDI in firms from country B in year 1, and another
$20 billion in year 2, then we can say that in each of those two years, B receives annual FDI outflows
of $20 billion, and A generates annual FDI inflows of $20 billion.
ANS: F PTS: 1 DIF: Difficult REF: p. 81

OBJ: 6.1 NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Creation of Value
6. The share of FDI-based value added of foreign affiliates of MNEs in world GDP rose from 7% in 1990
to 11% in 2010.
ANS: T PTS: 1 DIF: Difficult REF: p. 82

OBJ: 6.1 NAT: AACSB: Tier 1 Analytic | Tier 2 Creation of Value
7. The resource-based view argues that recent expansion of FDI is indicative of generally friendlier
policies, norms, and values associated with FDI.

OBJ: 6.2 NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Legal Responsibilities
8. Internalization refers to the replacement of cross-border markets (such as importing and exporting)
with one firm (the MNE) locating in two or more countries.

9. An external market transaction in which firms buy and sell technology is called market imperfections.

10. The benefit of ownership lies in the combination of equity ownership rights and management control
rights.

11. Implicit knowledge can be written down and transferred without losing much of its richness.

12. Markets governed by rules, regulation, and norms are designed to reduce costs associated with doing
business.

13. International transactions are generally as effective as those governing domestic transactions.

14. FDI may be viewed as a reflection of firm motivation to extend firm-specific capabilities abroad and
their responses to overcome imperfections and failures.

OBJ: 6.5 NAT: AACSB: Tier 1 Communication | Tier 2 Environmental Influences
15. A political view that is hostile to FDI is called horizontal FDI.

16. Between the 1950s and the early 1980s, the radical view was influential throughout Africa, Asia,
Eastern Europe, and Latin America.

OBJ: 6.6 NAT: AACSB: Tier 1 Diversity | Tier 2 Environmental Influences
17. Most countries practice a totally "free market" view.

OBJ: 6.6 NAT: AACSB: Tier 1 Communication | Tier 2 Legal Responsibilities
18. Brazil, China, Hungary, India, Ireland, and Russia have adopted more FDI-friendly policies.

OBJ: 6.6 NAT: AACSB: Tier 1 Analytic | Tier 2 Environmental Influences
19. Capital outflow can help improve a host country's balance of payments.

OBJ: 6.6 NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Strategy
20. FDI creates jobs both directly and indirectly.

21. State-owned investment funds have brought much needed cash to desperate Western firms, but some
host countries have raised concerns about them.

OBJ: Debate NAT: AACSB: Tier 1 Diversity | Tier 2 Environmental Influences
22. One of the benefits of FDI to a host country is repatriated earnings from profits.

MULTIPLE CHOICE
1. A type of FDI in which firms move upstream or downstream in different value chain stages in a host
county is identified as:
a. horizontal FDI c. vertical FDI
b. radical FDI d. FDI flow
ANS: C PTS: 1 DIF: Moderate REF: p. 81
2. Which of the following statements is correct?

a. FDI stock is a total accumulation of inbound FDI in a country or outbound FDI from a
country.
b. MNEs are firms that engage in FDI.
c. FDI refers to directly investing in activities that control and manage value creation in other
countries.
d. All of these answers are correct.
ANS: D PTS: 1 DIF: Easy REF: pp. 81-82
3. The amount of FDI moving in a given period in a certain direction is:

a. FDI flow c. Horizontal FDI
b. Upstream vertical FDI d. FDI stock
ANS: A PTS: 1 DIF: Moderate REF: p. 81
4. Non-MNE firms can also do business abroad by:

a. Licensing and franchising
b. Outsourcing and engaging in FDI
c. Exporting and importing
d. All of these answers
ANS: D PTS: 1 DIF: Moderate REF: p. 82
5. The share of FDI-based value added of foreign affiliates of MNEs in world GDP:
a. Declined from 10% in 1990 to 7% in 2010
b. Rose from 7% in 1990 to 11% in 2010
c. Declined from 25% in 1980s to 19% in 2010
d. Remained the same
ANS: B PTS: 1 DIF: Difficult REF: p. 82
6. If BMW chooses to have some FDI in China, instead of selling its technology to a Chinese firm for a
fee, this is an example of:
a. Ownership advantage c. Internalization
b. Location advantage d. Market imperfection
OBJ: 6.2 NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Group Dynamics
7. MNEs' possession and leveraging of certain valuable, rare, hard-to-imitate, and organizationally
embedded (VRIO) assets overseas in the context of FDI refer to:
a. Location advantage c. Internalization
b. Ownership advantage d. Market imperfections
ANS: B PTS: 1 DIF: Easy REF: p. 83
8. Firms prefer FDI to licensing because:

