Question 1

The Association of Southeast Asian Nations

Accepted Answer

A)  was organised in 1980. 
B)  is known as the Free Market. 
C)  did not eliminate any restrictions on trade. 
D)  has agreed to create a free trade area. 
E)  was dismantled in 1984. 
A)  was organised in 1980. 
B)  is known as the Free Market. 
C)  did not eliminate any restrictions on trade. 
D)  has agreed to create a free trade area. 
E)  was dismantled in 1984.

Question 2

International business includes all business activities that involve exchanges across national boundaries.

Accepted Answer

A) True 
 B)False

Question 3

If the Republic of Trinidad and Tobago had total exports of $150 billion and total imports of $234 billion, the country had a

Accepted Answer

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

Question 4

A limit on the amount of a particular good that may be imported into a country during a given period of time is called an import quota.

Accepted Answer

A) True 
 B)False

Question 5

When a country imports more than it exports, it has a(n)

Accepted Answer

A)  trade surplus. 
B)  favourable balance of trade. 
C)  favourable exchange role. 
D)  unfavourable balance of trade. 
E)  favourable balance of payments. 
A)  trade surplus. 
B)  favourable balance of trade. 
C)  favourable exchange role. 
D)  unfavourable balance of trade. 
E)  favourable balance of payments.

Question 6

Due to worldwide trade restrictions, international business is declining in volume.

Accepted Answer

A) True 
 B)False

Question 7

Globalisation represents a huge opportunity for

Accepted Answer

A)  all countries-rich or poor. 
B)  the UK. 
C)  Japan. 
D)  China. 
E)  Asia. 
A)  all countries-rich or poor. 
B)  the UK. 
C)  Japan. 
D)  China. 
E)  Asia.

Question 8

Landing Service
Landing Service is a lawn furniture company that has been around for many years.It is known for its ability to produce furniture more efficiently than any other company in the nation.In truth, no other companies in any other nation come close.Landing Service has shipped many of its products internationally.In fact, 80 percent of its profits come from international sales.However, the Italian government has imposed a tax on imported furniture items to protect local companies.The Brazilian government, on the other hand, has imposed taxes on Landing Service products due to the government wanting a piece of the pie.
Landing Service initially thought that these taxes were unfair because it was being singled out.However, after Landing Service contacted the organisation that had the power to mediate this situation, the furniture company realised that the taxation it was subjected to was legal and that there was nothing it could do about it.
-Refer to Landing Service.What type of tax has the Italian government imposed on the company?

Accepted Answer

A)  Export duty 
B)  Embargo 
C)  Revenue tariff 
D)  Protective tariff 
E)  Nontariff barrier 
A)  Export duty 
B)  Embargo 
C)  Revenue tariff 
D)  Protective tariff 
E)  Nontariff barrier

Question 9

Alberto complained that it took some time to locate a distributor of an imported light bulb that he had to replace.He was further annoyed that he had to pay an artificially high price.When asked for his opinion, Alberto would probably argue

Accepted Answer

A)  against trade restrictions. 
B)  for the trade deficit. 
C)  for exports. 
D)  for tourism. 
E)  against international free trade associations. 
A)  against trade restrictions. 
B)  for the trade deficit. 
C)  for exports. 
D)  for tourism. 
E)  against international free trade associations.

Question 10

Who are the members of NAFTA?

Accepted Answer

A)  The United States, Canada, and Mexico 
B)  Greenland, Iceland, and Canada 
C)  Guatemala, Honduras, and Mexico 
D)  The United States, Mexico, and Japan 
E)  The United States, Canada, and the United Kingdom 
A)  The United States, Canada, and Mexico 
B)  Greenland, Iceland, and Canada 
C)  Guatemala, Honduras, and Mexico 
D)  The United States, Mexico, and Japan 
E)  The United States, Canada, and the United Kingdom

Question 11

When chain of organic coffee shops in Portland purchases coffee from Colombia, it

Accepted Answer

A)  is importing the coffee. 
B)  is exporting the coffee. 
C)  has an absolute advantage. 
D)  is decreasing the balance-of-trade deficit. 
E)  is making a big mistake. 
A)  is importing the coffee. 
B)  is exporting the coffee. 
C)  has an absolute advantage. 
D)  is decreasing the balance-of-trade deficit. 
E)  is making a big mistake.

Question 12

When Serena from the United States flies to Scotland on a Canadian airline, stays in an Edinburgh hotel, and buys many wool sweaters from Scotland to bring home, she is

Accepted Answer

A)  decreasing the trade deficit of the United States. 
B)  contributing to the positive balance of payments of the United States. 
C)  contributing to the negative balance of payments of the United States. 
D)  buying imported goods. 
E)  contributing to the GDP of the United States. 
A)  decreasing the trade deficit of the United States. 
B)  contributing to the positive balance of payments of the United States. 
C)  contributing to the negative balance of payments of the United States. 
D)  buying imported goods. 
E)  contributing to the GDP of the United States.

Question 13

A letter of credit is issued in favour of the importer.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following best defines balance of trade?

Accepted Answer

A)  Purchasing products in other countries and bringing them into one's own country 
B)  The total value of a nation's exports minus the total value of its imports over some period of time 
C)  The total flow of money into the country minus the total flow of money out of the country over some period of time 
D)  The ability to specialise in the production of a specific product and trade it for other needed products 
E)  The ability to produce a certain product more efficiently than any other nation 
A)  Purchasing products in other countries and bringing them into one's own country 
B)  The total value of a nation's exports minus the total value of its imports over some period of time 
C)  The total flow of money into the country minus the total flow of money out of the country over some period of time 
D)  The ability to specialise in the production of a specific product and trade it for other needed products 
E)  The ability to produce a certain product more efficiently than any other nation

Question 15

Which of the following represents the highest level of involvement in international business?

