Exam 3: The World Marketplace: Business Without Borders

When the industries in a country tend to produce products that have the lowest opportunity cost relative to other countries, the country most likely has a _____.

Quistor Inc., a company based in the country of Waltefa, contracts with a small-scale supplier in the country of Carlesna to manufacture its computers and tablets that are sold across the world. This strategy by Quistor Inc. illustrates _____.

In the context of foreign direct investment, a partnership typically involves a less formal, less encompassing agreement than a strategic alliance.

In the context of global trade, the exchange rate can directly measure global commerce.

The basic mission of the _____ is to promote global economic cooperation and stable growth.

In the context of the barriers to international trade, establishing standards on how certain products are produced is most likely a(n) _____.

In the context of the barriers to international trade, promoting a "buy national" consumer attitude among local people is most likely a(n) _____.

In the context of the barriers to international trade, the term _____ refers to a country's physical facilities that support economic activity.

In the context of the strategies for reaching global markets, franchising is a strategy to seek foreign suppliers.

In the context of international trade restrictions, _____ are limitations on the amount of specific products that may be imported from certain countries during a given time period.

_____ refers to selling products in foreign nations that have been produced or grown domestically.

Openi, an island nation, is able to increase its textile production without having to compromise on the production of other materials. This is in contrast to other nations that need to lower the production of other materials to increase their textile production. In this scenario, Openi has a _____ in textile production.

A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources.

Resorto, a European country, exported sugar worth $600 million between 2015 and 2016 and imported tea worth $750 million during the same period. In this scenario, Resorto most likely had a _____ between 2015 and 2016.

Which of the following statements best supports the concept of countertrade?

The financial assistance offered by the World Bank usually comes in the form of high-interest loans.

Companies that choose to export products to a foreign country spend more to enter that market than companies that choose to build their own factories.

Vieorien, a company based in the country of Dannistel, has permitted a foreign company the rights to produce its products and to use the Vieorien trademark. However, Vieorien does not have the authority or the rights to dictate the business operations of the foreign company. In this scenario, the foreign company that Vieorien deals with is the _____.

In the context of key economic considerations when entering a foreign market, the energy infrastructure in a country most likely includes _____.

The _____ is an international cooperative of 188 member countries, working together to reduce poverty in the developing world.