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Exam 3: Doing Business in Global Markets

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Question 111

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The purpose of the General Agreement on Tariffs and Trade (GATT) is to:

A) facilitate global trade.
B) create common market arrangements in specific geographical regions.
C) negotiate an end to civil wars.
D) establish a set of international property right laws.

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Question 112

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The U.S.government has announced a 5 million-pound annual limit on beef imported from Argentina.This type of trade restriction is called a(n) :

A) embargo.
B) revenue tariff.
C) import quota.
D) export cap.

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Question 113

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China's one-party political system,its past human rights abuses,and issues related to counterfeiting of products continue to concern some U.S.firms about doing business there.

The Dabble Corporation wants to begin exporting its products.The company needs advice about how to get started,as well as trade-finance support.The federal government has established _____________ to help companies like Dabble Corporation.

Which of the following sociocultural forces can have a significant impact on global business operations?

The three countries participating in NAFTA are:

Strategic alliances almost always result in one company taking over the financial interests of another company.

Under mercantilism,the basic economic idea was to achieve a favorable balance of trade.

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.

Peru and Bolivia account for almost 97% of the production of Quinoa seed (pronounced Keen-wa) ,and most of it is sold to the U.S. ,Japan,and other wealthy nations.According to Duane Johnson,a former Colorado State agronomist who helped introduce the product into the U.S.several years ago,"This food is about the most perfect you can find for human diets." Although there are other areas where the seed will grow (including higher elevations in Colorado) ,the majority of the Quinoa sold in the U.S.is imported from Peru and Bolivia.These two nations have a(n) ________________ in the production of Quinoa.

In southern California,there are banana plantations.These plantations cannot produce all the bananas consumed by persons in the U.S.The fact that the U.S.grows and sells bananas gives it a comparative advantage in bananas.It is not an absolute advantage and that is why we choose to import bananas from other countries,as well.

A "second wave" of offshore outsourcing involves sizable numbers of skilled,well-educated,middle-income workers in service-sector jobs.

On a number of issues,the strategy behind common markets is debatable,but GATT is certain that such alliances do not prohibit individual member nations from expanding globally.

With respect to free trade,many U.S.citizens prefer "fair trade,not free trade."

Even though the U.S.exports a vast amount of goods globally,it exports a much lower percentage of its products than other countries do.

Denmark requires foreign companies that sell butter in Denmark to sell it in cubes,not tubs.This type of requirement is known as a:

The two basic types of tariffs are:

Which of the following continents is home to the largest percentage of the world's population?

__________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries.

A(n) __________ refers to a complete ban on importing or exporting of products from a specific country.