International Trade and Economic Globalization
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Questions and Answers

What is a trade surplus?

  • When a country imports more than it exports
  • When a country exports more than it imports (correct)
  • When a country's exchange rate is higher than usual
  • When a country's exchange rate is lower than average

    • What is the purpose of protectionism in international trade?

  • To encourage import of goods and services
  • To shield a country's industries from foreign competition (correct)
  • To reduce government intervention in trade
  • To promote free trade and open markets

    • What does a quota refer to in international trade?

  • Taxes, surcharges, and duties on imported goods
  • The amount of goods allowed to be imported (correct)
  • The complete ban of a specific product
  • Financial assistance from the government to lower prices

    • What are export subsidies in international trade?

    <p>Financial assistance from the government to allow lower prices</p> Signup and view all the answers

    Which organization promotes trade among member nations in the Asia-Pacific region?

    <p>APEC</p> Signup and view all the answers

    What is the term for selling the rights to use an entire business system, including name and processes, to a company in another country?

    <p>International franchising</p> Signup and view all the answers

    Which organizational strategy for international expansion focuses on creating highly independent operating units in each new country?

    <p>Multi-domestic strategy</p> Signup and view all the answers

    What is a shared system of symbols, beliefs, attitudes, values, and norms of behavior called?

    <p>Culture</p> Signup and view all the answers

    What is the term for buying an established company or launching a new company in another country?

    <p>Foreign direct investment</p> Signup and view all the answers

    Which form of international business activity involves buying and selling goods and services across national borders?

    <p>Importing and exporting</p> Signup and view all the answers

    What is the term for the complete ban of a specific product in international trade?

    <p>Embargoes</p> Signup and view all the answers

    What does a trade deficit indicate in the context of international trade?

    <p>Imports more than it exports</p> Signup and view all the answers

    What is the term for policies aimed at shielding a country's industries from foreign competition?

    <p>Protectionism</p> Signup and view all the answers

    In international trade, what is the measure of the difference between a country's exports and imports during a specific period?

    <p>Balance of trade</p> Signup and view all the answers

    Which organization primarily focuses on promoting trade among member nations worldwide?

    <p>World Trade Organization (WTO)</p> Signup and view all the answers

    What is the term for forming a long-term business partnership with a local company in a new market?

    <p>International strategic alliances</p> Signup and view all the answers

    What does the term 'transnational strategy' in international expansion aim to achieve?

    <p>Reap the benefits of an international scale while being responsive to local market dynamics</p> Signup and view all the answers

    What is the term for selling the rights to use an entire business system, including name and internal processes, to a company in another country?

    <p>International franchising</p> Signup and view all the answers

    What presents challenges in the global business environment due to different laws, preferences, and ethical standards?

    <p>Culture</p> Signup and view all the answers

    What is the term for buying an established company or launching a new company in another country?

    <p>Foreign direct investment</p> Signup and view all the answers

    Which trading bloc consists of 28 countries and may implement the EURO as its currency?

    <p>European Union (EU)</p> Signup and view all the answers

    What is the primary function of the International Monetary Fund (IMF) in international trade?

    <p>Stabilizing exchange rates and providing financial assistance to countries in need</p> Signup and view all the answers

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