Accepted Answer

A)  Strategic alliance 
B)  Totally owned facilities 
C)  Multinational firm 
D)  Joint ventures 
E)  Exporting 
A)  Strategic alliance 
B)  Totally owned facilities 
C)  Multinational firm 
D)  Joint ventures 
E)  Exporting

Question 16

It is appropriate for a country to impose trade restrictions on exports that might endanger its national security.

Accepted Answer

A) True 
 B)False

Question 17

Critics of NAFTA maintain that is has resulted in job losses and has done nothing to help the environment.

Accepted Answer

A) True 
 B)False

Question 18

Landing Service
Landing Service is a lawn furniture company that has been around for many years.It is known for its ability to produce furniture more efficiently than any other company in the nation.In truth, no other companies in any other nation come close.Landing Service has shipped many of its products internationally.In fact, 80 percent of its profits come from international sales.However, the Italian government has imposed a tax on imported furniture items to protect local companies.The Brazilian government, on the other hand, has imposed taxes on Landing Service products due to the government wanting a piece of the pie.
Landing Service initially thought that these taxes were unfair because it was being singled out.However, after Landing Service contacted the organisation that had the power to mediate this situation, the furniture company realised that the taxation it was subjected to was legal and that there was nothing it could do about it.
-Refer to Landing Service.What type of tax has the Brazilian government imposed on the company?

Accepted Answer

A)  Import duty 
B)  Embargo 
C)  Revenue tariff 
D)  Protective tariff 
E)  Nontariff barrier 
A)  Import duty 
B)  Embargo 
C)  Revenue tariff 
D)  Protective tariff 
E)  Nontariff barrier

Question 19

Which of the following federal governmental agencies provides domestic and overseas commercial officers, country experts, and industry experts?

Accepted Answer

A)  STAT-USA/Internet 
B)  International Trade Administration 
C)  Advocacy Centre 
D)  Small Business Administration 
E)  U.S.Department of Commerce 
A)  STAT-USA/Internet 
B)  International Trade Administration 
C)  Advocacy Centre 
D)  Small Business Administration 
E)  U.S.Department of Commerce

Question 20

What are the Kennedy Round, the Tokyo Round, the Uruguay Round, and the Doha Round?

Accepted Answer

A)  Amendments to the General Agreement on Tariffs and Trade 
B)  Negotiations sponsored by GATT to reduce trade restrictions 
C)  A series of disagreements among the members of GATT 
D)  World Trade Organisation meetings to encourage trade 
E)  Political negotiations among many of the world's nations 
A)  Amendments to the General Agreement on Tariffs and Trade 
B)  Negotiations sponsored by GATT to reduce trade restrictions 
C)  A series of disagreements among the members of GATT 
D)  World Trade Organisation meetings to encourage trade 
E)  Political negotiations among many of the world's nations

The Association of Southeast Asian Nations

International business includes all business activities that involve exchanges across national boundaries.

If the Republic of Trinidad and Tobago had total exports of $150 billion and total imports of $234 billion, the country had a

A limit on the amount of a particular good that may be imported into a country during a given period of time is called an import quota.

When a country imports more than it exports, it has a(n)

Due to worldwide trade restrictions, international business is declining in volume.

Globalisation represents a huge opportunity for

Alberto complained that it took some time to locate a distributor of an imported light bulb that he had to replace.He was further annoyed that he had to pay an artificially high price.When asked for his opinion, Alberto would probably argue

Who are the members of NAFTA?

When chain of organic coffee shops in Portland purchases coffee from Colombia, it

When Serena from the United States flies to Scotland on a Canadian airline, stays in an Edinburgh hotel, and buys many wool sweaters from Scotland to bring home, she is

A letter of credit is issued in favour of the importer.

Which of the following best defines balance of trade?

Which of the following represents the highest level of involvement in international business?

It is appropriate for a country to impose trade restrictions on exports that might endanger its national security.

Critics of NAFTA maintain that is has resulted in job losses and has done nothing to help the environment.

Which of the following federal governmental agencies provides domestic and overseas commercial officers, country experts, and industry experts?

What are the Kennedy Round, the Tokyo Round, the Uruguay Round, and the Doha Round?

Introduction to Business

Responsible Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters

Exam 3: Global Business

The Association of Southeast Asian Nations

International business includes all business activities that involve exchanges across national boundaries.

If the Republic of Trinidad and Tobago had total exports of $150 billion and total imports of $234 billion, the country had a

A limit on the amount of a particular good that may be imported into a country during a given period of time is called an import quota.

When a country imports more than it exports, it has a(n)

Due to worldwide trade restrictions, international business is declining in volume.

Globalisation represents a huge opportunity for

Alberto complained that it took some time to locate a distributor of an imported light bulb that he had to replace.He was further annoyed that he had to pay an artificially high price.When asked for his opinion, Alberto would probably argue

Who are the members of NAFTA?

When chain of organic coffee shops in Portland purchases coffee from Colombia, it

When Serena from the United States flies to Scotland on a Canadian airline, stays in an Edinburgh hotel, and buys many wool sweaters from Scotland to bring home, she is

A letter of credit is issued in favour of the importer.

Which of the following best defines balance of trade?

Which of the following represents the highest level of involvement in international business?

It is appropriate for a country to impose trade restrictions on exports that might endanger its national security.

Critics of NAFTA maintain that is has resulted in job losses and has done nothing to help the environment.

Which of the following federal governmental agencies provides domestic and overseas commercial officers, country experts, and industry experts?

What are the Kennedy Round, the Tokyo Round, the Uruguay Round, and the Doha Round?

Introduction to Business

Responsible Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters