Question 1

Which of the following is correct with regard to Canada's balance of trade?

Accepted Answer

A) Canada had a trade surplus of $23.9 billion in 2017. 
B) The United Kingdom is Canada's largest trading partner. 
C) Canada's generally favourable trade balance over the years has occurred because our unfavourable balance of trade with the United States is offset by our favourable balance of trade with most other countries. 
D) Canada has generally had an unfavourable balance of trade. 
E) None of these. 
A) Canada had a trade surplus of $23.9 billion in 2017. 
B) The United Kingdom is Canada's largest trading partner. 
C) Canada's generally favourable trade balance over the years has occurred because our unfavourable balance of trade with the United States is offset by our favourable balance of trade with most other countries. 
D) Canada has generally had an unfavourable balance of trade. 
E) None of these.

Question 2

Explain the theory of national competitive advantage.

Accepted Answer

The theory of national competitive advan

Question 3

What is protectionism? List and describe four protectionist measures.

Accepted Answer

Protectionism is the practice of protect

Question 4

What is foreign direct investment?

Accepted Answer

Foreign direct investment is a

Question 5

The Canadian government imposed a 34.6 percent tariff on barbecues made in China because complaints were received that Chinese companies were unfairly subsidizing the production of barbecues.This was an example of

Accepted Answer

A) a local-content tax. 
B) a tariff. 
C) a quota. 
D) an embargo. 
E) none of these. 
A) a local-content tax. 
B) a tariff. 
C) a quota. 
D) an embargo. 
E) none of these.

Question 6

Government support of domestic businesses is the most important factor in generating national competitive advantage.

Accepted Answer

A) True 
 B)False

Question 7

Arguments for and against protectionism include all of the following except

Accepted Answer

A) tariffs and quotas protect domestic firms and jobs. 
B) tariffs and quotas reduce competition and drive up prices. 
C) tariffs and quotas adversely affect the exchange rate. 
D) that while some jobs and industries would be protected with tariffs and quotas,all countries would be better off without them as jobs in other industries would expand. 
E) tariffs and quotas are in response to actions of other governments. 
A) tariffs and quotas protect domestic firms and jobs. 
B) tariffs and quotas reduce competition and drive up prices. 
C) tariffs and quotas adversely affect the exchange rate. 
D) that while some jobs and industries would be protected with tariffs and quotas,all countries would be better off without them as jobs in other industries would expand. 
E) tariffs and quotas are in response to actions of other governments.

Question 8

In this type of international structure,the firm locates a partner who shares in the risk and in the profits.

Accepted Answer

A) Branch office 
B) Strategic alliance 
C) Foreign direct investment 
D) Licensing agreement 
E) Independent agent 
A) Branch office 
B) Strategic alliance 
C) Foreign direct investment 
D) Licensing agreement 
E) Independent agent

Question 9

The difference between absolute and comparative advantages is that absolute advantage is relative to ________,while comparative advantage is relative to ________.

Accepted Answer

A) other nations;activity inside the country 
B) similar industries;dissimilar industries 
C) similar products;dissimilar products 
D) activity inside the country;other nations 
E) dissimilar products;similar products 
A) other nations;activity inside the country 
B) similar industries;dissimilar industries 
C) similar products;dissimilar products 
D) activity inside the country;other nations 
E) dissimilar products;similar products

Question 10

The country that has economically dominated Western Europe is

Accepted Answer

A) Germany. 
B) Russia. 
C) Finland. 
D) Poland. 
E) Sweden 
A) Germany. 
B) Russia. 
C) Finland. 
D) Poland. 
E) Sweden

Question 11

What are the strengths of each of the BRICS countries?

Accepted Answer

Brazil and South Africa are strong in co

Question 12

What are the three basic levels of involvement in international business?

Accepted Answer

- Exporting/importing goods an

Question 13

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Accepted Answer

A) determine what the costs would be. 
B) check the business climate to see if the foreign country would be positive. 
C) check the competition to see what its situation would be. 
D) determine whether there is international demand for its products. 
E) check the exchange rates to see if they are favourable. 
A) determine what the costs would be. 
B) check the business climate to see if the foreign country would be positive. 
C) check the competition to see what its situation would be. 
D) determine whether there is international demand for its products. 
E) check the exchange rates to see if they are favourable.

Question 14

Examples of true absolute advantage are rare.

Accepted Answer

A) True 
 B)False

Question 15

McCain Foods developed single-sized portions of frozen vegetables to serve customers in South Africa that do not have proper refrigeration.This is an example of

Accepted Answer

A) determining whether there is international demand for a product. 
B) modifying a product to fit a foreign market. 
C) determining the receptivity of a foreign market for a company's product. 
D) acquiring the necessary skills to do business abroad. 
E) bootstrapping. 
A) determining whether there is international demand for a product. 
B) modifying a product to fit a foreign market. 
C) determining the receptivity of a foreign market for a company's product. 
D) acquiring the necessary skills to do business abroad. 
E) bootstrapping.

