Question 1

_____ do not belong to the European Union.

Accepted Answer

A)  Ireland and the United Kingdom 
B)  Spain and Portugal 
C)  Sweden, Denmark, and Finland 
D)  Norway and Switzerland 
A)  Ireland and the United Kingdom 
B)  Spain and Portugal 
C)  Sweden, Denmark, and Finland 
D)  Norway and Switzerland D

Question 2

One way of dealing with local laws and regulations in foreign countries is to hire local _____ to provide advice.

Accepted Answer

A)  advertising firms 
B)  attorneys 
C)  politicians 
D)  underworld figures 
A)  advertising firms 
B)  attorneys 
C)  politicians 
D)  underworld figures B

Question 3

According to the principle of _____, a country that decides to specialize in the production of a particular product must sacrifice the production of another product.

Accepted Answer

A)  comparative advantage 
B)  absolute advantage 
C)  crossproduction 
D)  opportunity cost 
A)  comparative advantage 
B)  absolute advantage 
C)  crossproduction 
D)  opportunity cost D

Question 4

Japan's production and exporting expertise lies in the areas of electronics and automobiles.

Accepted Answer

A) True 
 B)False

Question 5

A strategic alliance is a working partnership between companies in different countries who pool resources to achieve goals and benefits for both firms.

Accepted Answer

A) True 
 B)False

Question 6

A reliable banking system, a strong stock market, and a government that discourages corruption while encouraging investment and competition are all conducive to economic growth.

Accepted Answer

A) True 
 B)False

Question 7

Generally speaking, nations don't exploit production and trade advantages because they prefer to protect their international images.

Accepted Answer

A) True 
 B)False

Question 8

The country of East Anglia exports domestically made products and imports products that aren't available locally. When exports are compared to imports, the resulting _____, which shows that more dollar value is exported than imported, reveals a(n) _____.

Accepted Answer

A)  balance of payments / trade deficit 
B)  balance of trade / trade deficit 
C)  balance of trade / trade surplus 
D)  balance of payments / accounting crisis 
A)  balance of payments / trade deficit 
B)  balance of trade / trade deficit 
C)  balance of trade / trade surplus 
D)  balance of payments / accounting crisis

Question 9

A joint venture is a form of strategic alliance (an agreement between two companies to pool resources in order to achieve business goals that benefit both partners).

Accepted Answer

A) True 
 B)False

Question 10

Which of the following organizations is a powerful world trading block

Accepted Answer

A)  IMF - International Monetary Fund 
B)  NAFTA -- North American Free Trade Association 
C)  WTO -- World Trade Organization 
D)  WBG -World Bank Group 
A)  IMF - International Monetary Fund 
B)  NAFTA -- North American Free Trade Association 
C)  WTO -- World Trade Organization 
D)  WBG -World Bank Group

Question 11

_____ is a necessary step in gearing your undergraduate education toward a career in international business.

Accepted Answer

A)  Developing real expertise in one of the basic areas of business 
B)  Developing your knowledge of international politics and economics 
C)  Developing foreignlanguage skills 
D)  All of these 
A)  Developing real expertise in one of the basic areas of business 
B)  Developing your knowledge of international politics and economics 
C)  Developing foreignlanguage skills 
D)  All of these

Question 12

Identify the various agreements and organizations that help to reduce international trade barriers.

Accepted Answer

The General Agreement on Tariffs and Tra

Question 13

If you were in charge of a developing country, where would you go for financial assistance

Accepted Answer

A)  The International Monetary Fund 
B)  World Trade Organization 
C)  The World Bank 
D)  both 
A)  The International Monetary Fund 
B)  World Trade Organization 
C)  The World Bank 
D)  both

Question 14

All of the following pieces of advice are significant to someone preparing for a career in international business except:

Accepted Answer

A)  plan your undergraduate education accordingly. 
B)  get some direct experience in the area of international business. 
C)  interact with people from other cultures. 
D)  read widely about the types of businesses in countries that interest you. 
A)  plan your undergraduate education accordingly. 
B)  get some direct experience in the area of international business. 
C)  interact with people from other cultures. 
D)  read widely about the types of businesses in countries that interest you.

Question 15

_____ is a common method of protecting domestic goods and trade.

Accepted Answer

A)  Adding taxes to imported goods 
B)  Boycotting foreign producers 
C)  Curtailing diplomatic relations 
D)  Stopping the sale of comparable goods to uncooperative nations 
A)  Adding taxes to imported goods 
B)  Boycotting foreign producers 
C)  Curtailing diplomatic relations 
D)  Stopping the sale of comparable goods to uncooperative nations

Question 16

As a U.S. farmer who receives a subsidy, you're guaranteed a certain price for your output regardless of the market price.

