Question 1

Which of the following is an organization through which member nations negotiate trading agreements and resolve disputes about trade and practices?

Accepted Answer

A) International Exchange Association 
B) Global Trading Regulator 
C) Universal Trade Association 
D) World Trade Organization 
E) Multinational Exchange Association 
A) International Exchange Association 
B) Global Trading Regulator 
C) Universal Trade Association 
D) World Trade Organization 
E) Multinational Exchange Association

Question 2

The abbreviated name of the new free trade deal that is set to replace the North American Free Trade Agreement (NAFTA)is the

Accepted Answer

A) WTO. 
B) CETA. 
C) USMCA. 
D) GATT. 
E) TPP. 
A) WTO. 
B) CETA. 
C) USMCA. 
D) GATT. 
E) TPP.

Question 3

The term BRIC stands for a group of four increasingly important nations in global trade: Brazil,Russia,India,and China.

Accepted Answer

A) True 
 B)False

Question 4

Robert has established a start-up business manufacturing a range of outdoor wear for the leisure market.Which possible scenario would best show that Robert is positioning his business for the global business market?

Accepted Answer

A) Robert launched a new website for his business and hired two new employees to handle national and international shipping. 
B) Robert launched a website and filmed a commercial for television and recorded a radio version for local stations. 
C) Robert created a page for his business on a networking site and offered store coupons to his first 100 friends. 
D) Robert had his website translated into Korean in order to better serve the local Korean community. 
E) Robert took a full-page ad out in the state's official tourism brochure. 
A) Robert launched a new website for his business and hired two new employees to handle national and international shipping. 
B) Robert launched a website and filmed a commercial for television and recorded a radio version for local stations. 
C) Robert created a page for his business on a networking site and offered store coupons to his first 100 friends. 
D) Robert had his website translated into Korean in order to better serve the local Korean community. 
E) Robert took a full-page ad out in the state's official tourism brochure.

Question 5

When a country's imports exceed its exports creating a negative balance of trade it is a(n)

Accepted Answer

A) shortage. 
B) surplus. 
C) imbalance. 
D) deficit. 
E) shortfall. 
A) shortage. 
B) surplus. 
C) imbalance. 
D) deficit. 
E) shortfall.

Question 6

Local content laws cannot exist within a single country.

Accepted Answer

A) True 
 B)False

Question 7

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Accepted Answer

A) independent agent. 
B) royalty company. 
C) licensing company. 
D) branch office. 
E) strategic alliance. 
A) independent agent. 
B) royalty company. 
C) licensing company. 
D) branch office. 
E) strategic alliance.

Question 8

Social and cultural barriers are the biggest barriers to international trade.

Accepted Answer

A) True 
 B)False

Question 9

The total volume of world trade is about $10 trillion.

Accepted Answer

A) True 
 B)False

Question 10

Lack of knowledge of foreign customs has led most Canadian companies doing business in Japan to select this form of international organization.What is it?

Accepted Answer

A) Strategic alliances 
B) Licensing arrangements 
C) Independent agents 
D) Direct investments 
E) Branch offices 
A) Strategic alliances 
B) Licensing arrangements 
C) Independent agents 
D) Direct investments 
E) Branch offices

Question 11

List the BRICS countries.

Accepted Answer

Brazil,Rus

Question 12

Countries tend to export products that they can produce better or less expensively than other countries and import products they cannot produce as effectively.

Accepted Answer

A) True 
 B)False

Question 13

According to the World Bank,high income countries include all of the following except

Accepted Answer

A) Japan. 
B) the United States. 
C) Canada. 
D) South Korea. 
E) China. 
A) Japan. 
B) the United States. 
C) Canada. 
D) South Korea. 
E) China.

Question 14

Citronel is a French company that markets a range of fashionable clothing to French consumers under its widely known brand name.The company wants to begin marketing its products worldwide and needs to decide on the most effective and profitable strategy. Citronel's CEO thinks that a market segment already exists worldwide that will be receptive to Citronel's product line.Which of the following,if true,would strengthen the CEO's position?

Accepted Answer

A) People in different parts of the world tend to embrace their own clothing fashions. 
B) Consumers in different parts of the world have varied spending power. 
C) Clothing fashions that originate in France tend to appeal to different places in the world. 
D) Citronel has accumulated extensive market data on French consumers. 
E) Citronel has been in business for only a few years. 
A) People in different parts of the world tend to embrace their own clothing fashions. 
B) Consumers in different parts of the world have varied spending power. 
C) Clothing fashions that originate in France tend to appeal to different places in the world. 
D) Citronel has accumulated extensive market data on French consumers. 
E) Citronel has been in business for only a few years.

Question 15

What is the ability to produce something more efficiently than any other country called?

