Exam 1: Introduction

Consumer mobility refers to the idea that consumers like to find the same products everywhere.An example of a company that sells products everywhere in the world because its customers are all over the world is

A country enjoys an absolute advantage in the production of a particular good when it can produce it at a lower price than another country.

The Cluster Theory,developed by Michael Porter,argues that geographic areas benefit from having a high concentration of companies in a particular industry.The area of Sassuolo,in Italy,has a high concentration of ____________________ companies.

In 2007,the United States imported about 1.5 times more goods than it exported.

According to Thomas Friedman,individuals looking for jobs now compete with hundreds of other similarly trained applicants,coming from all corners of the world.

The ____________________,signed in 1957,led to the creation of the European Union.

In 2007,the United States exported more goods than any other country in the world.

A product is invented in Country X and is first manufactured there.The International Product Life Cycle Theory holds that the product will be manufactured in developing countries within a couple of years.

NAFTA is a free-trade agreement between the countries of

Brigham Young University publishes a series of pamphlets that describe the cultural traits of a country particularly clearly and accurately.Such pamphlets are called

The Theory of Comparative Advantage was first coined by Robert Torrens,but popularized by ____________________.

The General Agreement on Tariffs and Trade was an effort at reducing tariffs and non-tariff trade barriers.These reductions took place through year-long discussions that were called ____________________.

According to the International Product Life Cycle Theory,the country(ies)most likely to manufacture a product that has been recently developed (one that is the result of a brand-new design and uses patented technology)and is in its first commercialization year,is (are)

Michael Porter views Silicon Valley is an example of a "cluster" of innovation and manufacturing.

The Heckscher-Ohlin Theory can also be called the ____________________.

The international environment presents challenges for the international logistician.Which aspect of the international business environment is most likely to create frustrations?

The concept that encompasses the heritage of a country's population,including their language,their customs,their traditions,their morals,and their beliefs is that country's ____________________.

The total value of international trade (2008)in services and merchandise is about

Most trade today is more likely to be explained by the Theory of Comparative Advantage than by the Theory of Absolute Advantage.

In 1995,the World Trade Organization succeeded the ____________________ that had been created at the Bretton Woods Conference in 1944.