33 Questions
What is one of the major world marketplaces highlighted in the text?
BRICS
Which factor determines the ways countries and businesses respond to the international environment according to the text?
Competitive advantage
What type of differences act as barriers to international trade according to the text?
Social, cultural, economic, legal, and political differences
What assists world trade according to the text?
Free trade agreements
What is an evolving role mentioned in the text?
Role of emerging markets
What is the total volume of world trade approximately per year?
$19 trillion
Which region is highlighted as Canada's largest trading partner in the text?
North America
What does the term 'globalization' refer to?
Integration of markets globally
What is the main focus of Dangote Industries Limited, as mentioned in the text?
Diversified industries including cement and energy
What are 'imports' in the context of the text?
Products purchased in Canada that are manufactured in other countries
Which continent includes Japan, China, and India as significant players in trade?
Pacific/Asia
What is the term for a situation where a nation exports more goods and services than it imports?
Trade Surplus
Which theory focuses on factors like Factor Conditions and Demand Conditions as essential for national competitive advantage?
Theory of National Competitive Advantage
In terms of international trade, what does 'absolute advantage' refer to?
Producing something more efficiently than any other country
What is the key characteristic of a 'trade deficit'?
Nation imports more than it exports
Which factor influences the value of a country's currency in foreign exchange markets?
$$ in high demand and product exports
'Factor Conditions' and 'Related and Supporting Industries' are key components of which theory?
Theory of National Competitive Advantage
Based on the information provided, what percentage of Canadian goods were not duty-free before the Canada-European Union Comprehensive Economic and Trade Agreement?
25%
If a country's total exports amount to $500 billion and its total imports amount to $510 billion in a given year, what position is the country said to be in?
Trade deficit
According to Michael Porter, which of the following is NOT one of the factors he identified in his theory to explain why some countries excel in certain industries?
Government regulations
In the Canada-EU trade deal, how many member states are part of the European Union?
27
What was the purpose of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA)?
To promote trade between Canada and the EU
Which term describes a situation where a country exports more than it imports?
Trade surplus
What is the main goal of the North American Free Trade Agreement (NAFTA)?
Remove tariffs and other trade barriers between Canada, the United States, and Mexico
Which agreement replaced NAFTA with some revisions?
United States-Mexico-Canada Agreement (USMCA)
What does the term 'dumping' refer to in the context of international trade?
Selling goods abroad for less than what is charged domestically
Which organization has a controversial history with agricultural subsidies and is the successor of GATT?
World Trade Organization (WTO)
What is the significance of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)?
Provides a framework for trade among multiple states including Canada, U.S, Australia, Japan, and others
'Local-content laws' require that:
Part of the product must be made in the foreign country
What does 'protectionism' primarily prioritize?
Protecting local business at the expense of competition
What was the key highlight of the United States-Mexico-Canada Agreement (USMCA) regarding dairy market access?
Opened up 3.59% of the Canadian dairy market to the U.S
Which group is generally against free trade due to concerns about job losses and environmental standards?
Protesters of trade liberalization
What was one of Toyota's actions at its Cambridge, Ontario plant in Canada in 2018?
Received $1.4 billion aid from the Canadian government
Test your knowledge on the global business environment, major world marketplaces, emerging markets like the BRICS nations, forms of competitive advantage, import–export balances, exchange rates, and foreign competition.
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