a. FDI reduces dissemination risks.
b. FDI provides tight control over foreign operations.
c. Certain know-how is difficult to convey without FDI.
9. When entering foreign markets, basic entry choices include:

a. Exporting and importing c. Exporting and licensing
b. Exporting and FDI d. Exporting, licensing, and FDI
10. Knowledge that can be written down and transferred without losing much of its richness is known as:
a. Explicit c. Valid
b. Implicit d. Legible
ANS: A PTS: 1 DIF: Moderate REF: p. 84
11. Agglomeration advantages stem from:

a. Knowledge spillovers among closely located firms that attempt to hire individuals from
competitors.
b. Industry demand that creates a skilled labor force whose members may work for different
firms without having to move out of the region.
c. Industry demand that facilitates a pool of specialized suppliers and buyers also located in
the region.
ANS: D PTS: 1 DIF: Difficult REF: pp. 84-85
12. When one firm enters a foreign country through FDI, its rivals are likely to follow by undertaking
additional FDI in a host country to:
a. Create knowledge spillover
b. Discover a new market for its goods
c. Overcome and combat market failure through FDI
d. Acquire location advantages or neutralize the first mover’s location advantages
13. Between the 1950s and the early 1980s, the radical view was influential throughout:
a. Europe
b. Asia
c. Central and Latin America
d. Eastern Europe, Africa, Asia, and Latin America
OBJ: 6.6 NAT: AACSB: Tier 1 Diversity | Tier 2 Legal Responsibilities
14. ____ suggests that FDI, unrestricted by government intervention, will enable countries to tap into their
absolute or comparative advantage by specializing in the production of certain goods or services.
a. The radical view c. Pragmatic nationalism
b. The free market view d. Expropriation
ANS: B PTS: 1 DIF: Moderate REF: p. 87
OBJ: 6.6 NAT: AACSB: Tier 1 Analytic | Tier 2 Legal Responsibilities
15. Most countries practice:

a. Pragmatic nationalism c. Government embracing radical view
b. Free market based FDI d. French patriotism
ANS: A PTS: 1 DIF: Easy REF: p. 88
16. Since the 1980s, countries such as Brazil, China, Hungary, India, Ireland, and Russia have adopted:
a. Economic patriotism c. A radical view
b. FDI-friendly policies d. A strictly free market view
ANS: B PTS: 1 DIF: Moderate REF: p. 87
OBJ: 6.6 NAT: AACSB: Tier 1 Diversity | Tier 2 Environmental Influences
17. A political view that approves FDI only when its benefit outweighs its costs is known as:
a. A free market view c. Pragmatic nationalism
b. The radical view d. Economic patriotism
OBJ: 6.6 NAT: AACSB: Tier 1 Analytic | Tier 2 Legal Responsibilities
18. Which of the following statements is correct?
a. Capital inflow can help improve a host country's balance of payments.
b. Technology, especially more advanced technology from abroad, can create technology
spillovers.
c. FDI creates jobs directly and indirectly.
d. All of these answers are correct.
19. The primary costs of FDI to host countries are:

a. Loss of sovereignty and patriotism
b. Adverse effects on competition and exports
c. Capital outflow
d. Loss of sovereignty, adverse effects on competition, and capital outflow
20. What is a sovereign wealth fund?

a. A philanthropic organization funded by foreign investors
b. A state-owned investment fund funded by foreign exchange assets
c. An FDI-oriented political action committee
d. An open source licensing agreement
ANS: B PTS: 1 DIF: Difficult REF: p. 90
OBJ: Debate NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Strategy
21. What are the benefits of FDI to home countries?

