Business Essentials Chapter 5: The Global Context of Business

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What is one of the major world marketplaces highlighted in the text?

Venus

Jupiter

Mars

BRICS (correct)

Which factor determines the ways countries and businesses respond to the international environment according to the text?

Local folklore

Competitive advantage (correct)

Popular TV shows

Weather patterns

What type of differences act as barriers to international trade according to the text?

Favorite sports teams

Social, cultural, economic, legal, and political differences (correct)

Preferred movie genres

Ice cream flavor preferences

What assists world trade according to the text?

Free trade agreements Signup and view all the answers

What is an evolving role mentioned in the text?

Role of emerging markets Signup and view all the answers

What is the total volume of world trade approximately per year?

$19 trillion Signup and view all the answers

Which region is highlighted as Canada's largest trading partner in the text?

North America Signup and view all the answers

What does the term 'globalization' refer to?

Integration of markets globally Signup and view all the answers

What is the main focus of Dangote Industries Limited, as mentioned in the text?

Diversified industries including cement and energy Signup and view all the answers

What are 'imports' in the context of the text?

Products purchased in Canada that are manufactured in other countries Signup and view all the answers

Which continent includes Japan, China, and India as significant players in trade?

Pacific/Asia Signup and view all the answers

What is the term for a situation where a nation exports more goods and services than it imports?

Trade Surplus Signup and view all the answers

Which theory focuses on factors like Factor Conditions and Demand Conditions as essential for national competitive advantage?

Theory of National Competitive Advantage Signup and view all the answers

In terms of international trade, what does 'absolute advantage' refer to?

Producing something more efficiently than any other country Signup and view all the answers

What is the key characteristic of a 'trade deficit'?

Nation imports more than it exports Signup and view all the answers

Which factor influences the value of a country's currency in foreign exchange markets?

$$ in high demand and product exports Signup and view all the answers

'Factor Conditions' and 'Related and Supporting Industries' are key components of which theory?

Theory of National Competitive Advantage Signup and view all the answers

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% Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

In the Canada-EU trade deal, how many member states are part of the European Union?

27 Signup and view all the answers

What was the purpose of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA)?

To promote trade between Canada and the EU Signup and view all the answers

Which term describes a situation where a country exports more than it imports?

Trade surplus Signup and view all the answers

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 Signup and view all the answers

Which agreement replaced NAFTA with some revisions?

United States-Mexico-Canada Agreement (USMCA) Signup and view all the answers

What does the term 'dumping' refer to in the context of international trade?

Selling goods abroad for less than what is charged domestically Signup and view all the answers

Which organization has a controversial history with agricultural subsidies and is the successor of GATT?

World Trade Organization (WTO) Signup and view all the answers

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 Signup and view all the answers

'Local-content laws' require that:

Part of the product must be made in the foreign country Signup and view all the answers

What does 'protectionism' primarily prioritize?

Protecting local business at the expense of competition Signup and view all the answers

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 Signup and view all the answers

Which group is generally against free trade due to concerns about job losses and environmental standards?

Protesters of trade liberalization Signup and view all the answers

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 Signup and view all the answers