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Intro to BUSN Quiz
3
| Question | Answer |
|---|---|
| According to various research studies, which of the following is an indicator of economic growth? | The growing number of people with cell phones |
| Which of the following is a reason for companies to engage in global trade? | It reduces dependence on one economy. |
| A(n) _____ is the benefit a country has in a given industry when it can produce more of a product than other nations using the same amount of resources. | absolute advantage |
| Which of the following statements best describes a comparative advantage? | It is the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries. |
| Which of the following statements best describes the balance of trade? | It is a basic measure of the difference between a nation's exports and imports. |
| If the total value of imports is higher than the total value of exports, the country has a(n) _____. | trade deficit |
| A balance of payments deficit is the shortfall that occurs when: | more money flows out of a nation than into the nation. |
| _____ refers to international trade that involves the barter of products for products rather than for currency. | Countertrade |
| Which of the following statements best defines foreign outsourcing? | It means contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production. |
| _____ means buying products from overseas that have already been produced, rather than contracting with overseas manufacturers to produce special orders. | Importing |
| In the context of the various strategies for reaching global markets, _____ is producing products domestically and selling them abroad. | Exporting |
| Which of the following statements is true of foreign licensing? | The licensee pays a fee to the licensor. |
| Which of the following statements is a difference between foreign licensing and foreign franchising? | In foreign licensing, the licensee does not assume the identity of the licensor, whereas in foreign franchising, the franchisee assumes the identity of the franchisor. |
| Hetlix Corp., a computer manufacturing firm, had its first manufacturing plant in Detroit. It built another manufacturing plant in Paris, despite the high costs involved. Which of the following strategies for reaching global markets has Hetlix Corp. adopt | Direct investment |
| In some western countries, eye contact during face-to-face communication is considered a sign of honesty. On the other hand, eye contact while talking is considered rude in some countries of Africa and Asia. In the context of international trading, this s | sociocultural differences |
| he government of Sporadia learns that low-priced electronic goods from Arcadia are negatively affecting the sales of the domestic companies dealing with the same products. The Sporadian government decides to impose taxes on goods imported from Arcadia. In | Tariffs |
| In the context of international trade restrictions, an embargo is: | a total halt in trade with a particular nation. |
| Tafensoma, a developing country, adopts a law according to which its imports require red-tape-intensive licenses. In this scenario, which of the following types of trade restrictions has the country adopted? | Nontariff barriers |
| Halposa, a developed country, has had armed conflicts with its neighboring country, Lemponga, for a few years. Hence, the newly elected Halposan government has decided to completely stop exporting consumer durables and electronic goods to Lemponga. In thi | Embargo |
| Which of the following is an international cooperative of 188 member countries that aims at reducing poverty in the developing world? | The World Bank |
| Which of the following is best known as a lender of last resort to nations in financial trouble? | The International Monetary Fund |
| A _____ refers to a group of countries that have reduced or even eliminated tariffs, allowing for the free flow of goods among the member nations. | trading block |
| A reason why countries create international trade restrictions is to: | protect national security interests. |
| A reason why countries eliminate international trade restrictions is to | increase jobs from foreign companies. |
Created by:
seandoeletsgetit
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