a. Repatriated earnings from profits from FDI.
b. Increased exports of components and services to host countries.
c. Learning via FDI from operations abroad.
22. Costs of FDI to home countries primarily center on:

a. Capital loss c. Capital and job loss
b. Job loss d. Firm's bankruptcy
ESSAY
1. Differentiate the primary characteristics of horizontal and vertical FDI.
ANS:
There are two main types of FDI: horizontal and vertical. A type of FDI in which a firm duplicates its
home country-based activities at the same value-chain stage in a host country is known as horizontal
FDI. Overall, horizontal FDI refers to producing the same products or offering the same services in a
host country as firms do at home. A type of FDI in which a firm moves upstream or downstream in
different value-chain stages in a host country is known as vertical FDI. The type of vertical FDI a firm
engages in depends on which direction it moves in its value chain.
PTS: 1 DIF: Moderate REF: p. 81 OBJ: 6.1
NAT: AACSB: Tier 1 Communication | Tier 2 Strategy
2. Why do firms prefer FDI to licensing?
ANS:
FDI affords a high degree of direct management control that reduces the risk of firm-specific resources
and capabilities being opportunistically taken advantage of. One of the leading risks abroad is
dissemination risk, defined as the risk associated with unauthorized diffusion of firm-specific
knowledge. FDI reduces dissemination risks because it provides more direct and tighter control over
foreign operations. Without FDI, foreign firms cannot order or control its licensee to move ahead.
Finally, FDI facilitates the transfer of knowledge through "learning by doing." Certain knowledge calls
for FDI as opposed to licensing.
PTS: 1 DIF: Difficult REF: pp. 83-84 OBJ: 6.3

NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Strategy
3. Explain the location advantages of FDI. Discuss the value of acquiring and neutralizing location
advantages with an example that highlights how a location advantage does not necessarily overlap a
country-level advantage.
ANS:
Location advantages arise from the clustering of economic activities in certain locations, referred to as
agglomeration. Agglomeration advantages stem from:
1. Knowledge spillovers among closely located firms that attempt to hire individuals from
competitors.
2. Industry demand that creates a skilled labor force whose members may work for different
firms without having to move out of the region.
3. Industry demand that facilitates a pool of specialized suppliers and buyers also located in the
region.
It is important to recognize that location advantages refer to advantages a firm obtains when operating
in one geographic location due to its firm-level advantages. When you consider the resource-based
view, there is evidence that location advantages do not entirely overlap with country-level
advantages.
An example is the development of the Fremont, California, automobile plant. GM ran this plant to the
ground, resulting in closure. Then GM and Toyota reopened the facility in a joint venture, which
leveraged the plant's location advantages by producing award-winning autos. The secret to the success
is both parties agreed to be more innovative.
PTS: 1 DIF: Moderate REF: pp. 84-85 OBJ: 6.4

NAT: AACSB: Tier 1 Communication | Tier 2 Creation of Value
4. Analyze the process of overcoming market failure through FDI.
ANS:
High transactions costs can result in market failure, meaning the imperfections of the market
mechanisms that make transactions prohibitively costly and sometimes prevent transactions from
taking place. FDI combats such market failure through internalization. By replacing an external market
relationship with a single organization spanning both countries (a process called internalization), the
MNE thus reduces cross-border transaction costs and increases efficiencies.
In theory, there can be two possibilities: upstream vertical FDI or downstream vertical FDI. In
addition, through intrafirm trade, an MNE is able to coordinate cross-border activities better. So as a
result, FDI is viewed as a reflection of firm's motivation to extend form-specific capabilities abroad
and their responses to overcome market failures and imperfections.
PTS: 1 DIF: Moderate REF: pp. 86-87 OBJ: 6.5

