Question 1

Which of the following ensures that balance-of-payments records are always in balance?

Accepted Answer

A)  The sum of squares recording system. 
B)  The ledger entry model. 
C)  The double-entry bookkeeping system. 
D)  The archival records system. 
E)  The multifactor recording system. 
A)  The sum of squares recording system. 
B)  The ledger entry model. 
C)  The double-entry bookkeeping system. 
D)  The archival records system. 
E)  The multifactor recording system.

Question 2

The GATT panels were formed to resolve bilateral trade disputes and thus have both advisory and enforcement powers.

Accepted Answer

A) True 
 B)False

Question 3

To encourage development of domestic industries, governments work on reducing trade barriers.

Accepted Answer

A) True 
 B)False

Question 4

The decisions taken by the World Trade Organization in solving trade disputes among members are binding ones.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following trading partners of the U.S. became its topmost "trade problem" at the beginning of the 21st century?

Accepted Answer

A)  United Kingdom 
B)  Japan 
C)  Germany 
D)  Canada 
E)  China 
A)  United Kingdom 
B)  Japan 
C)  Germany 
D)  Canada 
E)  China

Question 6

As part of the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as underdeveloped countries.

Accepted Answer

A) True 
 B)False

Question 7

What are the arguments in favor of protectionism? Which of them are recognized by economists?

Accepted Answer

Arguments forwarded by protectionists to

Question 8

Which of the following falls on the plus side of the U.S. balance of payments?

Accepted Answer

A)  Payments to the United States for insurance. 
B)  The costs of goods imported. 
C)  Spending by American tourists overseas. 
D)  New overseas investments. 
E)  The cost of foreign military. 
A)  Payments to the United States for insurance. 
B)  The costs of goods imported. 
C)  Spending by American tourists overseas. 
D)  New overseas investments. 
E)  The cost of foreign military.

Question 9

After World War II, the U.S. provided assistance to other countries to develop their markets and improve global trade though it gained no returns on these initiatives.

Accepted Answer

A) True 
 B)False

Question 10

The Omnibus Trade and Competitiveness Act of 1988 focuses on assisting businesses to be more competitive in world markets as well as on correcting perceived injustice in trade practices.

Accepted Answer

A) True 
 B)False

Question 11

Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors. He has seen small businesses go bankrupt because cheaper foreign goods have been more popular. The cell-phone manufacturing industry has just started in U.K and Smithe-Jones' company is one of the first to try its hand at cell-phone manufacturing. Which of the following would probably be the argument that Smithe-Jones would use to persuade his government representatives that protectionism is still needed in the U.K.?

Accepted Answer

A)  Protection of an infant industry. 
B)  The need to keep money at home. 
C)  Conservation of natural resources. 
D)  National defense. 
E)  Maintenance of standard of living. 
A)  Protection of an infant industry. 
B)  The need to keep money at home. 
C)  Conservation of natural resources. 
D)  National defense. 
E)  Maintenance of standard of living.

Question 12

Which section of the Omnibus Trade and Competitiveness Act recognizes that foreign penetration of U.S. markets can cause serious competitive pressure, loss of market share, and, occasionally, severe financial harm?

Accepted Answer

A)  The market access section. 
B)  The export expansion section. 
C)  The import relief section. 
D)  The foreign exchange regulation section. 
E)  The trade deficit section. 
A)  The market access section. 
B)  The export expansion section. 
C)  The import relief section. 
D)  The foreign exchange regulation section. 
E)  The trade deficit section.

Question 13

After World War II, the United States led efforts like the Marshall Plan to assist in rebuilding Europe, financial and industrial development assistance to rebuild Japan, and funds channeled to foster economic growth in the underdeveloped world. These efforts were primarily aimed at:

Accepted Answer

A)  halting the growth of Nazi Germany. 
B)  dampening the spread of communism. 
C)  dissolving the colonial powers. 
D)  building a stronger defense force. 
E)  creating a worldwide trade bloc to counter the OPEC countries' clout. 
A)  halting the growth of Nazi Germany. 
B)  dampening the spread of communism. 
C)  dissolving the colonial powers. 
D)  building a stronger defense force. 
E)  creating a worldwide trade bloc to counter the OPEC countries' clout.

Question 14

Which of the following is one of the four ongoing forces supporting the growth of international trade?

Accepted Answer

A)  Warsaw Pact 
B)  Kyoto Protocol 
C)  International Monetary Fund 
D)  World summit on sustainable development 
E)  Treaty of Waitangi 
A)  Warsaw Pact 
B)  Kyoto Protocol 
C)  International Monetary Fund 
D)  World summit on sustainable development 
E)  Treaty of Waitangi

Question 15

Which of the following acronyms refers to the international forum that was created for member countries to engage in the negotiation of tariffs and other barriers to trade?

Accepted Answer

A)  UNHCR 
B)  GATT 
C)  WMO 
D)  NPT 
E)  UNDP 
A)  UNHCR 
B)  GATT 
C)  WMO 
D)  NPT 
E)  UNDP

Question 16

By the year 1971, the United States was witnessing: By the year 1971, the United States was witnessing:

Accepted Answer

A)  an increase in protectionist federal policies. 
B)  a positive balance of trade. 
C)  a sharp rise in domestic and international demand. 
D)  a huge trade deficit. 
E)  an economic situation of the magnitude of the Great Depression. 
A)  an increase in protectionist federal policies. 
B)  a positive balance of trade. 
C)  a sharp rise in domestic and international demand. 
D)  a huge trade deficit. 
E)  an economic situation of the magnitude of the Great Depression.

Question 17

Describe VERs.

Accepted Answer

The VER is an agreement between the impo

Question 18

What was the outcome for the GATT after the ratification of the Uruguay Round agreements?

Accepted Answer

A)  With the ratification of the Uruguay Round agreements, the GATT became part of the World Trade Organization (WTO) in 1995, and its 117 original members moved into a new era of free trade. 
B)  It became part of the World Trade Organization. 
C)  It led to the uneven distribution of economic power and potential. 
D)  The European Union decided to stay away from the treaty. 
E)  The original purpose was sidelined in favor of political and military intervention between member states. 
A)  With the ratification of the Uruguay Round agreements, the GATT became part of the World Trade Organization (WTO) in 1995, and its 117 original members moved into a new era of free trade. 
B)  It became part of the World Trade Organization. 
C)  It led to the uneven distribution of economic power and potential. 
D)  The European Union decided to stay away from the treaty. 
E)  The original purpose was sidelined in favor of political and military intervention between member states.

Question 19

Which of the following is a criticism associated with the global financial institutions?

Accepted Answer

A)  They failed to focus on the aim of reducing inequalities between the rich and the poor countries. 
B)  They failed to help the Asian countries substantially when they underwent a major financial crisis in the 1990s. 
C)  They failed to respect the autonomy of member nations by deeming any bilateral agreements between members as illegal if made without their approval. 
D)  They failed to foresee and counter the unintended effects of globalizations like pollution, exploitation, and cultural exploitation. 
E)  They failed to suppress the terrorists who were responsible for the attack in London that coincided with the G8 summit. 
A)  They failed to focus on the aim of reducing inequalities between the rich and the poor countries. 
B)  They failed to help the Asian countries substantially when they underwent a major financial crisis in the 1990s. 
C)  They failed to respect the autonomy of member nations by deeming any bilateral agreements between members as illegal if made without their approval. 
D)  They failed to foresee and counter the unintended effects of globalizations like pollution, exploitation, and cultural exploitation. 
E)  They failed to suppress the terrorists who were responsible for the attack in London that coincided with the G8 summit.

Question 20

Which of the following is a defining characteristic of VERs?

Accepted Answer

A)  International regulatory bodies set export/import limits. 
B)  The importing country can levy heavier import tariffs to override the VERs. 
C)  The exporting country sets the limits on the quantity it will export. 
D)  It is a mandatory tax imposed by a government on goods entering at its borders. 
E)  It is an absolute restriction against the importation of certain goods. 
A)  International regulatory bodies set export/import limits. 
B)  The importing country can levy heavier import tariffs to override the VERs. 
C)  The exporting country sets the limits on the quantity it will export. 
D)  It is a mandatory tax imposed by a government on goods entering at its borders. 
E)  It is an absolute restriction against the importation of certain goods.

Which of the following ensures that balance-of-payments records are always in balance?

The GATT panels were formed to resolve bilateral trade disputes and thus have both advisory and enforcement powers.

To encourage development of domestic industries, governments work on reducing trade barriers.

The decisions taken by the World Trade Organization in solving trade disputes among members are binding ones.

Which of the following trading partners of the U.S. became its topmost "trade problem" at the beginning of the 21st century?

As part of the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as underdeveloped countries.

What are the arguments in favor of protectionism? Which of them are recognized by economists?

Which of the following falls on the plus side of the U.S. balance of payments?

After World War II, the U.S. provided assistance to other countries to develop their markets and improve global trade though it gained no returns on these initiatives.

The Omnibus Trade and Competitiveness Act of 1988 focuses on assisting businesses to be more competitive in world markets as well as on correcting perceived injustice in trade practices.

Which section of the Omnibus Trade and Competitiveness Act recognizes that foreign penetration of U.S. markets can cause serious competitive pressure, loss of market share, and, occasionally, severe financial harm?

After World War II, the United States led efforts like the Marshall Plan to assist in rebuilding Europe, financial and industrial development assistance to rebuild Japan, and funds channeled to foster economic growth in the underdeveloped world. These efforts were primarily aimed at:

Which of the following is one of the four ongoing forces supporting the growth of international trade?

Which of the following acronyms refers to the international forum that was created for member countries to engage in the negotiation of tariffs and other barriers to trade?

By the year 1971, the United States was witnessing: By the year 1971, the United States was witnessing:

Describe VERs.

What was the outcome for the GATT after the ratification of the Uruguay Round agreements?

Which of the following is a criticism associated with the global financial institutions?

Which of the following is a defining characteristic of VERs?

The Scope and Challenge of International Marketing

History and Geography: The Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

Products and Services for Businesses

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Negotiating With International Customers, Partners, and Regulators

Filters

Exam 2: The Dynamic Environment of International Trade

Which of the following ensures that balance-of-payments records are always in balance?

The GATT panels were formed to resolve bilateral trade disputes and thus have both advisory and enforcement powers.

To encourage development of domestic industries, governments work on reducing trade barriers.

The decisions taken by the World Trade Organization in solving trade disputes among members are binding ones.

Which of the following trading partners of the U.S. became its topmost "trade problem" at the beginning of the 21st century?

As part of the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as underdeveloped countries.

What are the arguments in favor of protectionism? Which of them are recognized by economists?

Which of the following falls on the plus side of the U.S. balance of payments?

After World War II, the U.S. provided assistance to other countries to develop their markets and improve global trade though it gained no returns on these initiatives.

The Omnibus Trade and Competitiveness Act of 1988 focuses on assisting businesses to be more competitive in world markets as well as on correcting perceived injustice in trade practices.

Which section of the Omnibus Trade and Competitiveness Act recognizes that foreign penetration of U.S. markets can cause serious competitive pressure, loss of market share, and, occasionally, severe financial harm?

After World War II, the United States led efforts like the Marshall Plan to assist in rebuilding Europe, financial and industrial development assistance to rebuild Japan, and funds channeled to foster economic growth in the underdeveloped world. These efforts were primarily aimed at:

Which of the following is one of the four ongoing forces supporting the growth of international trade?

Which of the following acronyms refers to the international forum that was created for member countries to engage in the negotiation of tariffs and other barriers to trade?

By the year 1971, the United States was witnessing: By the year 1971, the United States was witnessing:

Describe VERs.

What was the outcome for the GATT after the ratification of the Uruguay Round agreements?

Which of the following is a criticism associated with the global financial institutions?

Which of the following is a defining characteristic of VERs?

The Scope and Challenge of International Marketing

History and Geography: The Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

Products and Services for Businesses

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Negotiating With International Customers, Partners, and Regulators

Filters