Exam 5: The Global Context of Business

The World Trade Organization (WTO)is an organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices.

What is a cartel?

Bob's Barbecue has expanded its operations to include several foreign countries.Bob has given individuals or organizations in those countries exclusive rights to market Bob's products.He has shared his secret recipe and trade secrets on how to produce the products.In return for this,Bob will receive a percentage of the revenues generated in each of the countries.Bob's arrangements are best described as a(n)

Which of the following constitutes the best evidence for globalization?

What countries are covered under USMCA?

Identify some of the free trade agreements other than NAFTA/USMCA and the EU.

Many governments require that products sold in their country be at least partly made there.This policy involves ________ laws.

How does a quota influence international trade?

The ability to produce some products more efficiently than others is referred to as

The BRICS nations are a group of five powerful emerging markets in global trade;they include: Brazil,Russia,India,China and ________.

The balance of trade and balance of payments concepts are almost identical except that the latter considers foreign spending by the military.

What is buying or establishing tangible assets in another country called?

What are the advantages of forming a strategic alliance?

How will a business firm know if there is a demand for its product in another nation?

Describe the forces that have combined to spark and sustain globalization.

According to the World Bank,________ is considered an upper middle-income country.

Derrido is an American firm that has produced several successful animated TV series in the United States.It is considering contracting with one or more international companies to market its products overseas. Derrido's marketing director thinks that the company should craft a contractual agreement as an initial entry strategy,because the company might want to choose a more advanced entry strategy later.Which of the following,if true,would strengthen this position?

What is an independent agent?

What is an expected result when a nation devalues its currency?

Which of the following is an example of importing a service?