MIE 201- Ch. 3

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Member countries of the​ ________ represent 40 percent of the​ world's population and more than half of the​ world's gross domestic product​ (GDP). A.APEC B.WTO C.IMF D.World Bank E.EU

A. APEC

The theory of comparative advantage supports which motivation for countries and companies to trade​ internationally? A.Concentrating on relative strong points B.Obtaining​ materials, goods, and services C.Chasing economies of scale D.Keeping up with customers E.Growing markets

A. Concentrating on relative strong points

_______ occurs when a company enters a foreign market through ownership and control of assets in that country. A.Foreign direct investment B.Importing C.Joint venture D.Licensing E.Exporting

A. Foreign direct investment

Countries and companies trade internationally for all of the following reasons EXCEPT​ ________. A.focusing on​ competitors' strengths B.keeping up with customers C.growing markets D.obtaining​ resources, merchandises, and services E.chasing economies of scale

A. focusing on​ competitors' strengths

When using​ a(n) __________​ strategy, a company uses a mixed approach in which it attempts to gain the benefits of international scale while responding to local needs. A.transnational strategy B.global strategy C.protectionism strategy D.multidomestic strategy E.ethnocentric strategy

A. transnational strategy

The sum total of a​ nation's net​ trade, i.e., its exports minus imports in a given​ year, defines its​ _________. A.balance of trade B.foreign direct investment C.protectionism D.balance of payments E.economies of scale

A.balance of trade

Tips for improving communication with a person from another culture include all of the following EXCEPT​ ________. A.showing respect B.regarding the person as a representative of another culture C.clarifying your intent and meaning D.being attentive to the​ other's customs E.adjusting your style to the​ other's style

B. regarding the person as a representative of another culture

The combination and interdependence of various economies around the world refers to​ _____. A.balance of trade B.economies of scale C.economic globalization D.comparative advantage E.trade surplus

C.economic globalization

Company XYZ creates autonomous subsidiaries in each new country it​ enters, thereby giving local managers independence in decision making and running the unit. Company XYZ is enlisting which of the following​ strategies? A.Ethnocentric strategy B.Global strategy C.Transnational strategy D.Multidomestic strategy E.Protectionism strategy

D. Multidomestic strategy

Common markets that endorse trade within the region while creating barriers against goods entering the region from nonmember nations are known as​ ________. A.the APEC B.the WTO C.the IMF D.trading blocs E.the EU

D. trading blocs

Which of the following was established in the 1940s to foster worldwide financial cooperation and enhance the strength of the world​ economy? A.The World Trade Organization​ (WTO) B.The​ Asia-Pacific Economic Cooperation​ (APEC) C.North American Free Trade Agreement​ (NAFTA) D.The International Monetary Fund​ (IMF) E.The World Bank

D. The International Monetary Fund​ (IMF)

The consideration of nonverbal​ symbols, local​ competition, and cultural differences affects which of the following areas in international​ expansion? A.Staffing B.Product customization C.Customer support D.Promotion E.Pricing

D.Promotion

Restricting the quantity of specific goods that nations allow to be imported during a given year is known as​ ________. A.embargoes B.tariffs C.dumping D.sanctions E.quotas

E. quotas

The government of Zenovia levies a surcharge of​ 200% on the value of every electronic product that is brought in the country. This is an example of​ _______. A.restrictive import standards B.import quota C.embargo D.anti-dumping measures E.tariffs

E. tariffs

Which term describes a​ long-term partnership between Company A and Company B to jointly​ develop, produce, or sell​ products? A.Strategic alliance B.Importing C.Licensing D.Exporting E.Joint venture

A. Strategic alliance

A collection of five financial institutions whose main goals are eliminating the most extreme levels of poverty around the globe and enhancing the income of the poorest people in every nation is the​ ________. A.World Bank B.EU C.APEC D.IMF E.WTO

A. World Bank

FixIt​ Tools, an Indian tool​ manufacturer, has just entered the German market. FixIt started selling large quantities of its tools at a significantly lower price than the cost of production and below what FixIt would charge in India. This practice is called​ ________. A.dumping B.tariffs C.sanctions D.quotas E.embargoes

