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Exam 3: Exploring Global Business

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Question 21

True/False

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Trade restrictions usually have no immediate or long-term economic consequences.

A) True
B) False

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Question 22

True/False

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A draft is issued by the exporter's bank, ordering the importer's bank to pay for the merchandise and thus guaranteeing payment once it is accepted by the importer's bank.

A) True
B) False

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Question 23

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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. Landing Service must have contacted which of these organizations to mediate regarding unfair treatment by foreign governments?

The total flow of money into a country minus the total flow of money out of the country over some period of time is called the nation's balance of trade.

The U.S. government created the ____ as a comprehensive source for U.S. companies seeking information on federal programs and activities that support U.S. exports.

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

A newly formed country in the Caribbean has no high tariffs, yet other countries find it difficult to trade with the new country because of its requirements for labeling, product testing, and certifications. These restrictions can best be classified as

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)

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 ____ gave President Kennedy the authority to negotiate reciprocal trade agreements that could reduce U.S. tariffs by as much as 50 percent.

​When importers and exporters do not trust one another and want to ensure that the importer receives the promised merchandise and the exporter gets paid, the go-between representative they employ is (are)

Janet hires an export merchant to help expand her business internationally. After signing contracts with a foreign purchaser outlining the terms of sale and delivery, the exporter will send Janet's merchandise when

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

Purchasing raw materials or products in other nations and bringing them into one's own country is known as importing.

Which bank includes main goals of promoting exchange rate stability and assisting in establishing a multilateral system of panyments?

The United States joined with Mexico and Canada to promote the movement of resources and products; it formed a(n)

Who are the members of NAFTA?

Why is balance of payments a much broader concept than balance of trade?

​NAFTA member nations include those located in

From 1947 to 1994, GATT was unable to sponsor any round of negotiations to reduce trade restrictions.