NAT: AACSB: Tier 1 Analytic | Tier 2 Operations Management
5. Identify the benefits and costs of FDI to home countries.
ANS:
There are three benefits to home countries:
1) Repatriated earnings of profits from FDI
2) Increased exports of components and services to host countries
3) Learning via FDI from operations abroad
Costs of FDI to home countries primarily center on capital loss and job loss. Since host countries enjoy
capital inflow because of FDI, home countries suffer from some capital outflow. Less confident
governments (home) may impose capital controls to prevent or minimize FDI flows.
In addition, many MNEs simultaneously invest abroad by adding employment overseas and curtail
domestic production by laying off employees. As of 2010, US MNEs employed approximately 12
million people in their overseas subsidiaries. However, between 2007 and 2010, about 8.5 million jobs
(6% of total employment) were lost in the United States. For instance, since 2006, Ford closed four
factories in the United States, but invested $3 billion in Mexico to create 2,000 jobs there.
PTS: 1 DIF: Moderate REF: p. 89 OBJ: 6.6

NAT: AACSB: Tier 1 Communication | Tier 2 Environmental Influences
6. What determines the success and failure of FDI around the globe?
ANS:
First, from a resource-based view, some firms are very good at FDI because they leverage ownership,
location, and internalization advantages in a way that is valuable, unique, and hard to imitate by rival
firms. Second, from an institution-based view, political realities either enable or constrain FDI from
reaching its full economic potential. The successes and failures of FDI scientifically depend on
institutions governing FDI as the "rules of the game."
1) Carefully assess whether FDI is justified in light of other options such as outsourcing and
licensing.
2) Pay careful attention to the location advantages in combination with firm's strategic goals.
3) Be aware of the institutional constraints governing FDI and enhance legitimacy in host
countries.
PTS: 1 DIF: Difficult REF: p. 91 OBJ: 6.7

NAT: AACSB: Tier 1 Reflective Thinking | Tier 2 Strategy
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“Katherine,
My race is run,
All my earthly tasks are done.
My powers no longer I command
Nor on my feet have strength to stand.
And yet, my Kate, how can I die
While in this dear warm home I lie?”
[62]
The sickness harder grows amain,

For her the sacred host’s appointed,
She’s been with holy oils anointed,
Yet nought relieves her pain.
Old Trophim’ in courtyard walks a-ring
Moving like a stricken thing.
Katherine, for the suff’rers sake
Doth never rest for her eyelids take.
And even the owls upon the roof
Of coming evil tell the proof.
The suff’rer now, each day, each hour,

Whispers the question, with waning power
“Daughter Katherine, is Mark yet here?
So struggle I with doubt and fear,
Did I but know I’d see him for sure
Through all my pain I might endure.”
[63]
VIII.
Now Mark comes on with the caravan

Singing blithely as he can.
To the inns he makes no speed,
Quietly lets the oxen feed.
Mark brings home for Katherine
Precious cloth of substance rich;
For father dear, a girdle sewn
Of silk so red.
For Servant Anne
a gold cloth bonnet
To deck her head,
And kerchief, too
with white lace on it.
For the children are shoes
with figs and grapes.
There’s gifts for all,
there’s none escapes.
For all he brings
red wine, so fine,
From great old city
of Constantine.
There’s buckets three
in each barrel put on.
And caviar
from the river Don.
Such gifts he has
in his wagon there,
Nor knows the sorrow
his loved ones bear. [64]
On comes Mark,
knows not of worry;
But he’s come
Give God the glory!
The gate he opens,
Praising God.
“Hear’st thou, Katherine?
Run to meet him!
Already he’s come,
Haste to greet him!
Quickly bring him in to me.
Glory to Thee, my Saviour dear,
All the strength has come from Thee.”
And she “Our Father” softly said

Just as if in dream she read.
The old man the team unyokes,
Lays away the carven yokes.
Kate at her husband strangely looks.
“Where’s Anna, Katherine?

I’ve been careless!
She’s not dead?”
“No, not dead,

But very sick and calls for thee.”
On the threshold Mark appears,

Standing there as torn by fears.
But Anna whispers, “Be not afraid,
Glory to God, Who my fears allayed.
[65]
Go forth, Katherine,
though I love you well,
I’ve something to ask him,
something to tell.”
From the place

fair Katherine went;
While Mark his head
o’er the Servant bent.
“Mark, look at me,
Look at me well!
A secret now I have to tell.
On this faded form
set no longer store,
No servant, I, nor Anna more,
I am——”
Came silence dumb,
Nor yet guessed Mark
What was to come.
Yet once again her eyelids raised

Into his eyes she deeply gazed
’Mid gathering tears.
“I from thee forgiveness pray;

I’ve penance offered day by day
All my life to serve another.
Forgive me, son, of me,
For I—am thy mother.”
[66]
She ceased to speak.

