Question 1

What argument regarding the need for protectionism is recognized by economists as valid?

Accepted Answer

A)  need to keep money at home 
B)  encouragement of capital accumulation 
C)  industrialization of a low-wage nation 
D)  conservation of natural resources 
E)  maintenance of employment and reduction of unemployment 
A)  need to keep money at home 
B)  encouragement of capital accumulation 
C)  industrialization of a low-wage nation 
D)  conservation of natural resources 
E)  maintenance of employment and reduction of unemployment C

Question 2

In the context of blocked currency, blockage is accomplished by refusing to allow an importer to exchange its national currency for the currency of the seller.

Accepted Answer

A) True 
 B)False  True

Question 3

In general, a tariff will decrease inflationary pressures.

Accepted Answer

A) True 
 B)False  False

Question 4

What steps did the United States take following World War II to minimize the spread of communism around the world? Name at least one specific piece of legislation that was created.

Accepted Answer

After World War II, as a means to dampen

Question 5

In general, tariffs weaken

Accepted Answer

A)  inflationary pressures. 
B)  special interests' privileges. 
C)  balance-of-payments positions. 
D)  government control in economic matters. 
E)  the number of reciprocal tariffs by other countries. 
A)  inflationary pressures. 
B)  special interests' privileges. 
C)  balance-of-payments positions. 
D)  government control in economic matters. 
E)  the number of reciprocal tariffs by other countries.

Question 6

Why must the balance-of-payments record always be in balance? What does a balanced record signify?

Accepted Answer

The system of accounts that records a na

Question 7

The United States and other countries require some products to contain a percentage of "local content" to gain admission to their markets.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following falls on the minus side of the U.S. balance of payments?

Accepted Answer

A)  payments to the United States for insurance 
B)  payments of dividends and interest on investments abroad 
C)  return on capital invested abroad 
D)  new foreign investments in the United States 
E)  spending by American tourists overseas 
A)  payments to the United States for insurance 
B)  payments of dividends and interest on investments abroad 
C)  return on capital invested abroad 
D)  new foreign investments in the United States 
E)  spending by American tourists overseas

Question 9

An import license limits the quantities that can be imported on a case-by-case basis.

Accepted Answer

A) True 
 B)False

Question 10

The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the ________ section of the Omnibus Trade and Competitiveness Act.

Accepted Answer

A)  market access 
B)  export expansion 
C)  import relief 
D)  foreign exchange regulation 
E)  trade deficit 
A)  market access 
B)  export expansion 
C)  import relief 
D)  foreign exchange regulation 
E)  trade deficit

Question 11

The World Bank estimates that five countries whose share of world trade is barely one-third that of the European Union will, by 2020, have a 50 percent higher share than that of the European Union. Which of these countries is included on this list?

Accepted Answer

A)  Canada 
B)  Nigeria 
C)  Netherlands 
D)  Indonesia 
E)  Zimbabwe 
A)  Canada 
B)  Nigeria 
C)  Netherlands 
D)  Indonesia 
E)  Zimbabwe

Question 12

Post-World War II, worldwide economic growth was in strong evidence and countries that were once classified as less developed were reclassified as

Accepted Answer

A)  communist countries. 
B)  free trade economies. 
C)  tier-II countries. 
D)  developed countries. 
E)  newly industrialized countries. 
A)  communist countries. 
B)  free trade economies. 
C)  tier-II countries. 
D)  developed countries. 
E)  newly industrialized countries.

Question 13

Under the Omnibus Trade and Competitiveness Act, the U.S. president has the authority to restrict sales of a country's products in the U.S. market if that country imposes unfair restrictions on U.S. products.

Accepted Answer

A) True 
 B)False

Question 14

The Uruguay Round resulted in which institution becoming the successor to the GATT?

Accepted Answer

A)  International Monetary Fund 
B)  World Bank 
C)  European Services Forum 
D)  World Trade Organization 
E)  Association of Southeast Asian Nations 
A)  International Monetary Fund 
B)  World Bank 
C)  European Services Forum 
D)  World Trade Organization 
E)  Association of Southeast Asian Nations

Question 15

A balance-of-payments statement for a country reveals

Accepted Answer

A)  how rich or poor a country is financially. 
B)  a record of the country's financial condition. 
C)  a comparison of one country's finances to another country's debt. 
D)  a balanced budget for the country. 
E)  the spending power available to the country for specific goods. 
A)  how rich or poor a country is financially. 
B)  a record of the country's financial condition. 
C)  a comparison of one country's finances to another country's debt. 
D)  a balanced budget for the country. 
E)  the spending power available to the country for specific goods.

Question 16

The Marshall Plan was developed by the United States as a method to assist Europe in rebuilding after World War II.

Accepted Answer

A) True 
 B)False

Question 17

The Organization for Economic Cooperation and Development (OECD) estimates that the economies of the developed world will expand at much faster rates when compared to the developing economies.

Accepted Answer

A) True 
 B)False

Question 18

The United States faced decreasing competition in export markets beginning in 1970 with the ending of the Vietnam War.

