Exam 3: Competing in the Global Marketplace

The United States buys copper from Chile's Escondido copper mine.The copper is used to make wiring for the U.S.telecommunications industry and for many other purposes.For the U.S., the copper is an example of a(n):

French language purists on both sides of the Atlantic are on the warpath.Fed up with the growing prevalence of English on the Web, a French state institution founded in the 17th century to maintain the purity of the language unveiled a dictionary of newly-coined French equivalents to English Internet terms in 2000.This is symptomatic of the difficulties in doing business in France because in many situations, the business must be conducted in French.Therefore, it is easy to assume that _____ is extremely important in France.

_____ is a trade agreement among Argentina, Brazil, Paraguay, and Uruguay that eliminates most tariffs among the member nations.

The _____ is a protectionist argument that says the U.S.should use tariffs to keep foreign labor from taking away U.S.jobs.

The World Trade Organization (WTO):

In a complicated negotiated, Minmetals in China agreed to purchase at least 24,000 tons of copper cathode for $35 million from Pasar in the Philippines.According to the terms of the sale, Pasar will provide at least $12 million worth of coal to a Chinese power company that will provide the electricity needed to operate Minmetals.This is an example of a(n):

Mines in Colombia produce emeralds and sell them to jewelers in the United States.To Colombia miners, emeralds are an export.

What term has the opposite meaning from protectionism?

Japan has limited the number of pounds of citrus fruit that can be imported into the country.This limitation is called a(n) _____.

The _____ is the value of one currency in terms of another.

The newest free trade agreement is the _____.Participants in this agreement are the United States, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Nicaragua, and Honduras.

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.

_____ is a legal process whereby a domestic firm gives a foreign firm the right to use its patents, trademarks, brands, products, and company name.The foreign firm will pay a royalty or fee agreed on by both parties.

_____ refers to sending work functions to another country resulting in domestic workers losing their jobs.

In 2018, if the country of Serbia had imports of $10.58 billion and had an unfavorable balance of trade.This means that Serbia had:

What new trade organization was created by the Uruguay Round to replace the old General Agreement on Tariffs and Trade (GATT)?

A _____ is a form of trading arrangement in which part or all of the payment for purchased goods or services is in the form of other goods and services.

Besides tariffs, a government can use a number of other tools to restrict trade.Which of the following is NOT a tool aimed at restricting trade?

A country that imports more goods than it exports is said to have a(n):

_____ are products that are bought from one country for use in another just as the U.S.buys wood pulp and timber from Canada.