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Exam 3: Global Business

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Question 101

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Balance of payments is a much broader concept than balance of trade.

A) True
B) False

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Question 102

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Forming a joint venture with an existing foreign company offers all of the following advantages except

A) joining an established firm.
B) requiring less commitment from all parties involved in the joint venture.
C) providing immediate marketing knowledge.
D) providing reduced risk.
E) providing control over product attributes.

F) A) and E)
G) C) and D)

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Question 103

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A bill of lading is issued by the transport carrier to the exporter to prove that merchandise has been shipped.

If a small country wants to buy aircraft from the UK and the UK wants to export its aircraft, the UK may work through ____ in removing preset trade barriers so that the small country can more easily purchase the aircraft.

An international organisation formed at the end of World War II by the United States and twenty-two other countries whose goal was to reduce or eliminate tariffs and other barriers to world trade is called the

Landing Service Landing Service is a lawn furniture company that has been around for many years.It is known for its ability to produce furniture more efficiently than any other company in the nation.In truth, no other companies in any other nation come close.Landing Service has shipped many of its products internationally.In fact, 80 percent of its profits come from international sales.However, the Italian government has imposed a tax on imported furniture items to protect local companies.The Brazilian government, on the other hand, has imposed taxes on Landing Service products due to the government wanting a piece of the pie. Landing Service initially thought that these taxes were unfair because it was being singled out.However, after Landing Service contacted the organisation that had the power to mediate this situation, the furniture company realised that the taxation it was subjected to was legal and that there was nothing it could do about it. -Refer to Landing Service.Landing Service must have contacted which of these organisations to mediate regarding unfair treatment by foreign governments?

Mexico is experiencing a balance of payment deficit and is seeking financial support.Mexico probably should seek assistance from

The total flow of money into a country less the total flow of money out of the country over some period of time is called the country's

Suppose France imposes a tax on agricultural products from the UK to help its own farmers.This describes a(n)

Suppose a set of English bone china costing 1,000 pounds costs $3,000 in the United States.After devaluation, the set of china costs $1,000.This change

The U.K.government imposes a tax on imported automobiles from Japan, Korea, Germany, and other foreign nations to increase government funds.This is best described as a(n)

Because it controls the world's diamond deposits, the DeBeers Consolidated Mines, Ltd., has a(n)

The UK sells industrial supplies and materials to many nations around the world.The UK thus engages in

Licensing and exporting can be considered relatively low-risk methods of entering foreign markets.

Critics of NAFTA maintain that NAFTA

Quotas may be set on worldwide imports or on imports from a specific country.

Comparative advantage is the ability to produce a specific product more efficiently than any other nation.

Balance of payments is a ____ concept than balance of trade.

The United States does not sell fighter jets, such as F-16s, to Libya.The rationale for this restriction is most likely to

A ____ is a partnership formed to achieve a specific goal or to operate for a specific period of time.