A sudden faintness
Mark did take:
It seemed the earth
itself did shake.
He roused—
and to his mother crept,
But the mother
forever slept.
[67]
[Contents]
A Father’s Legacy
When Gregory Shevchenko—for this was the father’s name—was on his

deathbed, he called his family around him and gave his parting bequests. A serf
might not, indeed, sell any of his household goods without permission of his
landlord, but he could give them to his relatives who, of course, were the
property of the same landlord. So Gregory Shevchenko distributed his pitiful
treasures to the children and to his wife,—saying finally—
“To my son, Taras, I give nothing. He will be no common man. Either he will be
something very good or else a great rascal. For him the patrimony will either
mean nothing, or will not help any.”
[68]
[Contents]
Caucasus
To Jacques de Balmont—French friend of the Ukrainians who perished in the

Circassian war.
The Czars used the Ukrainians as tools in their ambitious projects. A hundred
thousand of them perished in the marshes, digging the foundations of Petrograd.
As many more died in the attempt to subdue the Circassians—tribes inhabiting
the Caucasus mountains—to the imperial will of the Russian autocrat.
The memory of these sufferings was the inspiration of this bitter poem.
The text is taken from the prophecy of Jeremiah, Chapter 9, verse 1.
“Oh, that my head were waters, and mine eyes a fountain of tears, that I might
weep day and night for the slain of the daughter of my people.”
[69]
Beyond the hills are mightier hills,

Cloud mountains o’er them rise,
Red, red have flowed their streams and rills,
They’re sown with human woes and sighs.
There long ago in days of old

Olympus’ Czar, the angry Jove,
His wrath did pour on a hero bold,
On brave Prometheus, he who strove
The fire of heaven to seize for men.
On mountain side, in vulture’s den

He suffered what no mortal pen
May well indite. The savage beak
Of his hearts’ blood doth daily reek.
Yet the torn heart again revives,
To triumph o’er its tortures strives.
Our souls yield not to grievous ills,

To freedom march our stubborn wills.
Though waves of trouble o’er us roll
The waves move not the steadfast soul.
Our living spirit is not in chains,
The word of God in glory reigns.
’Tis not for us to challenge Thee,

Though life rolls on in toil and tears;
Though we Thy purpose cannot see
We cling to hope ’mid doubts and fears.
Our cause lies sunk in drunken sleep
When will it awaken, Lord? [70]
Oppressors gloat and patriots weep,
When wilt strength to us afford?
So weary, then art Thou, Oh God,

Can’st life to us no longer give?
Thy Truth we trust beneath the rod,
Believing in Thy strength we live.
Our cause shall rise,
Our freedom rise
Though tyrants rage:
To Thee alone,
All nations bow
Through age on age
And yet meantime
the streams do flow
And ever tinged with blood
they go.
Beyond the hills are mightier hills,

Cloud mountains o’er them rise.
Red, red have flowed their streams and rills,
They’re sown with human woes and sighs.
Look at us in tender heartedness,
All in hunger dire and nakedness,
Forging freedom in unhappiness,
Toiling ever without blessedness.
The bones of soldiers bleaching lie,

In blood and tears must many die.
[71]
In faith, there’s widows’ tears, I think,

To all the Czars to give to drink.
Then there’s tears of many a maiden
Falling so soft in the lonely night.
Hot tears of mothers, sorrow-laden,
Dry tears of fathers, in grievous plight.
Not rivers, but a sea has flowed,
A burning sea.
To all the Czars who in triumph rode,
With their hounds and gamekeepers,
Their dogs and their beaters,
May glory be!
To you be glory, hills of blue,

All clad in monstrous chains of frost.
Glory to you, ye heroes true,
With God your labors are not lost.
Fear not to fight, you’ll win at length,
For you, God’s ruth,
For you is freedom, for you is strength,
And Holy Truth.
[72]
[Contents]
TO THE CIRCASSIANS
“Our bread and home,” in your own tongue,

