Question 1

When Canada levies a tax on textiles from India, this tax is a type of which of the following?

Accepted Answer

A)  export duty 
B)  barter 
C)  import 
D)  tariff 
A)  export duty 
B)  barter 
C)  import 
D)  tariff

Question 2

If the Chinese government wished to increase the amount of Canadian beef that is allowed to be imported into China, which of the following would it enact?

Accepted Answer

A)  an increase in quota 
B)  a decrease in quota 
C)  an increase in tariffs 
D)  a decrease in tariffs 
A)  an increase in quota 
B)  a decrease in quota 
C)  an increase in tariffs 
D)  a decrease in tariffs

Question 3

During a stormy meeting of wearable technology firms, several company presidents said that without tariff cushions, many of them would go broke. They represent a new industry where companies need protection until they grow to a size that will allow them to be competitive. As a result, these companies would like to see which of the following?

Accepted Answer

A)  increased import quotas 
B)  increased import tariffs 
C)  an increase in the value of the Canadian dollar 
D)  increased taxes on domestic technology firms 
A)  increased import quotas 
B)  increased import tariffs 
C)  an increase in the value of the Canadian dollar 
D)  increased taxes on domestic technology firms

Question 4

How has international trade changed in the last several decades?

Accepted Answer

A)  it has decreased since its peak right after World War II 
B)  it has increased substantially 
C)  it has remained relatively stable 
D)  it has become completely unrestricted among all countries 
A)  it has decreased since its peak right after World War II 
B)  it has increased substantially 
C)  it has remained relatively stable 
D)  it has become completely unrestricted among all countries

Question 5

If Procter & Gamble, a North American leader in household products, and Reckitt Benckiser, a British leader in household products, form a partnership to develop and distribute a line of ecologically friendly laundry detergent, what would the resulting partnership be?

Accepted Answer

A)  a corporation 
B)  a joint venture 
C)  a licensing agreement 
D)  an economic community 
A)  a corporation 
B)  a joint venture 
C)  a licensing agreement 
D)  an economic community

Question 6

The United Kingdom sells industrial supplies to many nations around the world. The United Kingdom is engaging in which of the following practices?

Accepted Answer

A)  dumping 
B)  tariffing 
C)  importing 
D)  exporting 
A)  dumping 
B)  tariffing 
C)  importing 
D)  exporting

Question 7

The United States does not allow export of any military technology to North Korea, a military adversary that frequently threatens the United States. What is the most likely reason for this trade policy?

Accepted Answer

A)  to protect new or weak industries 
B)  to protect national security 
C)  to protect health of US citizens 
D)  to protect domestic jobs 
A)  to protect new or weak industries 
B)  to protect national security 
C)  to protect health of US citizens 
D)  to protect domestic jobs

Question 8

If a country raises its import quota for cars, what is the desired effect of this change?

Accepted Answer

A)  to increase car imports 
B)  to decrease car imports 
C)  to halt car imports 
D)  to increase car exports 
A)  to increase car imports 
B)  to decrease car imports 
C)  to halt car imports 
D)  to increase car exports

Question 9

Which term describes the practice of purchasing products from other nations and bringing them into your country?

Accepted Answer

A)  balancing 
B)  exporting 
C)  importing 
D)  dumping 
A)  balancing 
B)  exporting 
C)  importing 
D)  dumping

Question 10

Which of the following terms describes an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies?

Accepted Answer

A)  economic community 
B)  embargo 
C)  common market 
D)  international alliance 
A)  economic community 
B)  embargo 
C)  common market 
D)  international alliance

Question 11

UK's Jaguar Land Rover and China's Chery Automobile formed a partnership to produce Jaguar sedans, Land Rover SUVs, and co-branded vehicles in China. This is an example of which of the following?

Accepted Answer

A)  a joint venture 
B)  exporting 
C)  a licensing agreement 
D)  franchising 
A)  a joint venture 
B)  exporting 
C)  a licensing agreement 
D)  franchising

Question 12

What is the primary objective of the World Bank?

