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Exam 3: Exploring Global Business

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Question 1

Multiple Choice

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The Tokyo Round

A) was completed in 1947.
B) resulted in 50 percent tariff cuts.
C) was implemented over a fifteen-year period.
D) increased nontariff barriers.
E) eased import quotas and unrealistic quality standards for imports.

F) A) and D)
G) A) and B)

Correct Answer

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E

Question 2

Multiple Choice

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A ____ is issued by a bank upon request of an importer stating that the bank will pay an amount of money to a stated beneficiary.

A) license
B) letter of credit
C) bill of lading
D) draft
E) voucher

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

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Question 3

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Absolute advantage is the ability to produce a specific product more efficiently than any other nation.

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.Initially, the managers believed that ____ would be the best option for entering the foreign market.

Totally owned facilities overseas are an example of_____.

Trading companies do not take title to products.

Strategic alliances and ____ are very similar.

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.

Sangeeta purchases a Turkish rug from a local rug gallery in Dallas, Texas.Which of the following best describes this transaction?

A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise.

All five multilateral development banks are supported by the industrialized nations, including the United States.

A restriction on the amount of a particular foreign product that can be purchased or sold is called a foreign-exchange control.

If the United States exports $100 worth of diamonds to the Kingdom of Mocha and imports $80 worth of bows and arrows, it has a(n) _____.

Another name for an import duty is a(n) _____.

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

The Doha Round of negotiations was really not worth the effort.

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

A ____ is issued by the transport carrier to the exporter to prove merchandise has been shipped.

What is the difference between an absolute advantage and a comparative advantage?

A reduction in the value of a nation's currency relative to the currencies of other countries is called _____.