International Business and Cross-National Cooperation Quiz
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Questions and Answers

What is referred to as terms of trade?

  • The effect of weather on supply
  • The effect of business cycles on demand
  • The quantity of primary products demanded
  • The quantity of imports a country's exports can buy (correct)

    • Why is it said that it takes more low-priced primary products to buy high-priced manufactured goods?

  • Raw material-saving technologies decrease the demand for primary products
  • Primary products are not considered essential for survival
  • Manufactured goods have higher income elasticity of demand than primary products (correct)
  • People spend a higher percentage of their income on food as their income rises

    • What approach involves restricting imports to boost local production and consumption?

  • Export-led development
  • Nation building
  • Import substitution (correct)
  • Industrialization

    • Which factor contributes to the slower rise in the demand for primary products compared to manufactured goods?

    <p>Increase in the percentage of income spent on food</p> Signup and view all the answers

    What is the main purpose of industrialization in nation building?

    <p>Advance rural development</p> Signup and view all the answers

    How did Ecuador and Vietnam benefit from industrialization according to the text?

    <p>Transitioned from import-dependent to export-competitive economies</p> Signup and view all the answers

    Which economic growth strategy focuses on developing industries with export potential?

    <p>Export-led development</p> Signup and view all the answers

    What can wreak havoc on economies that rely on exporting primary products?

    <p>Variations in currency exchange rates</p> Signup and view all the answers

    Why does the quantity of primary products demanded not rise as rapidly as manufactured products?

    <p>Decrease in percentage of income spent on food as incomes rise</p> Signup and view all the answers

    What is one of the benefits that industrialization brings to countries?

    <p>Advancing rural development</p> Signup and view all the answers

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