Accepted Answer

A)  to help developing countries build a viable economy 
B)  to mediate trade disputes 
C)  to reduce barriers to trade worldwide 
D)  to promote exchange rate stability 
A)  to help developing countries build a viable economy 
B)  to mediate trade disputes 
C)  to reduce barriers to trade worldwide 
D)  to promote exchange rate stability

Question 13

Suppose France increased the tariff on wine imported from Spain, and in retaliation Spain decreased the quota on perfumes France can export to Spain. What might one expect to be the result?

Accepted Answer

A)  the amount of Spanish wine France imports to decrease and the number of French perfumes Spain imports to decrease 
B)  French consumers to pay higher prices for Spanish wine and the number of French perfumes Spain imports to decrease 
C)  French consumers to pay lower prices for Spanish wine and Spanish consumers to pay lower prices for French perfumes 
D)  the amount of Spanish wine France imports to decrease and the number of French perfumes Spain imports to increase 
A)  the amount of Spanish wine France imports to decrease and the number of French perfumes Spain imports to decrease 
B)  French consumers to pay higher prices for Spanish wine and the number of French perfumes Spain imports to decrease 
C)  French consumers to pay lower prices for Spanish wine and Spanish consumers to pay lower prices for French perfumes 
D)  the amount of Spanish wine France imports to decrease and the number of French perfumes Spain imports to increase

Question 14

If a small country wants to buy aircraft from Canada and Canada wants to export its aircraft, the countries may work through which of the following entities to remove any trade barriers that could prevent the deal?

Accepted Answer

A)  GATT 
B)  IMF 
C)  WTO 
D)  EU 
A)  GATT 
B)  IMF 
C)  WTO 
D)  EU

Question 15

What is the term for a limit on the amount of a particular good that may be brought into a country during a given period of time?

Accepted Answer

A)  import duty 
B)  trade embargo 
C)  import tariff 
D)  import quota 
A)  import duty 
B)  trade embargo 
C)  import tariff 
D)  import quota

Question 16

If Brazil, Argentina, Colombia, Peru, and Chile decided to form the South American Union to increase trade with one another, this would exemplify which of the following?

Accepted Answer

A)  world trade organization 
B)  peace agreement 
C)  economic community 
D)  global marketplace 
A)  world trade organization 
B)  peace agreement 
C)  economic community 
D)  global marketplace

Question 17

What is the primary objective of the International Monetary Fund?

Accepted Answer

A)  to help developing countries build a viable economy 
B)  to reduce barriers to trade worldwide 
C)  to support investments in developing countries 
D)  to promote economic stability in the global economy 
A)  to help developing countries build a viable economy 
B)  to reduce barriers to trade worldwide 
C)  to support investments in developing countries 
D)  to promote economic stability in the global economy

Question 18

Which organization provided Iraq with a $5.34 billion loan to help support economic stability after Iraq was prompted by ISIS attacks and a sharp drop in global oil prices to seek assistance from it?

Accepted Answer

A)  WTO 
B)  United Nations 
C)  World Bank 
D)  IMF 
A)  WTO 
B)  United Nations 
C)  World Bank 
D)  IMF

When Canada levies a tax on textiles from India, this tax is a type of which of the following?

If the Chinese government wished to increase the amount of Canadian beef that is allowed to be imported into China, which of the following would it enact?

How has international trade changed in the last several decades?

If Procter & Gamble, a North American leader in household products, and Reckitt Benckiser, a British leader in household products, form a partnership to develop and distribute a line of ecologically friendly laundry detergent, what would the resulting partnership be?

The United Kingdom sells industrial supplies to many nations around the world. The United Kingdom is engaging in which of the following practices?

The United States does not allow export of any military technology to North Korea, a military adversary that frequently threatens the United States. What is the most likely reason for this trade policy?

If a country raises its import quota for cars, what is the desired effect of this change?