Question 16

With regard to exchange rates,it is correct to say that

Accepted Answer

A) they affect trade balances. 
B) they typically vary substantially on a daily basis. 
C) they do not vary with market conditions. 
D) changes affect only narrow product lines,not all products. 
E) as the value of a country's currency falls,foreign companies have less incentive to ship products into that country. 
A) they affect trade balances. 
B) they typically vary substantially on a daily basis. 
C) they do not vary with market conditions. 
D) changes affect only narrow product lines,not all products. 
E) as the value of a country's currency falls,foreign companies have less incentive to ship products into that country.

Question 17

Give an example of an absolute advantage.

Accepted Answer

(Answers will vary. )Saudi oil

Question 18

Which of the following is a firm that buys products in foreign markets and then imports them for resale in its home country?

Accepted Answer

A) Trader 
B) Importer 
C) Reseller 
D) Distributor 
E) Exporter 
A) Trader 
B) Importer 
C) Reseller 
D) Distributor 
E) Exporter

Question 19

Which type of firm is one in which management doesn't think of itself as having domestic and international operations but rather as a firm that designs,makes,and markets products in many nations?

Accepted Answer

A) An exporter 
B) An importer 
C) An international firm 
D) A multinational firm 
E) Mininational 
A) An exporter 
B) An importer 
C) An international firm 
D) A multinational firm 
E) Mininational

Question 20

The Congo imported $150 billion worth of goods and services while exporting $175 billion to other countries.It has a

Accepted Answer

A) negative balance of payments. 
B) comparative advantage. 
C) positive balance of payments. 
D) trade surplus. 
E) trade deficit. 
A) negative balance of payments. 
B) comparative advantage. 
C) positive balance of payments. 
D) trade surplus. 
E) trade deficit.

Which of the following is correct with regard to Canada's balance of trade?

Explain the theory of national competitive advantage.

What is protectionism? List and describe four protectionist measures.

What is foreign direct investment?

The Canadian government imposed a 34.6 percent tariff on barbecues made in China because complaints were received that Chinese companies were unfairly subsidizing the production of barbecues.This was an example of

Government support of domestic businesses is the most important factor in generating national competitive advantage.

Arguments for and against protectionism include all of the following except

In this type of international structure,the firm locates a partner who shares in the risk and in the profits.

The difference between absolute and comparative advantages is that absolute advantage is relative to ,while comparative advantage is relative to .

The country that has economically dominated Western Europe is

What are the strengths of each of the BRICS countries?

What are the three basic levels of involvement in international business?

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Examples of true absolute advantage are rare.

McCain Foods developed single-sized portions of frozen vegetables to serve customers in South Africa that do not have proper refrigeration.This is an example of

With regard to exchange rates,it is correct to say that

Give an example of an absolute advantage.

Which of the following is a firm that buys products in foreign markets and then imports them for resale in its home country?

Which type of firm is one in which management doesn't think of itself as having domestic and international operations but rather as a firm that designs,makes,and markets products in many nations?

The Congo imported $150 billion worth of goods and services while exporting $175 billion to other countries.It has a

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 correct with regard to Canada's balance of trade?

Explain the theory of national competitive advantage.

What is protectionism? List and describe four protectionist measures.

What is foreign direct investment?

The Canadian government imposed a 34.6 percent tariff on barbecues made in China because complaints were received that Chinese companies were unfairly subsidizing the production of barbecues.This was an example of

Government support of domestic businesses is the most important factor in generating national competitive advantage.

Arguments for and against protectionism include all of the following except

In this type of international structure,the firm locates a partner who shares in the risk and in the profits.

The difference between absolute and comparative advantages is that absolute advantage is relative to ________,while comparative advantage is relative to ________.

The country that has economically dominated Western Europe is

What are the strengths of each of the BRICS countries?

What are the three basic levels of involvement in international business?

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Examples of true absolute advantage are rare.

McCain Foods developed single-sized portions of frozen vegetables to serve customers in South Africa that do not have proper refrigeration.This is an example of

With regard to exchange rates,it is correct to say that

Give an example of an absolute advantage.

Which of the following is a firm that buys products in foreign markets and then imports them for resale in its home country?

Which type of firm is one in which management doesn't think of itself as having domestic and international operations but rather as a firm that designs,makes,and markets products in many nations?

The Congo imported $150 billion worth of goods and services while exporting $175 billion to other countries.It has a

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

The difference between absolute and comparative advantages is that absolute advantage is relative to ,while comparative advantage is relative to .