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Exam 3: Exploring Global Business

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Question 101

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

A) more difficult
B) less difficult
C) nearly identical
D) broader
E) narrower

F) B) and D)
G) D) and E)

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Question 102

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Describe the world economic outlook for international trade.

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The world economic outlook for internati...

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Question 103

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What is a national balance of trade? What does someone mean when he or she says that the balance of trade is favorable? Unfavorable?

The Kingdom of Mocha enjoys no absolute advantage in crude oil, diamonds, or wool.However, the Mochans manufacture high-quality bows and arrows.Which statement about the Mochans is true?

OPEC is a group that was formed in 1960 in response to reductions in the prices that oil companies were willing to pay for crude oil.

One example of an economic community is the organization started by France, Germany, Belgium, Italy, the Netherlands, and Luxembourg.This organization is known as the

The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent.

Japanese tourists come to experience the magic of Disney World and other attractions around Orlando, Florida.These tourists are

The U.S.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) _____.

The World Trade Organization was created by the _____.

Lynn Bernerd, Inc. Lynn Bernerd, Inc., manufactures and sells reclining furniture.The company currently operates in the United States but wishes to expand overseas.The company managers have been contemplating the best way to enter the foreign market.At first, the management felt it would be in the company's best interest to let a foreign company use its product and brand in exchange for a royalty.The managers recognized, however, that before the company decided on its foreign strategy it needed to think through all the steps required to enter an international market.As such, the managers believed they needed to consult with some type of agency to help their firm compete more effectively in the global marketplace. After all the research was completed, the senior managers realized that they wanted to export their product.The managers decided that the transport carrier would notify them when the merchandise was shipped.This would avoid any confusion about lost shipments and ensure better communication with the receiving parties. -Refer to Lynn Bernerd, Inc.Which agency should the managers at Lynn Bernerd, Inc.seek assistance from?

A ____ is issued by the exporter's bank, ordering the importer's bank to pay for the merchandise.

The United States has enjoyed a trade surplus in services during the last two decades.

Lynn Bernerd, Inc. Lynn Bernerd, Inc., manufactures and sells reclining furniture.The company currently operates in the United States but wishes to expand overseas.The company managers have been contemplating the best way to enter the foreign market.At first, the management felt it would be in the company's best interest to let a foreign company use its product and brand in exchange for a royalty.The managers recognized, however, that before the company decided on its foreign strategy it needed to think through all the steps required to enter an international market.As such, the managers believed they needed to consult with some type of agency to help their firm compete more effectively in the global marketplace. After all the research was completed, the senior managers realized that they wanted to export their product.The managers decided that the transport carrier would notify them when the merchandise was shipped.This would avoid any confusion about lost shipments and ensure better communication with the receiving parties. -Refer to Lynn Bernerd, Inc.Which of the following options is not one of the steps needed for entering an international market?

Which of the following represents the highest level of involvement in international business?

Howard believes that there should be no trade restrictions for any reason.What effect would Howard say that trade restrictions have on prices?

If the United States and Japan can't settle their trade disputes on their own, they probably should settle them through the _____.

The Organization of Petroleum Exporting Countries (OPEC)

Which of the following statements is true about NAFTA?

What does the International Monetary Fund (IMF) do for nations with an unfavorable balance of trade?