Which term describes the practice of purchasing products from other nations and bringing them into your country?

Which of the following terms describes an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies?

UK's Jaguar Land Rover and China's Chery Automobile formed a partnership to produce Jaguar sedans, Land Rover SUVs, and co-branded vehicles in China. This is an example of which of the following?

What is the primary objective of the World Bank?

Suppose France increased the tariff on wine imported from Spain, and in retaliation Spain decreased the quota on perfumes France can export to Spain. What might one expect to be the result?

If a small country wants to buy aircraft from Canada and Canada wants to export its aircraft, the countries may work through which of the following entities to remove any trade barriers that could prevent the deal?

What is the term for a limit on the amount of a particular good that may be brought into a country during a given period of time?

If Brazil, Argentina, Colombia, Peru, and Chile decided to form the South American Union to increase trade with one another, this would exemplify which of the following?

What is the primary objective of the International Monetary Fund?

Which organization provided Iraq with a $5.34 billion loan to help support economic stability after Iraq was prompted by ISIS attacks and a sharp drop in global oil prices to seek assistance from it?

Exploring the World of Business and Economics

Being Ethical and Socially Responsible

Choosing a Form of Business Ownership

Considering Small Business Entrepreneurship and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating Employees and Teams

Enhancing Employee Management Relations

Building Customer Relationships Through Effective Marketing

Developing and Managing Products

Managing Distribution and Pricing

Developing Integrated Marketing Communications

Exploring Business Technology

Using Accounting and Financial Information

Understanding Money Banking and Credit

Recognizing the Basics of Financial Management

Understanding Personal Finance and Investments

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Exam 3: Exploring Global Business

When Canada levies a tax on textiles from India, this tax is a type of which of the following?

If the Chinese government wished to increase the amount of Canadian beef that is allowed to be imported into China, which of the following would it enact?

How has international trade changed in the last several decades?

If Procter & Gamble, a North American leader in household products, and Reckitt Benckiser, a British leader in household products, form a partnership to develop and distribute a line of ecologically friendly laundry detergent, what would the resulting partnership be?

The United Kingdom sells industrial supplies to many nations around the world. The United Kingdom is engaging in which of the following practices?

The United States does not allow export of any military technology to North Korea, a military adversary that frequently threatens the United States. What is the most likely reason for this trade policy?

If a country raises its import quota for cars, what is the desired effect of this change?

Which term describes the practice of purchasing products from other nations and bringing them into your country?

Which of the following terms describes an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies?

UK's Jaguar Land Rover and China's Chery Automobile formed a partnership to produce Jaguar sedans, Land Rover SUVs, and co-branded vehicles in China. This is an example of which of the following?

What is the primary objective of the World Bank?

Suppose France increased the tariff on wine imported from Spain, and in retaliation Spain decreased the quota on perfumes France can export to Spain. What might one expect to be the result?

If a small country wants to buy aircraft from Canada and Canada wants to export its aircraft, the countries may work through which of the following entities to remove any trade barriers that could prevent the deal?

What is the term for a limit on the amount of a particular good that may be brought into a country during a given period of time?

If Brazil, Argentina, Colombia, Peru, and Chile decided to form the South American Union to increase trade with one another, this would exemplify which of the following?

What is the primary objective of the International Monetary Fund?

Which organization provided Iraq with a $5.34 billion loan to help support economic stability after Iraq was prompted by ISIS attacks and a sharp drop in global oil prices to seek assistance from it?

Exploring the World of Business and Economics

Being Ethical and Socially Responsible

Choosing a Form of Business Ownership

Considering Small Business Entrepreneurship and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating Employees and Teams

Enhancing Employee Management Relations

Building Customer Relationships Through Effective Marketing

Developing and Managing Products

Managing Distribution and Pricing

Developing Integrated Marketing Communications

Exploring Business Technology

Using Accounting and Financial Information

Understanding Money Banking and Credit

Recognizing the Basics of Financial Management

Understanding Personal Finance and Investments

Filters