Accepted Answer

A) True 
 B)False

Question 19

What was the outcome for GATT after the ratification of the Uruguay Round agreements?

Accepted Answer

A)  GATT allowed the United States to increase its import tax. 
B)  GATT became part of the World Trade Organization. 
C)  GATT directly led to the uneven distribution of economic power and potential. 
D)  The European Union decided to stay away from the treaty. 
E)  The original purpose was sidelined in favor of political and military intervention between member states. 
A)  GATT allowed the United States to increase its import tax. 
B)  GATT became part of the World Trade Organization. 
C)  GATT directly led to the uneven distribution of economic power and potential. 
D)  The European Union decided to stay away from the treaty. 
E)  The original purpose was sidelined in favor of political and military intervention between member states.

Question 20

Describe the three areas covered by the Omnibus Trade and Competitiveness Act of 1988 that are considered critical in improving U.S. trade.

Accepted Answer

The Omnibus Trade and Competitiveness Ac

What argument regarding the need for protectionism is recognized by economists as valid?

In the context of blocked currency, blockage is accomplished by refusing to allow an importer to exchange its national currency for the currency of the seller.

In general, a tariff will decrease inflationary pressures.

What steps did the United States take following World War II to minimize the spread of communism around the world? Name at least one specific piece of legislation that was created.

In general, tariffs weaken

Why must the balance-of-payments record always be in balance? What does a balanced record signify?

The United States and other countries require some products to contain a percentage of "local content" to gain admission to their markets.

Which of the following falls on the minus side of the U.S. balance of payments?

An import license limits the quantities that can be imported on a case-by-case basis.

The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the ________ section of the Omnibus Trade and Competitiveness Act.

The World Bank estimates that five countries whose share of world trade is barely one-third that of the European Union will, by 2020, have a 50 percent higher share than that of the European Union. Which of these countries is included on this list?

Post-World War II, worldwide economic growth was in strong evidence and countries that were once classified as less developed were reclassified as

Under the Omnibus Trade and Competitiveness Act, the U.S. president has the authority to restrict sales of a country's products in the U.S. market if that country imposes unfair restrictions on U.S. products.

The Uruguay Round resulted in which institution becoming the successor to the GATT?

A balance-of-payments statement for a country reveals

The Marshall Plan was developed by the United States as a method to assist Europe in rebuilding after World War II.

The Organization for Economic Cooperation and Development (OECD) estimates that the economies of the developed world will expand at much faster rates when compared to the developing economies.

The United States faced decreasing competition in export markets beginning in 1970 with the ending of the Vietnam War.

What was the outcome for GATT after the ratification of the Uruguay Round agreements?

Describe the three areas covered by the Omnibus Trade and Competitiveness Act of 1988 that are considered critical in improving U.S. trade.

The Scope and Challenge of International Marketing

History and Geography: the Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

The Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

Products and Services for Businesses

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Inventive Negotiations With International Customers, Partners, and Regulators

Filters

Exam 2: The Dynamic Environment of International Trade

What argument regarding the need for protectionism is recognized by economists as valid?

In the context of blocked currency, blockage is accomplished by refusing to allow an importer to exchange its national currency for the currency of the seller.

In general, a tariff will decrease inflationary pressures.

What steps did the United States take following World War II to minimize the spread of communism around the world? Name at least one specific piece of legislation that was created.

In general, tariffs weaken

Why must the balance-of-payments record always be in balance? What does a balanced record signify?

The United States and other countries require some products to contain a percentage of "local content" to gain admission to their markets.

Which of the following falls on the minus side of the U.S. balance of payments?

An import license limits the quantities that can be imported on a case-by-case basis.

The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the ________ section of the Omnibus Trade and Competitiveness Act.

The World Bank estimates that five countries whose share of world trade is barely one-third that of the European Union will, by 2020, have a 50 percent higher share than that of the European Union. Which of these countries is included on this list?

Post-World War II, worldwide economic growth was in strong evidence and countries that were once classified as less developed were reclassified as

Under the Omnibus Trade and Competitiveness Act, the U.S. president has the authority to restrict sales of a country's products in the U.S. market if that country imposes unfair restrictions on U.S. products.

The Uruguay Round resulted in which institution becoming the successor to the GATT?

A balance-of-payments statement for a country reveals

The Marshall Plan was developed by the United States as a method to assist Europe in rebuilding after World War II.

The Organization for Economic Cooperation and Development (OECD) estimates that the economies of the developed world will expand at much faster rates when compared to the developing economies.

The United States faced decreasing competition in export markets beginning in 1970 with the ending of the Vietnam War.

What was the outcome for GATT after the ratification of the Uruguay Round agreements?

Describe the three areas covered by the Omnibus Trade and Competitiveness Act of 1988 that are considered critical in improving U.S. trade.

The Scope and Challenge of International Marketing

History and Geography: the Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

The Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

Products and Services for Businesses

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Inventive Negotiations With International Customers, Partners, and Regulators

Filters