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Exam 3: Doing Business in Global Markets

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Question 31

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The United States imports more products and services than any nation in the world.

A) True
B) False

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Question 32

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Norvada is a small nation that has followed protectionist policies for many years. Which of the following would be an example of a nontariff barrier established by Norvada?

A) Establishment of a tax levied on imported goods so that foreign products are more expensive than competing domestic goods.
B) Establishment of a tax levied on imported goods designed primarily to raise money for the government.
C) Establishment of restrictive quality standards requiring foreign firms to make expensive modifications to their products before they can be exported to Norvada.
D) Participation in the Uruguay Round of GATT negotiations.

E) A) and D)
F) B) and C)

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Question 33

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Competition in exporting is very intense.

Foreign direct investment refers to the buying of goods produced in another country.

Under the floating exchange rate system, the value of a country's currency is determined by:

Responding to pressure from political lobbyists representing the U.S. steel industry, the U.S. government levies a tax on steel products imported from Europe. This is an example of a(n) :

Casey is typical of many U.S. businesspeople. Casey feels the U.S. culture defines the model for the rest of the world, and that the "American way" of doing things is the best. Casey is guilty of:

A major advantage of licensing is:

In the past few decades, U.S. manufacturers shifted focus from manufacturing and assembling products, to the design and architecture of products. Now, a new shift: the offshore outsourcing of design and architecture is proving to be an even more serious disruption to the U.S. economy.

The country of New Florentina requires that all imported beverages be contained in clear, well-labeled recyclable glass bottles. Several beverage producers refuse to trade with New Florentina because the cost of glass bottles cuts into their profits to the point where it just isn't worth it. New Florentina has created a nontariff barrier.

Trade protectionism is the use of government regulations to encourage the import of goods and services.

The value of goods imported into France exceeds the value of French exports. This indicates that France:

While franchising is popular in the United States, it is not an accepted strategy for firms in the global market.

When U.S. firms choose to hire skilled and unskilled workers in other countries to produce goods and services, rather than producing them in the United States, we refer to this as __________.

India and Russia are emerging markets that present enormous business opportunities.

Technological differences can prevent some companies from doing business abroad.

A sociological challenge that must be overcome in order to be successful in the global market is:

When AB-InBev sells Budweiser beer made in St. Louis, MO, to Germany, the sales of its product would be classified as a U.S. ____________.

In order to prevent dumping, U.S. law stipulates that foreign firms selling similar products as domestic firms to U.S. customers must charge at least 10% more than what U.S. firms charge.

When a company's strategy is __________, the firm makes arrangements for a foreign manufacturer to produce the product. The domestic company's label and/or trademark are attached to the completed product.