Question 1

The United States has comparative advantages in _____.

Accepted Answer

A)  the computer industry 
B)  farming 
C)  electronics manufacturing 
D)  A and B 
A)  the computer industry 
B)  farming 
C)  electronics manufacturing 
D)  A and B D

Question 2

The United States represents the world's most stable economy.

Accepted Answer

A) True 
 B)False  True

Question 3

Other than income level, what other characteristics define low-income countries?

Accepted Answer

Such countries suffer from low literacy rates, weak infrastructures, and unstable governments. Cambodia, Ethiopia, and Haiti are included in this category.

Question 4

Factors of production include labor, capital, entrepreneurs, physical resources, and information resources.

Accepted Answer

A) True 
 B)False

Question 5

International firms are those that conduct business abroad with most focus being on business here in this country.

Accepted Answer

A) True 
 B)False

Question 6

High-income countries include the United States, Canada, Japan, and Kuwait.

Accepted Answer

A) True 
 B)False

Question 7

Which form of competitive advantage tends to focus on natural resources and labor costs?

Accepted Answer

A)  licensing arrangements 
B)  national competitive advantage 
C)  comparative advantage 
D)  absolute advantage 
A)  licensing arrangements 
B)  national competitive advantage 
C)  comparative advantage 
D)  absolute advantage

Question 8

A tariff is a tax on imported and/or exported products.

Accepted Answer

A) True 
 B)False

Question 9

In gauging international demand, a company should consider whether products need to be adapted to the international market. Explain.

Accepted Answer

Foreign demand for a company's product m

Question 10

Some elements from the political-legal environment can affect the sociocultural environment of a country. Explain.

Accepted Answer

Pro- or anti-business sentiment in gover

Question 11

In considering "playing by the rules" in foreign direct investment, what are some sociocultural factors that might affect "how things are done" abroad?

Accepted Answer

Cultures vary according to religion, lan

Question 12

A firm may have more direct control with a _____ than with a(n) _____.

Accepted Answer

A)  licensing arrangement; foreign direct investment 
B)  branch office; licensing arrangement 
C)  branch office; independent agent 
D)  B and C 
A)  licensing arrangement; foreign direct investment 
B)  branch office; licensing arrangement 
C)  branch office; independent agent 
D)  B and C

Question 13

According to the authors of your textbook, since its founding, NAFTA has resulted in _____.

Accepted Answer

A)  an increase in U.S. exports to Mexico and Canada and a decrease in U.S. imports from Mexico and Canada 
B)  an increase in U.S. exports to Mexico and Canada and an increase in U.S. imports from Mexico and Canada. 
C)  an increase in U.S. exports to Mexico, a decrease in U.S. exports to Canada, and a decrease in imports from Mexico and Canada. 
D)  a decrease in U.S. exports to Mexico and Canada and a decrease in imports from Mexico and Canada. 
A)  an increase in U.S. exports to Mexico and Canada and a decrease in U.S. imports from Mexico and Canada 
B)  an increase in U.S. exports to Mexico and Canada and an increase in U.S. imports from Mexico and Canada. 
C)  an increase in U.S. exports to Mexico, a decrease in U.S. exports to Canada, and a decrease in imports from Mexico and Canada. 
D)  a decrease in U.S. exports to Mexico and Canada and a decrease in imports from Mexico and Canada.

Question 14

American _____ can be profitably exported to many other countries.

Accepted Answer

A)  umbrellas 
B)  apparel 
C)  popular culture 
D)  snowmobiles 
A)  umbrellas 
B)  apparel 
C)  popular culture 
D)  snowmobiles

Question 15

Middle-income countries suffer from low literacy, weak infrastructures, and unstable governments.

Accepted Answer

A) True 
 B)False

Question 16

The value of Country X's imports is greater than the value of its exports. Country X has a ______.

Accepted Answer

A)  trade surplus 
B)  trade deficit 
C)  negative balance of trade 
D)  B and C 
A)  trade surplus 
B)  trade deficit 
C)  negative balance of trade 
D)  B and C

Question 17

One American manager of a branch office in Stockholm, Sweden, stated, "We are living in a shrinking, borderless world." What do you think he meant?

Accepted Answer

More trade agreements have brought many

Question 18

Which of the following is identified as a low-income nation?

Accepted Answer

A)  Vietnam 
B)  Great Britain 
C)  Kuwait 
D)  New Zealand 
A)  Vietnam 
B)  Great Britain 
C)  Kuwait 
D)  New Zealand

Question 19

One very large category of U.S. products that travels well is American popular culture.

Accepted Answer

A) True 
 B)False

The United States has comparative advantages in _____.

The United States represents the world's most stable economy.

Other than income level, what other characteristics define low-income countries?

Factors of production include labor, capital, entrepreneurs, physical resources, and information resources.

International firms are those that conduct business abroad with most focus being on business here in this country.

High-income countries include the United States, Canada, Japan, and Kuwait.

Which form of competitive advantage tends to focus on natural resources and labor costs?

A tariff is a tax on imported and/or exported products.

In gauging international demand, a company should consider whether products need to be adapted to the international market. Explain.

Some elements from the political-legal environment can affect the sociocultural environment of a country. Explain.

In considering "playing by the rules" in foreign direct investment, what are some sociocultural factors that might affect "how things are done" abroad?

A firm may have more direct control with a _ than with a(n) _.

According to the authors of your textbook, since its founding, NAFTA has resulted in _____.

American _____ can be profitably exported to many other countries.

Middle-income countries suffer from low literacy, weak infrastructures, and unstable governments.

The value of Country X's imports is greater than the value of its exports. Country X has a ______.

One American manager of a branch office in Stockholm, Sweden, stated, "We are living in a shrinking, borderless world." What do you think he meant?

Which of the following is identified as a low-income nation?

One very large category of U.S. products that travels well is American popular culture.

The US Business Environment

Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Business Management

Organizing the Business

Operations Management and Quality

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

Information Technology for Business

The Role of Accountants and Accounting Information

Money and Banking

Securities and Investments

Filters

Exam 4: The Global Context of Business

The United States has comparative advantages in _____.

The United States represents the world's most stable economy.

Other than income level, what other characteristics define low-income countries?

Factors of production include labor, capital, entrepreneurs, physical resources, and information resources.

International firms are those that conduct business abroad with most focus being on business here in this country.

High-income countries include the United States, Canada, Japan, and Kuwait.

Which form of competitive advantage tends to focus on natural resources and labor costs?

A tariff is a tax on imported and/or exported products.

In gauging international demand, a company should consider whether products need to be adapted to the international market. Explain.

Some elements from the political-legal environment can affect the sociocultural environment of a country. Explain.

In considering "playing by the rules" in foreign direct investment, what are some sociocultural factors that might affect "how things are done" abroad?

A firm may have more direct control with a _____ than with a(n) _____.

According to the authors of your textbook, since its founding, NAFTA has resulted in _____.

American _____ can be profitably exported to many other countries.

Middle-income countries suffer from low literacy, weak infrastructures, and unstable governments.

The value of Country X's imports is greater than the value of its exports. Country X has a ______.

One American manager of a branch office in Stockholm, Sweden, stated, "We are living in a shrinking, borderless world." What do you think he meant?

Which of the following is identified as a low-income nation?

One very large category of U.S. products that travels well is American popular culture.

The US Business Environment

Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Business Management

Organizing the Business

Operations Management and Quality

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

Information Technology for Business

The Role of Accountants and Accounting Information

Money and Banking

Securities and Investments

Filters

A firm may have more direct control with a _ than with a(n) _.