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Global Economy and Trade Basics Quiz

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Questions and Answers

What is the main function of a freight forwarder?

To serve as a distributor in a foreign country

To handle all tasks related to exporting for a manufacturer

To prepare necessary exporting paperwork

To arrange shipments and prepare necessary exporting paperwork (correct)

What does GDP represent?

Total market value of all goods and services produced by workers within a nation

Total value of goods and services produced by workers and capital within a nation (correct)

Total monetary wealth of a country's citizens

Total value of imports and exports between countries

What is the role of an export management company?

To translate one language into or from another

To serve as a distributor in a foreign country

To arrange shipments and prepare necessary exporting paperwork

To handle all tasks related to exporting for a manufacturer (correct)

What is the purpose of a trade barrier?

To restrict goods entering or leaving a country Signup and view all the answers

What does IBEX stand for in the context provided?

International Business Exchange Signup and view all the answers

What is the significance of a Best Prospect List?

It details products that other countries are looking to purchase Signup and view all the answers

Which term refers to the total market value of all goods and services produced within a nation during a given period?

GDP Signup and view all the answers

What does SITC stand for in the context of international trade?

System of International Trade Classification Signup and view all the answers

Which term refers to the tax imposed on imports or exports of goods between countries?

Tariff Signup and view all the answers

What is the primary role of a trade mission organized by the U.S. government and private agencies?

To travel to other countries for business meetings with foreign agents Signup and view all the answers

Which entity compiles a Best Prospect List specifying the products that certain countries are interested in purchasing?

U.S. government Signup and view all the answers

What is the function of a trade intermediary in international trade?

To act as an agency that connects buyers and sellers in different countries Signup and view all the answers

What does an export management company typically do for a manufacturer involved in exporting?

Handle all tasks related to exporting, such as marketing and distribution Signup and view all the answers

In the context of trade, what does IBEX refer to?

'Cross-border' trade of goods, services, capital, knowledge, and technology Signup and view all the answers

What is the general role of a freight forwarder in international trade?

'Arranging shipments and preparing necessary exporting paperwork' Signup and view all the answers