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Exam 3: Doing Business in Global Markets

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Question 61

Multiple Choice

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A nation has a ___________ in the production of a good or service if it can produce that good or service more effectively or efficiently than it can produce other goods.

A) supreme advantage
B) primary efficiency
C) qualified advantage
D) comparative advantage

E) All of the above
F) C) and D)

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Question 62

Multiple Choice

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CAFTA consists of:

A) A free trade agreement with Costa Rica,the Dominican Republic,El Salvador,Guatemala,Honduras,Nicaragua. ,and the U.S.
B) A free trade agreement between Canada and America.
C) A free trade agreement between China and Australia,still under negotiation to adopt New Zealand into the agreement.
D) A free trade agreement between the coastal nations of Africa.

E) B) and C)
F) None of the above

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Question 63

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The United States is the largest exporter in the world.

In 2008,Emerson,Inc.reported that it owns and operates 265 companies worldwide with 23% of its sales coming from Europe,18% from Asia,46% from the U.S. ,and 13% from other parts of the world.Clearly,Emerson exemplifies ________________.

The __________________ is a firm that has made sizeable investments and has a physical presence in several foreign countries as a manufacturer and marketer of products and services.

A few years ago,a well-known celebrity who promoted a line of clothing was accused of supporting child labor in a Honduras manufacturing site where the clothes were made.Although the celebrity's image was tarnished,he immediately was able to close down the operation due to a violation of international law.

Which of the following terms describes the set of values,beliefs,rules,language,and institutions held by a specific group of people?

Japanese automobile producers sold more of their Japanese production overseas than they sold in Japan.Their business strategy emphasizes:

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

One of the rules of a common market is that all participating nations will uphold a common tariff on goods and services that are imported from countries that are not members of the trading bloc.Goods imported from non-member countries are more expensive than goods coming from member countries.

In the past,foreign companies have adapted to U.S.culture more easily than U.S firms have adapted to foreign cultures.

Imported wines such as Pinot Noirs from France or Italy often sell at a higher price than wine from Napa Valley,Californi A.This is due to the protective tariff importers pay for the foreign wine.

Rhett spoke with a Korean company that said it might be interested in producing his products in their market.They would pay him a royalty for what they sold and would bear all the start-up expenses of this effort.This Korean company is proposing a:

When studying abroad last year,Blake found that his U.S.dollars did not stretch as far as he had hoped.Each time he exchanged U.S.dollars for euros,he gave up more U.S.dollars in exchange for less euros.The exchange rate indicates:

_______________ are specialists that match buyers and sellers from different countries and provide services to ease the process of entering global markets.

Offshore outsourcing is another term used to describe the act of U.S.firms selling their domestically manufactured goods to foreign customers.

Granting a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called:

A specialized organization that assists businesses in creating relationships with foreign customers and suppliers is known as an) :

Having recently found sources of oil on their own land,the infant nation of Lancerland enacted a tariff on imported petroleum in order to raise money for their new government.This trade restriction is an example of an) ________ tariff.

Companies may have several reasons for creating joint ventures.Which of the following statements is one reason why firms may decide to form a joint venture?