Question 1

What organization was founded in 1967 for economic,political,social,and cultural cooperation in the Asia Pacific region?

Accepted Answer

A)  SEATO 
B)  ASEAN 
C)  CENTO 
D)  OAS 
E)  WTO 
A)  SEATO 
B)  ASEAN 
C)  CENTO 
D)  OAS 
E)  WTO B

Question 2

NAFTA regulates trade between the United States,Europe,and Japan.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following is the name for the overall flow of money into or out of a country?

Accepted Answer

A)  Exchange rate 
B)  Trade rate 
C)  Balance of exchange 
D)  Balance of payments 
E)  Balance of trade 
A)  Exchange rate 
B)  Trade rate 
C)  Balance of exchange 
D)  Balance of payments 
E)  Balance of trade D

Question 4

Under U.S.antidumping legislation,what conditions must be met to prove that dumping is being practiced?

Accepted Answer

Dumping is the practice of selling a pro

Question 5

What is a difference between an international firm and a multinational firm?

Accepted Answer

A)  Multinational firms design, produce, and market products in many nations, whereas international firms are based primarily in one nation. 
B)  International firms design, produce, and market products in many nations, whereas multinational firms are based primarily in one nation. 
C)  International and multinational firms are the same thing. 
D)  Multinational firms are concerned primarily with foreign markets, whereas international firms are concerned primarily with the domestic market. 
E)  International firms are concerned primarily with foreign markets, whereas multinational firms are concerned primarily with the domestic market. 
A)  Multinational firms design, produce, and market products in many nations, whereas international firms are based primarily in one nation. 
B)  International firms design, produce, and market products in many nations, whereas multinational firms are based primarily in one nation. 
C)  International and multinational firms are the same thing. 
D)  Multinational firms are concerned primarily with foreign markets, whereas international firms are concerned primarily with the domestic market. 
E)  International firms are concerned primarily with foreign markets, whereas multinational firms are concerned primarily with the domestic market.

Question 6

What are products that are created abroad and then transported and sold domestically?

Accepted Answer

A)  Dumped goods 
B)  Exports 
C)  Imports 
D)  Buy backs 
E)  Domestic goods 
A)  Dumped goods 
B)  Exports 
C)  Imports 
D)  Buy backs 
E)  Domestic goods

Question 7

Discuss the differences between absolute advantage and comparative advantage.

Accepted Answer

An absolute advantage exists when a coun

Question 8

Which of the following refers to tariffs that are imposed strictly to raise money for the government?

Accepted Answer

A)  Revenue tariffs 
B)  Protectionist tariffs 
C)  Quota tariffs 
D)  Subsidy tariffs 
E)  Labor tariffs 
A)  Revenue tariffs 
B)  Protectionist tariffs 
C)  Quota tariffs 
D)  Subsidy tariffs 
E)  Labor tariffs

Question 9

The practice of using suppliers in foreign countries to perform business processes that were previously done in the United States is called

Accepted Answer

A)  licensing. 
B)  adapting. 
C)  offshoring. 
D)  exporting. 
E)  importing. 
A)  licensing. 
B)  adapting. 
C)  offshoring. 
D)  exporting. 
E)  importing.

Question 10

The purpose of the General Agreement on Tariffs and Trade is to reduce trade barriers.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following refers to the situation when a country's imports exceed its exports?

Accepted Answer

A)  Balance of payments 
B)  Balance of trade 
C)  Trade deficit 
D)  Trade surplus 
E)  Trade advantage 
A)  Balance of payments 
B)  Balance of trade 
C)  Trade deficit 
D)  Trade surplus 
E)  Trade advantage

Question 12

Which of the following is the name for the economic value of all of the products that a country exports minus the economic value of its imports?

Accepted Answer

A)  Balance of foreign competition 
B)  Balance of domestic competition 
C)  Balance of trade 
D)  Balance of payments 
E)  Balance of supply and demand 
A)  Balance of foreign competition 
B)  Balance of domestic competition 
C)  Balance of trade 
D)  Balance of payments 
E)  Balance of supply and demand

Question 13

Which of the following exists when a country can produce something more cheaply and/or of higher quality than any other country can?

Accepted Answer

A)  Monopolistic advantage 
B)  National competitive advantage 
C)  Resource advantage 
D)  Absolute advantage 
E)  Comparative advantage 
A)  Monopolistic advantage 
B)  National competitive advantage 
C)  Resource advantage 
D)  Absolute advantage 
E)  Comparative advantage

Question 14

The United States has large trade deficits with Japan,China,and Mexico.This means that the United States has imported more from them than what they have purchased from us.

Accepted Answer

A) True 
 B)False

Question 15

In a licensing arrangement,firms give organizations exclusive rights to manufacture their products in another country in return for a fee plus royalties.

Accepted Answer

A) True 
 B)False

Question 16

Why did the European Union develop the euro as its common currency?

Accepted Answer

A)  To better compete with the U.S. dollar 
B)  To improve the integration of the economic system between member countries 
C)  To be able to outsource work to countries where wages are lower 
D)  To integrate a quality standard of production between member countries 
E)  To speed the issue of payment between member and nonmember countries 
A)  To better compete with the U.S. dollar 
B)  To improve the integration of the economic system between member countries 
C)  To be able to outsource work to countries where wages are lower 
D)  To integrate a quality standard of production between member countries 
E)  To speed the issue of payment between member and nonmember countries

Question 17

When working with international partners,the terms outsourcing and offshoring are often used interchangeably.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is a person's belief about the importance of an individual compared to the importance of a group?

Accepted Answer

A)  Social orientation 
B)  Power orientation 
C)  Uncertainty orientation 
D)  Goal orientation 
E)  Time orientation 
A)  Social orientation 
B)  Power orientation 
C)  Uncertainty orientation 
D)  Goal orientation 
E)  Time orientation

Question 19

Which of the following allows firms to focus on core activities and reduce cost by moving aspects of the business to areas where costs are low?

Accepted Answer

A)  Outsourcing 
B)  Adapting 
C)  Licensing 
D)  Exporting 
E)  Importing 
A)  Outsourcing 
B)  Adapting 
C)  Licensing 
D)  Exporting 
E)  Importing

Question 20

Which of the following will allow one firm to use another firm's brand name,operating procedures or technology?

Accepted Answer

A)  A foreign direct investment 
B)  A licensing arrangement 
C)  A branch office setup 
D)  A strategic alliance 
E)  An import-export relationship 
A)  A foreign direct investment 
B)  A licensing arrangement 
C)  A branch office setup 
D)  A strategic alliance 
E)  An import-export relationship

What organization was founded in 1967 for economic,political,social,and cultural cooperation in the Asia Pacific region?

NAFTA regulates trade between the United States,Europe,and Japan.

Which of the following is the name for the overall flow of money into or out of a country?

Under U.S.antidumping legislation,what conditions must be met to prove that dumping is being practiced?

What is a difference between an international firm and a multinational firm?

What are products that are created abroad and then transported and sold domestically?

Discuss the differences between absolute advantage and comparative advantage.

Which of the following refers to tariffs that are imposed strictly to raise money for the government?

The practice of using suppliers in foreign countries to perform business processes that were previously done in the United States is called

The purpose of the General Agreement on Tariffs and Trade is to reduce trade barriers.

Which of the following refers to the situation when a country's imports exceed its exports?

Which of the following is the name for the economic value of all of the products that a country exports minus the economic value of its imports?

Which of the following exists when a country can produce something more cheaply and/or of higher quality than any other country can?

The United States has large trade deficits with Japan,China,and Mexico.This means that the United States has imported more from them than what they have purchased from us.

In a licensing arrangement,firms give organizations exclusive rights to manufacture their products in another country in return for a fee plus royalties.

Why did the European Union develop the euro as its common currency?

When working with international partners,the terms outsourcing and offshoring are often used interchangeably.

Which of the following is a person's belief about the importance of an individual compared to the importance of a group?

Which of the following allows firms to focus on core activities and reduce cost by moving aspects of the business to areas where costs are low?

Which of the following will allow one firm to use another firm's brand name,operating procedures or technology?

The US Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

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Exam 4: Understanding the Global Context of Business

What organization was founded in 1967 for economic,political,social,and cultural cooperation in the Asia Pacific region?

NAFTA regulates trade between the United States,Europe,and Japan.

Which of the following is the name for the overall flow of money into or out of a country?

Under U.S.antidumping legislation,what conditions must be met to prove that dumping is being practiced?

What is a difference between an international firm and a multinational firm?

What are products that are created abroad and then transported and sold domestically?

Discuss the differences between absolute advantage and comparative advantage.

Which of the following refers to tariffs that are imposed strictly to raise money for the government?

The practice of using suppliers in foreign countries to perform business processes that were previously done in the United States is called

The purpose of the General Agreement on Tariffs and Trade is to reduce trade barriers.

Which of the following refers to the situation when a country's imports exceed its exports?

Which of the following is the name for the economic value of all of the products that a country exports minus the economic value of its imports?

Which of the following exists when a country can produce something more cheaply and/or of higher quality than any other country can?

The United States has large trade deficits with Japan,China,and Mexico.This means that the United States has imported more from them than what they have purchased from us.

In a licensing arrangement,firms give organizations exclusive rights to manufacture their products in another country in return for a fee plus royalties.

Why did the European Union develop the euro as its common currency?

When working with international partners,the terms outsourcing and offshoring are often used interchangeably.

Which of the following is a person's belief about the importance of an individual compared to the importance of a group?

Which of the following allows firms to focus on core activities and reduce cost by moving aspects of the business to areas where costs are low?

Which of the following will allow one firm to use another firm's brand name,operating procedures or technology?

The US Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters