Final answer:
The strategies used specifically to minimize the effect of the self-reference criterion are selecting appropriate personnel and training expatriates to be sensitive to the local culture, making the correct answer option 4) a and b only.
Step-by-step explanation:
The question which asks, "Which of the following is an example of a strategy used specifically to minimize the effect of the self-reference criterion? 1) Selecting appropriate personnel 2) Training expatriates to be sensitive to the local culture 3) Engaging in foreign exchange restrictions 4) a and b only," is focused on understanding how businesses can reduce the influence of self-reference criterion. This criterion refers to the tendency of individuals, often unconsciously, to use their own cultural values and norms to make decisions or judgments in an international context, which can lead to misunderstandings or ineffective decisions.
The answer to this question is 4) a and b only. This is because both selecting appropriate personnel and training expatriates to be sensitive to the local culture are direct strategies aimed at minimizing ethnocentric biases and enhancing cultural sensitivity, which in turn reduces the self-reference criterion's effect on decision-making and behavior. In contrast, engaging in foreign exchange restrictions is a financial tool that does not directly address cultural sensitivity or the self-reference criterion.