Accepted Answer

A) Comparative advantage 
B) Incremental advantage 
C) Competitive advantage 
D) Absolute advantage 
E) Efficiency advantage 
A) Comparative advantage 
B) Incremental advantage 
C) Competitive advantage 
D) Absolute advantage 
E) Efficiency advantage

Question 16

The balance of payments that Canada has experienced has been

Accepted Answer

A) unfavourable for many years. 
B) favourable since Confederation. 
C) changing between favourable and unfavourable with about a seven-year cycle. 
D) favourable for the last 30 years. 
E) unfavourable since Confederation. 
A) unfavourable for many years. 
B) favourable since Confederation. 
C) changing between favourable and unfavourable with about a seven-year cycle. 
D) favourable for the last 30 years. 
E) unfavourable since Confederation.

Question 17

Investment Canada's mandate is

Accepted Answer

A) to focus on the promotion of Canadian goods to other countries. 
B) to focus on attracting foreign investment to Canada. 
C) to track investment money to overseas banks. 
D) to focus on aiding Canadian businesses in collecting money from their customers in foreign countries. 
E) to promote the investment of Canadian dollars into foreign business operations. 
A) to focus on the promotion of Canadian goods to other countries. 
B) to focus on attracting foreign investment to Canada. 
C) to track investment money to overseas banks. 
D) to focus on aiding Canadian businesses in collecting money from their customers in foreign countries. 
E) to promote the investment of Canadian dollars into foreign business operations.

Question 18

Which type of firm is more likely to have its board of directors composed of people from many different nations?

Accepted Answer

A) Joint venture 
B) Multinational 
C) Exporter 
D) Importer 
E) Purely domestic 
A) Joint venture 
B) Multinational 
C) Exporter 
D) Importer 
E) Purely domestic

Question 19

What is the rate at which the currency of one nation can be converted into the currency of another nation called?

Accepted Answer

A) Conversion rate 
B) Transfer rate 
C) Commerce rate 
D) Exchange rate 
E) Trading rate 
A) Conversion rate 
B) Transfer rate 
C) Commerce rate 
D) Exchange rate 
E) Trading rate

Question 20

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

Accepted Answer

A) Quantity discounts 
B) Royalties 
C) Agent fees 
D) Direct investments 
E) Flat fees 
A) Quantity discounts 
B) Royalties 
C) Agent fees 
D) Direct investments 
E) Flat fees

Which of the following is an organization through which member nations negotiate trading agreements and resolve disputes about trade and practices?

The abbreviated name of the new free trade deal that is set to replace the North American Free Trade Agreement (NAFTA)is the

The term BRIC stands for a group of four increasingly important nations in global trade: Brazil,Russia,India,and China.

Robert has established a start-up business manufacturing a range of outdoor wear for the leisure market.Which possible scenario would best show that Robert is positioning his business for the global business market?

When a country's imports exceed its exports creating a negative balance of trade it is a(n)

Local content laws cannot exist within a single country.

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Social and cultural barriers are the biggest barriers to international trade.

The total volume of world trade is about $10 trillion.

Lack of knowledge of foreign customs has led most Canadian companies doing business in Japan to select this form of international organization.What is it?

List the BRICS countries.

Countries tend to export products that they can produce better or less expensively than other countries and import products they cannot produce as effectively.

According to the World Bank,high income countries include all of the following except

What is the ability to produce something more efficiently than any other country called?

The balance of payments that Canada has experienced has been

Investment Canada's mandate is

Which type of firm is more likely to have its board of directors composed of people from many different nations?

What is the rate at which the currency of one nation can be converted into the currency of another nation called?

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship,small Business,and New Venture Creation

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating,satisfying,and Leading Employees

Operations Management,productivity,and Quality

Understanding Accounting

Understanding Marketing Principles and Developing Products

Pricing,promoting,and Distributing Products

Money and Banking

Financial Decisions and Risk Management

Filters

Exam 5: The Global Context of Business

Which of the following is an organization through which member nations negotiate trading agreements and resolve disputes about trade and practices?

The abbreviated name of the new free trade deal that is set to replace the North American Free Trade Agreement (NAFTA)is the

The term BRIC stands for a group of four increasingly important nations in global trade: Brazil,Russia,India,and China.

Robert has established a start-up business manufacturing a range of outdoor wear for the leisure market.Which possible scenario would best show that Robert is positioning his business for the global business market?

When a country's imports exceed its exports creating a negative balance of trade it is a(n)

Local content laws cannot exist within a single country.

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Social and cultural barriers are the biggest barriers to international trade.

The total volume of world trade is about $10 trillion.

Lack of knowledge of foreign customs has led most Canadian companies doing business in Japan to select this form of international organization.What is it?

List the BRICS countries.

Countries tend to export products that they can produce better or less expensively than other countries and import products they cannot produce as effectively.

According to the World Bank,high income countries include all of the following except

What is the ability to produce something more efficiently than any other country called?

The balance of payments that Canada has experienced has been

Investment Canada's mandate is

Which type of firm is more likely to have its board of directors composed of people from many different nations?

What is the rate at which the currency of one nation can be converted into the currency of another nation called?

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship,small Business,and New Venture Creation

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating,satisfying,and Leading Employees

Operations Management,productivity,and Quality

Understanding Accounting

Understanding Marketing Principles and Developing Products

Pricing,promoting,and Distributing Products

Money and Banking

Financial Decisions and Risk Management

Filters