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Exam 3: A: Exploring Global Business

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Question 31

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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 alternatives could have worked as a link between the managers at Lynn Bernerd, Inc. and the buyer from a different country?

A) International barter
B) Counter trade
C) Trading company
D) Comparative trader
E) Foreign-exchange control

F) None of the above
G) A) and B)

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Question 32

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Define tariff. What effect does a tariff have on the price of a product in the country imposing the tariff? Why would a tariff be used?

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A tariff is a tax imposed by a governmen...

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Question 33

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___ was an original member of MERCOSUR.

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 organization that had the power to mediate this situation, the furniture company realized that the taxation it was subjected to was legal and that there was nothing it could do about it. -Refer to Landing Service. What type of tax has the Italian government imposed on the company?

When was GATT first established?

When a country's currency is devalued, this ____ the cost of foreign goods and ____ the cost of domestic goods to foreign firms.

What are the most frequently cited reasons for restricting trade? How valid are these reasons? Explain.

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?

The World Bank is an example of a(n) ____, supported by industrialized nations, including the United States.

The TPP was created in 2011 to do all of the following except

The United States wants to limit the amount of dollars that another country can obtain. The best way to accomplish this is to

Which of the following is a potential drawback of licensing?

Despite trade restrictions, international business is

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 organization that had the power to mediate this situation, the furniture company realized that the taxation it was subjected to was legal and that there was nothing it could do about it. -Refer to Landing Service. The Landing Service does mostly

The United States bans Cuban cigars and other Cuban products from entering the United States due to political difficulties. This action is called a(n)

The land of Narnack has very infertile soil but a large supply of oil. What action should Narnack take? Narnack should

Globalization represents a huge opportunity for

Companies such as ExxonMobil and Mitsubishi operate on a worldwide scale with weakening ties to any single country. These are examples of

What was the General Agreement on Tariffs and Trade (GATT)? What was its primary objective?

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