Question 1

Free trade agreements are not restricted to the Americas.

Accepted Answer

A) True 
 B)False

Question 2

An absolute advantage exists when

Accepted Answer

A)  a country has a superior political system. 
B)  a country can produce a product more cheaply and/or of higher quality than any other country. 
C)  a country has more natural resources than all other countries. 
D)  a country has lower labour costs than all other countries. 
E)  a country can make almost all products more efficiently than other countries. 
A)  a country has a superior political system. 
B)  a country can produce a product more cheaply and/or of higher quality than any other country. 
C)  a country has more natural resources than all other countries. 
D)  a country has lower labour costs than all other countries. 
E)  a country can make almost all products more efficiently than other countries.

Question 3

With globalization,there will be less distinction between domestic and foreign firms.

Accepted Answer

A) True 
 B)False

Question 4

Hershey Chocolate is an example of an international firm that is large and influential in the global economy,but one that has remained basically a domestic firm.

Accepted Answer

A) True 
 B)False

Question 5

The purpose of GATT was to

Accepted Answer

A)  improve trade balances in developing countries. 
B)  reduce or eliminate trade barriers such as quotas and tariffs. 
C)  stop the practice of "dumping." 
D)  encourage governments to increase the protection for their domestic industries. 
E)  all of these. 
A)  improve trade balances in developing countries. 
B)  reduce or eliminate trade barriers such as quotas and tariffs. 
C)  stop the practice of "dumping." 
D)  encourage governments to increase the protection for their domestic industries. 
E)  all of these.

Question 6

National competitive advantage derives from four conditions: factor conditions,supply conditions,strategies/structures/rivalries,and related and supporting conditions.

Accepted Answer

A) True 
 B)False

Question 7

Susie lives in Vancouver and has noticed that there seems to be a rising interest in goods from the Chinese culture.To take advantage of this she should explore

Accepted Answer

A)  subsidies. 
B)  exporting. 
C)  a trade deficit. 
D)  foreign exchange. 
E)  importing. 
A)  subsidies. 
B)  exporting. 
C)  a trade deficit. 
D)  foreign exchange. 
E)  importing.

Question 8

Quotas and tariffs can be used to control the export of goods and services as well as the import of goods and services.

Accepted Answer

A) True 
 B)False

Question 9

How does exporting benefit the Canadian economy?

Accepted Answer

- increased sales volume
 - in

Question 10

All countries have a comparative advantage in some products.

Accepted Answer

A) True 
 B)False

Question 11

When we talk about international trade,we are referring to trade in manufactured goods only.

Accepted Answer

A) True 
 B)False

Question 12

Exports are

Accepted Answer

A)  services that are created in Canada and sold abroad. 
B)  goods and services that are made or grown abroad and sold in Canada. 
C)  products that are made or grown in Canada and sold abroad; services cannot be exported. 
D)  goods and services that are made or grown in Canada and sold abroad. 
E)  products that are made or grown abroad and sold in Canada; services cannot be exported. 
A)  services that are created in Canada and sold abroad. 
B)  goods and services that are made or grown abroad and sold in Canada. 
C)  products that are made or grown in Canada and sold abroad; services cannot be exported. 
D)  goods and services that are made or grown in Canada and sold abroad. 
E)  products that are made or grown abroad and sold in Canada; services cannot be exported.

Question 13

Identify the different means a government may take to discourage trade.Explain each.

Accepted Answer

- quota-restriction on number

Free trade agreements are not restricted to the Americas.

An absolute advantage exists when

With globalization,there will be less distinction between domestic and foreign firms.

Hershey Chocolate is an example of an international firm that is large and influential in the global economy,but one that has remained basically a domestic firm.

The purpose of GATT was to

National competitive advantage derives from four conditions: factor conditions,supply conditions,strategies/structures/rivalries,and related and supporting conditions.

Susie lives in Vancouver and has noticed that there seems to be a rising interest in goods from the Chinese culture.To take advantage of this she should explore

Quotas and tariffs can be used to control the export of goods and services as well as the import of goods and services.

How does exporting benefit the Canadian economy?

All countries have a comparative advantage in some products.

When we talk about international trade,we are referring to trade in manufactured goods only.

Exports are

Identify the different means a government may take to discourage trade.Explain each.

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Exam 5: The Global Context of Business

Free trade agreements are not restricted to the Americas.

An absolute advantage exists when

With globalization,there will be less distinction between domestic and foreign firms.

Hershey Chocolate is an example of an international firm that is large and influential in the global economy,but one that has remained basically a domestic firm.

The purpose of GATT was to

National competitive advantage derives from four conditions: factor conditions,supply conditions,strategies/structures/rivalries,and related and supporting conditions.

Susie lives in Vancouver and has noticed that there seems to be a rising interest in goods from the Chinese culture.To take advantage of this she should explore

Quotas and tariffs can be used to control the export of goods and services as well as the import of goods and services.

How does exporting benefit the Canadian economy?

All countries have a comparative advantage in some products.

When we talk about international trade,we are referring to trade in manufactured goods only.

Exports are

Identify the different means a government may take to discourage trade.Explain each.

Understanding the Canadian Business System

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters