Question 1

What countries are covered under NAFTA?

Accepted Answer

United Sta

Question 2

Canada's most important export is _________,while our most important import is ________.

Accepted Answer

A)  machinery and equipment; machinery and equipment 
B)  motor vehicles; machinery and equipment 
C)  industrial goods; consumer goods 
D)  energy products; energy products 
E)  oil; motor vehicles 
A)  machinery and equipment; machinery and equipment 
B)  motor vehicles; machinery and equipment 
C)  industrial goods; consumer goods 
D)  energy products; energy products 
E)  oil; motor vehicles

Question 3

Can-Eng Manufacturing,Canada's largest supplier of industrial furnaces,exports its furnaces to companies in Japan,Brazil,Germany,Korea,Taiwan,and Mexico.Can-Eng has an agreement with foreign companies in these countries called a(n)

Accepted Answer

A)  international mandate. 
B)  licensing arrangement. 
C)  independent agency. 
D)  export agreement. 
E)  strategic alliance. 
A)  international mandate. 
B)  licensing arrangement. 
C)  independent agency. 
D)  export agreement. 
E)  strategic alliance.

Question 4

Local content laws state that

Accepted Answer

A)  products sold in a country should be at least partially made in that country. 
B)  an imported product must meet local standards before it can be brought in. 
C)  an imported product must include some raw materials from the domestic country. 
D)  an imported product must fit with the local culture before it can be brought in. 
E)  an imported product must fit with local bylaws before it can be brought in. 
A)  products sold in a country should be at least partially made in that country. 
B)  an imported product must meet local standards before it can be brought in. 
C)  an imported product must include some raw materials from the domestic country. 
D)  an imported product must fit with the local culture before it can be brought in. 
E)  an imported product must fit with local bylaws before it can be brought in.

Question 5

As the value of a country's currency falls,its balance of trade should

Accepted Answer

A)  decline. 
B)  remain the same. 
C)  improve. 
D)  either increase or decrease. 
E)  none of these. 
A)  decline. 
B)  remain the same. 
C)  improve. 
D)  either increase or decrease. 
E)  none of these.

Question 6

Arguments for and against protectionism include all of the following except

Accepted Answer

A)  tariffs and quotas protect domestic firms and jobs. 
B)  tariffs and quotas reduce competition and drive up prices. 
C)  tariffs and quotas adversely affect the exchange rate. 
D)  that while some jobs and industries would be protected with tariffs and quotas,all countries would be better off without them as jobs in other industries would expand. 
E)  tariffs and quotas are in response to actions of other governments. 
A)  tariffs and quotas protect domestic firms and jobs. 
B)  tariffs and quotas reduce competition and drive up prices. 
C)  tariffs and quotas adversely affect the exchange rate. 
D)  that while some jobs and industries would be protected with tariffs and quotas,all countries would be better off without them as jobs in other industries would expand. 
E)  tariffs and quotas are in response to actions of other governments.

Question 7

The largest free marketplace in the world is

Accepted Answer

A)  NAFTA. 
B)  the European Union. 
C)  ASEAN. 
D)  Mercosur. 
E)  the Gulf Cooperation Council. 
A)  NAFTA. 
B)  the European Union. 
C)  ASEAN. 
D)  Mercosur. 
E)  the Gulf Cooperation Council.

Question 8

When the Certified General Accountants challenged the rule that in Quebec only Chartered Accountants could have auditing rights,this was an example of a dispute about

Accepted Answer

A)  protectionist tariffs. 
B)  revenue tariffs. 
C)  the Agreement on Internal Trade. 
D)  money laundering. 
E)  federal-provincial revenue sharing. 
A)  protectionist tariffs. 
B)  revenue tariffs. 
C)  the Agreement on Internal Trade. 
D)  money laundering. 
E)  federal-provincial revenue sharing.

Question 9

The only three countries in the world that are net sellers of their companies are

Accepted Answer

A)  Canada,Spain,and Italy. 
B)  France,China,and Finland. 
C)  Germany,Vietnam,and Australia. 
D)  Sweden,Denmark,and Finland. 
E)  Canada,the U.S.,and Great Britain. 
A)  Canada,Spain,and Italy. 
B)  France,China,and Finland. 
C)  Germany,Vietnam,and Australia. 
D)  Sweden,Denmark,and Finland. 
E)  Canada,the U.S.,and Great Britain.

Question 10

Canada's multi-year balance of payments pattern has been caused by all of the following except

Accepted Answer

A)  foreigners making great earnings from their investments in Canada. 
B)  few foreign investments in Canada. 
C)  Canadians leaving Canada to work in the United States. 
D)  tourists travelling out of Canada for vacations. 
E)  grand investments made by Canadian firms abroad. 
A)  foreigners making great earnings from their investments in Canada. 
B)  few foreign investments in Canada. 
C)  Canadians leaving Canada to work in the United States. 
D)  tourists travelling out of Canada for vacations. 
E)  grand investments made by Canadian firms abroad.

Question 11

All of the following characteristics describe an independent agent except

Accepted Answer

A)  often sells the exporter's products. 
B)  often makes sure that customers are happy. 
C)  often represents only one firm. 
D)  often collects payments. 
E)  is a foreign individual or organization. 
A)  often sells the exporter's products. 
B)  often makes sure that customers are happy. 
C)  often represents only one firm. 
D)  often collects payments. 
E)  is a foreign individual or organization.

Question 12

What is a trade deficit?

Accepted Answer

A trade deficit is a situation

Question 13

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Accepted Answer

A)  determine what the costs would be. 
B)  check the business climate to see if the foreign country would be positive. 
C)  check the competition to see what its situation would be. 
D)  determine whether its products have international demand. 
E)  check the exchange rates to see if they are favourable. 
A)  determine what the costs would be. 
B)  check the business climate to see if the foreign country would be positive. 
C)  check the competition to see what its situation would be. 
D)  determine whether its products have international demand. 
E)  check the exchange rates to see if they are favourable.

Question 14

Discuss the impact of trade deficits and trade surpluses on the balance of payments.

Accepted Answer

- trade deficits create negati

Question 15

What is a trade surplus?

Accepted Answer

A trade surplus is a situation

Question 16

Upper middle-income countries are defined as

Accepted Answer

A)  those with per capita income of less than US$21 345 but more than US$205. 
B)  those with per capita income between US$5210 and US$8210. 
C)  those with per capita income of less than US$21 345 but more than US$765. 
D)  those with per capita income between US$3976 to US$12 275. 
E)  those with per capita income of less than US$9386 but more than US$205. 
A)  those with per capita income of less than US$21 345 but more than US$205. 
B)  those with per capita income between US$5210 and US$8210. 
C)  those with per capita income of less than US$21 345 but more than US$765. 
D)  those with per capita income between US$3976 to US$12 275. 
E)  those with per capita income of less than US$9386 but more than US$205.

Question 17

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Accepted Answer

A)  independent agent. 
B)  royalty company. 
C)  licensing company. 
D)  branch office. 
E)  strategic alliance. 
A)  independent agent. 
B)  royalty company. 
C)  licensing company. 
D)  branch office. 
E)  strategic alliance.

Question 18

Which of the following is an example of importing a service?

Accepted Answer

A)  A Canadian purchases a ticket to see a performance by a Spanish singer. 
B)  A Toronto taxi driver takes an American from Pearson airport to a downtown Toronto hotel. 
C)  A Canadian engineer designs a bridge to be built in Australia. 
D)  An accountant does financial statements for a Mexican company. 
E)  A Canadian lawyer goes to California to work on a litigation case. 
A)  A Canadian purchases a ticket to see a performance by a Spanish singer. 
B)  A Toronto taxi driver takes an American from Pearson airport to a downtown Toronto hotel. 
C)  A Canadian engineer designs a bridge to be built in Australia. 
D)  An accountant does financial statements for a Mexican company. 
E)  A Canadian lawyer goes to California to work on a litigation case.

Question 19

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

Accepted Answer

A)  Quantity discounts 
B)  Royalties 
C)  Agent fees 
D)  Direct investments 
E)  Flat fees 
A)  Quantity discounts 
B)  Royalties 
C)  Agent fees 
D)  Direct investments 
E)  Flat fees

Question 20

What is a cartel?

Accepted Answer

A cartel is an assoc

What countries are covered under NAFTA?

Canada's most important export is _,while our most important import is .

Can-Eng Manufacturing,Canada's largest supplier of industrial furnaces,exports its furnaces to companies in Japan,Brazil,Germany,Korea,Taiwan,and Mexico.Can-Eng has an agreement with foreign companies in these countries called a(n)

Local content laws state that

As the value of a country's currency falls,its balance of trade should

Arguments for and against protectionism include all of the following except

The largest free marketplace in the world is

When the Certified General Accountants challenged the rule that in Quebec only Chartered Accountants could have auditing rights,this was an example of a dispute about

The only three countries in the world that are net sellers of their companies are

Canada's multi-year balance of payments pattern has been caused by all of the following except

All of the following characteristics describe an independent agent except

What is a trade deficit?

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Discuss the impact of trade deficits and trade surpluses on the balance of payments.

What is a trade surplus?

Upper middle-income countries are defined as

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Which of the following is an example of importing a service?

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

What is a cartel?

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Exam 5: The Global Context of Business

What countries are covered under NAFTA?

Canada's most important export is _________,while our most important import is ________.

Can-Eng Manufacturing,Canada's largest supplier of industrial furnaces,exports its furnaces to companies in Japan,Brazil,Germany,Korea,Taiwan,and Mexico.Can-Eng has an agreement with foreign companies in these countries called a(n)

Local content laws state that

As the value of a country's currency falls,its balance of trade should

Arguments for and against protectionism include all of the following except

The largest free marketplace in the world is

When the Certified General Accountants challenged the rule that in Quebec only Chartered Accountants could have auditing rights,this was an example of a dispute about

The only three countries in the world that are net sellers of their companies are

Canada's multi-year balance of payments pattern has been caused by all of the following except

All of the following characteristics describe an independent agent except

What is a trade deficit?

Beta Corp.is trying to decide whether to market its products internationally.Its first decision is to

Discuss the impact of trade deficits and trade surpluses on the balance of payments.

What is a trade surplus?

Upper middle-income countries are defined as

BBX represents several firms at once and usually does not specialize in a particular product or market.It is a(n)

Which of the following is an example of importing a service?

Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?

What is a cartel?

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Canada's most important export is _,while our most important import is .