In Tartar words you dare to say.
Nobody gave it you, your world is young,
So far no one has ta’en it away.
Nobody yet has led you in fetters,
But we have wisdom in such matters.
In God’s good word we daily read,

But from dungeons where the pris’ners moan,
To Caesar’s high-exalted throne
’Tis gilt without, while the soul’s in need.
To us for wisdom should you come,

We’ll teach you all the tricks of trade.
Good Christians we, with church and Ikon;
All goods, even God, our own we’ve made.
But that house of yours

Still hurts our eyes;
If we didn’t give it,
Why should you have it?
These ways of yours
cause much surprise.
We never granted
The corn you planted.
The sunlight, you
Should pay for, too.
Oh, quite uneducated you!
[73]
Good Christians we, no pagans needy,

Sound in the faith, not a bit greedy.
If you in peace from us would learn
Store of wisdom you would earn.
With us what great illumination,

A cont’nent ’neath our domination;
Siberia great, for illustration.
There’s jails and folks ’yond computation.
From Moldavia to Finlandia

Many tongues but nothing said,
Except for blessings on your head.
A holy monk here reads the Bible,

Tells the story, ’tis no libel,
Of king who stole his neighbour’s wife,
And then the neighbour he robbed of life.
The king now dwells in paradise.
Such folks ’mong us to heaven rise.
Oh, you creatures unenlightened,

Be ye not of our dogmas frightened!
Our gentle art of “grab” we’ll teach;
A coin to the church and heaven you’ll reach.
Whatever is there we can’t do?
The stars we count and crops we sow;
The foreigner curse,
Then fill our purse,
The people selling,
’Tis truth I’m telling.
[74]
No niggers we sell, I’m not making jokes,

Just common ord’nary Christian folks.
No Spaniards we, may God forbid!
Nor Jews that stolen goods have hid.
So don’t you think you’d like to be
Such law-abiding folks as we?
[75]
[Contents]
TO THE RICH AND GREAT
Is it by the apostle’s law

That ye your brother love?
Hypocrites and chatterers,
Ye’re cursed of God above.
Not for your brother’s soul you care.

It’s only for his skin.
The skin from off his back you’d tear,
Some trifling prize to win.
There’s furs for your daughter,

Slippers for your wife,
And things that you don’t utter
About your private life.
[76]
[Contents]
TO THE MASTER
Oh, wherefore wert Thou crucified,

Thou Christ, the Son of God?
That the word of Truth be glorified?
Or that we good folks should ’scape the rod
Of avenging wrath, by faith confest?
Meanwhile of Thee we make a jest,
Mocking Thy love in our conduct’s test.
Cathedrals and chapels with Icons grand!

’Mid smoke of incense lavers stand.
There before Thy pictured Presence
Crowds unwearied make obeisance;
For spoil, for war, for slaughter seek
Their brother’s blood to shed they pray,
And then before Thy form so meek
The loot of burning towns they lay.
[77]
[Contents]
AGAIN ADDRESSING THE CIRCASSIANS
The sun on us has shone so bright,

We wish to you to give the light.
That sun of truth we seek to show
To children blind, all in a row.
Wonders all to see we’ll let you
If in our hands we only get you.
Of building jails we’ll show the trick,
How pris’ners ’gainst their fetters kick.
There’s knotted whips for stubborn backs,
For saucy nations painful racks.
In change for your mountains grand and old,
With this instruction we you greet.
These are the last things, already we hold
The plains and seas beneath our feet.
[78]
[Contents]
TO JACQUES DE BALMONT
So they drove thee along, my dearest friend,

For Ukraina did’st thou shed
That good heart’s blood of thine so red.
Our country’s hangman, shame to think,
Muscovite poison gave thee to drink.
Oh, friend of mine, unforgotten friend,
Ukraine to thee doth welcome send.
Let thy spirit fly with Cossacks bold.
Along the shores of Dnieper old.
O’er ancient tombs hold watch and guard
And weep with us in labors hard.
Till I return to meet thee,

My songs I send to greet thee.
Such songs they are of bitter woe.
Yet ever, always, these I sow.
Thoughts and songs forever sowing,

To the care of winds bestowing.
Gentle winds of Ukraine
Shall bear them like the dew
To that dear land of mine
To greet my friends so true.
[79]
[Contents]
The Meaning of Serfdom
Three or four days of every week the serfs—men and women alike—must labor
in their master’s fields for nought. What was left of the week, they were granted
to earn subsistence for themselves and their families.
But that was not the worst. More bitter than labor was the fact that they were not
their own, were chattels of their lord, who could sell them at his pleasure or
gamble them away at cards.
He could beat them too, or kill them if he wished, without fear, for what advocate
would take up the case of a penniless serf against the all-powerful aristocracy.
Hideous, too, was the glaring fact that young daughters of the serfs were
regarded as the legitimate prey of the landlord and, his sons.
In these later days the sins of the fathers have been visited in awful fashion on
the descendants of these landlords. But can we [80]wonder that in the writings of
a poet whose childhood was poisoned by knowledge of such injustice, we find
evidence of the growing avenging fury that later was to bring about such awe-
inspiring convulsions in human society.
Through all of Shevchenko’s verse there sounds the great theme of that contrast
between the beauty of God’s world, and the horrors of human cruelty.
“An earthly heaven we had from Thee; Turned it into hell have we.”
[81]
[Contents]

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ANS: T PTS: 1 DIF: Easy REF: p. 80

ANS: F PTS: 1 DIF: Moderate REF: p. 81

ANS: F PTS: 1 DIF: Easy REF: p. 81

ANS: T PTS: 1 DIF: Moderate REF: p. 81

ANS: F PTS: 1 DIF: Difficult REF: p. 81

ANS: T PTS: 1 DIF: Difficult REF: p. 82

ANS: F PTS: 1 DIF: Difficult REF: p. 82

ANS: T PTS: 1 DIF: Moderate REF: p. 82

ANS: F PTS: 1 DIF: Moderate REF: p. 83

ANS: T PTS: 1 DIF: Moderate REF: p. 83

ANS: F PTS: 1 DIF: Moderate REF: p. 84

ANS: T PTS: 1 DIF: Easy REF: p. 86

ANS: F PTS: 1 DIF: Moderate REF: p. 86

ANS: T PTS: 1 DIF: Moderate REF: p. 87

15. A political view that is hostile to FDI is called horizontal FDI.

ANS: F PTS: 1 DIF: Difficult REF: p. 88

ANS: T PTS: 1 DIF: Moderate REF: p. 87

17. Most countries practice a totally "free market" view.

ANS: F PTS: 1 DIF: Moderate REF: p. 88

ANS: T PTS: 1 DIF: Easy REF: p. 88

ANS: F PTS: 1 DIF: Moderate REF: p. 88

20. FDI creates jobs both directly and indirectly.

ANS: T PTS: 1 DIF: Easy REF: p. 89

ANS: T PTS: 1 DIF: Moderate REF: p. 90

ANS: F PTS: 1 DIF: Moderate REF: p. 89

2. Which of the following statements is correct?

3. The amount of FDI moving in a given period in a certain direction is:

4. Non-MNE firms can also do business abroad by:

8. Firms prefer FDI to licensing because:

9. When entering foreign markets, basic entry choices include:

11. Agglomeration advantages stem from:

15. Most countries practice:

19. The primary costs of FDI to host countries are:

20. What is a sovereign wealth fund?

21. What are the benefits of FDI to home countries?

22. Costs of FDI to home countries primarily center on:

1. Differentiate the primary characteristics of horizontal and vertical FDI.

2. Why do firms prefer FDI to licensing?

PTS: 1 DIF: Difficult REF: pp. 83-84 OBJ: 6.3

PTS: 1 DIF: Moderate REF: pp. 84-85 OBJ: 6.4

4. Analyze the process of overcoming market failure through FDI.

PTS: 1 DIF: Moderate REF: pp. 86-87 OBJ: 6.5

5. Identify the benefits and costs of FDI to home countries.

PTS: 1 DIF: Moderate REF: p. 89 OBJ: 6.6

PTS: 1 DIF: Difficult REF: p. 91 OBJ: 6.7

The sickness harder grows amain,

The suff’rer now, each day, each hour,

Now Mark comes on with the caravan

And she “Our Father” softly said

“Where’s Anna, Katherine?