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International Business: Religion, Customs, and Trade Barriers

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International Business: Religion, Customs, and Trade Barriers

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Questions and Answers

Which of the following is NOT an argument in favor of protectionist trade barriers?

Infant-industry development

Cheap foreign labor

National security

Promoting free trade (correct)

What is the primary purpose of the World Trade Organization (WTO) mentioned in the text?

To promote protectionist trade barriers

To arbitrate global trade disputes (correct)

To replace the General Agreement on Tariffs and Trade (GATT)

To negotiate international trade treaties

What is one of the negative effects of protectionist trade barriers?

Increased national security

Hurt domestic consumers (correct)

Reduced competition for domestic producers

Higher wages for domestic workers

Which international organization provides economic assistance for poor and developing countries?

World Bank Signup and view all the answers

Which trade agreement was signed by Australia, Brunei, Canada, and Chile among others, but the United States later withdrew from it?

Trans-Pacific Partnership Signup and view all the answers

What is the primary focus of the Trans-Pacific Partnership (TPP) agreements?

Elimination of tariffs and liberalization of services trade Signup and view all the answers

Which organization loans money to countries with troubled economies?

International Monetary Fund Signup and view all the answers

What is the purpose of understanding religious value systems and customs in international businesses?

To develop marketing campaigns that appeal to a global audience Signup and view all the answers

What is the primary function of subsidies in the context of trade barriers?

To provide government payments to domestic producers to help them compete against foreign firms Signup and view all the answers

Which type of trade barrier involves a total restriction on an import or export?

Embargoes Signup and view all the answers