A. dumping

A collective system of​ symbols, principles,​ approaches, values, and standards for behavior is referred to as​ ______. A.an exchange rate B.stereotyping C.ethnocentrism D.culture E.an embargo

d.Culture

When worldwide trade takes place without obstructive​ measures, it is called​ _____. A.tariffs B.embargo C.free trade D.protectionism E.dumping

c.Free Trade

Member countries of the European Union benefitted from switching to the common currency called the euro for all of the following reasons EXCEPT​ ________. A.in reducing transparency in pricing B.the euro simplified commerce for consumers and businesses C.financial dealings became less costly D.in lowering inflation and interest rates E.it gave the EU a stronger presence in global financial markets

A. in reducing transparency in pricing

Your roommate is from France and often judges individuals and groups according to French​ standards, behaviors, and customs. This tendency is called​ ______. A.transnational B.embargo C.stereotyping D.multidomestic E.ethnocentrism

E. ethnocentrism

When Company A sells products outside the country in which those products are​ produced, it is engaging in which of the​ following? A.Joint venture B.Exporting C.Strategic alliance D.Licensing E.Importing

B. Exporting

Which of the following allows a firm to use some or all of another​ company's intellectual property in exchange for a​ fee? A.Joint venture B.Licensing C.Importing D.Strategic alliance E.Exporting

B. Licensing

The WTO is guided by five​ principles, which do NOT include​ ________. A.discouraging biased practices B.dictating policies to national governments C.stopping discriminatory policies D.making trade policies more expected and less random E.decreasing trade barriers between nations

B. dictating policies to national governments

Last​ year, ABC and NBC came together to create a new company called​ XYZ, which is legally separate and distinct from both ABC and NBC. XYZ is an example of​ _____. A.international franchising B.a joint venture C.importing D.exporting E.licensing

B. a joint venture

Which of the following uses legal parameters based on comprehensive legal codes? A.Foreign Corrupt Practices Act B.Civil law C.Theocratic law D. Organization for Economic​ Co-Operation and Development E.​Common law

B.Civil Law

This chapter and the video are in agreement that one of the biggest obstacles to doing business in​ China, or in any global business​ setting, is​ _____. A. quality and training of local workers B.cultural and linguistic differences C.licensing agreements D.consumer demand for American products E.time zone differences

B.cultural and linguistic differences

The broadest indicator of international trade is the​ ________. A.trade surplus B.comparative advantage C.balance of trade D.trade deficit E.balance of payments

E. balance of payments

Which is a stable medium for negotiating and observing international trade procedures and arbitrating trade disagreements among​ members? A.North American Free Trade Agreement​ (NAFTA) B.The​ Asia-Pacific Economic Cooperation​ (APEC) C.The World Trade Organization​ (WTO) D.The International Monetary Fund​ (IMF) E.The World Bank

C.The World Trade Organization (WTO)

Which one of the following statements does NOT accurately describe foreign exchange rates and currency​ valuations? A. Most currencies operate under a floating exchange rate system. B. Exchange rates can radically influence an​ organization's financial performance. C. Foreign exchange is the practice of exchanging of one currency into a comparable amount of another currency. D. A currency is called strong relative to another when its exchange rate is lower than what is considered normal. E. The supply and demand of a​ nation's money are determined by what is happening in the​ nation's own economy

D. A currency is called strong relative to another when its exchange rate is lower than what is considered normal.

​________________ is not one of the primary functions of the IMF. A.Offering loans for a nation to deal with natural calamity B.Offering​ short-term finances C.Providing technical guidance and training D.Discouraging unfair practices E.Observing global financial development

D. Discouraging unfair practices

When ABC Manufacturing buys parts and materials in large quantities and thereby obtains much better pricing and cost​ savings, it is utilizing​ _____. A.exchange rate B.comparative advantage C.balance of payment D.economies of scale E.import quotas

D. economies of scale

A company is using​ a(n) __________ when it views the world as a single integrated market and maintains a highly centralized control on all units. A.transnational strategy B.multidomestic strategy C.protectionism strategy D.global strategy E.ethnocentric strategy

D. global strategy

Which of the following is NOT a commonly utilized approach by governments to interfere in international​ trade? A.Quotas B.Embargoes C.Tariffs D.Dumping E.Export subsidies

D.Dumping

Which strategy utilizes the concept of​ "think globally, act​ locally"? A.Protectionism strategy B.Ethnocentric strategy C.Global strategy D.Transnational strategy E.Multidomestic strategy

D.Transnational strategy

ABC​ Manufacturing, a Canadian​ company, regularly buys firefighting hose pipes from NBC Hosepipes in India.​ ABC's action is an example of​ _______. A.joint venture B.licensing C.exporting D.importing E.strategic alliance

D.importing


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