Accepted Answer

A) True 
 B)False

Question 17

When nations continue to experience large and ever-growing trade deficits:

Accepted Answer

A)  they will ultimately produce so much output that other countries will lose domestic jobs. 
B)  creditor nations will eventually stop taking IOUs and trade will cease. 
C)  their economy will automatically go bankrupt. 
D)  their currencies will eventually be worthless. 
A)  they will ultimately produce so much output that other countries will lose domestic jobs. 
B)  creditor nations will eventually stop taking IOUs and trade will cease. 
C)  their economy will automatically go bankrupt. 
D)  their currencies will eventually be worthless.

Question 18

The largest factor in a country's balance of payments is its _____.

Accepted Answer

A)  defense budget 
B)  welfare bill 
C)  importexport balance 
D)  creditcard debt 
A)  defense budget 
B)  welfare bill 
C)  importexport balance 
D)  creditcard debt

Question 19

According to the independent organization Transparency International, _____ suffers less business corruption than any other country.

Accepted Answer

A)  the United States 
B)  Denmark 
C)  Finland 
D)  Sweden 
A)  the United States 
B)  Denmark 
C)  Finland 
D)  Sweden

Question 20

Many people support increased MNC activities because infant mortality rates have decreased, literacy has improved, and the standard of living has risen in many countries where multinationals operate.

Accepted Answer

A) True 
 B)False

_____ do not belong to the European Union.

One way of dealing with local laws and regulations in foreign countries is to hire local _____ to provide advice.

According to the principle of _____, a country that decides to specialize in the production of a particular product must sacrifice the production of another product.

Japan's production and exporting expertise lies in the areas of electronics and automobiles.

A strategic alliance is a working partnership between companies in different countries who pool resources to achieve goals and benefits for both firms.

A reliable banking system, a strong stock market, and a government that discourages corruption while encouraging investment and competition are all conducive to economic growth.

Generally speaking, nations don't exploit production and trade advantages because they prefer to protect their international images.

The country of East Anglia exports domestically made products and imports products that aren't available locally. When exports are compared to imports, the resulting _, which shows that more dollar value is exported than imported, reveals a(n) _.

A joint venture is a form of strategic alliance (an agreement between two companies to pool resources in order to achieve business goals that benefit both partners).

Which of the following organizations is a powerful world trading block

_____ is a necessary step in gearing your undergraduate education toward a career in international business.

Identify the various agreements and organizations that help to reduce international trade barriers.

If you were in charge of a developing country, where would you go for financial assistance

All of the following pieces of advice are significant to someone preparing for a career in international business except:

_____ is a common method of protecting domestic goods and trade.

As a U.S. farmer who receives a subsidy, you're guaranteed a certain price for your output regardless of the market price.

When nations continue to experience large and ever-growing trade deficits:

The largest factor in a country's balance of payments is its _____.

According to the independent organization Transparency International, _____ suffers less business corruption than any other country.

Many people support increased MNC activities because infant mortality rates have decreased, literacy has improved, and the standard of living has risen in many countries where multinationals operate.

The Foundations of Business

Business Ethics and Social Responsibility

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Product Design and Development

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 3: Business in a Global Environment

_____ do not belong to the European Union.

One way of dealing with local laws and regulations in foreign countries is to hire local _____ to provide advice.

According to the principle of _____, a country that decides to specialize in the production of a particular product must sacrifice the production of another product.

Japan's production and exporting expertise lies in the areas of electronics and automobiles.

A strategic alliance is a working partnership between companies in different countries who pool resources to achieve goals and benefits for both firms.

A reliable banking system, a strong stock market, and a government that discourages corruption while encouraging investment and competition are all conducive to economic growth.

Generally speaking, nations don't exploit production and trade advantages because they prefer to protect their international images.

The country of East Anglia exports domestically made products and imports products that aren't available locally. When exports are compared to imports, the resulting _____, which shows that more dollar value is exported than imported, reveals a(n) _____.

A joint venture is a form of strategic alliance (an agreement between two companies to pool resources in order to achieve business goals that benefit both partners).

Which of the following organizations is a powerful world trading block

_____ is a necessary step in gearing your undergraduate education toward a career in international business.

Identify the various agreements and organizations that help to reduce international trade barriers.

If you were in charge of a developing country, where would you go for financial assistance

All of the following pieces of advice are significant to someone preparing for a career in international business except:

_____ is a common method of protecting domestic goods and trade.

As a U.S. farmer who receives a subsidy, you're guaranteed a certain price for your output regardless of the market price.

When nations continue to experience large and ever-growing trade deficits:

The largest factor in a country's balance of payments is its _____.

According to the independent organization Transparency International, _____ suffers less business corruption than any other country.

Many people support increased MNC activities because infant mortality rates have decreased, literacy has improved, and the standard of living has risen in many countries where multinationals operate.

The Foundations of Business

Business Ethics and Social Responsibility

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Product Design and Development

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

The country of East Anglia exports domestically made products and imports products that aren't available locally. When exports are compared to imports, the resulting _, which shows that more dollar value is exported than imported, reveals a(n) _.