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Chapter 3 Review Flashcards | StudBud
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Chapter 3 Review
Chapter 3 Review
25 terms
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StudBud Administration
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Intro to business review
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What year was the IMF established?
2000
1995
1944
1946
2
A company that is planning to sell the rights to its brand name for use in other countries is a...
licensing agreement
trade agreement
franchise
joint venture
3
Which of the following is NOT a type of global entry market mode we talked about this chapter?
franchising
joint venture
entrepreneurship
licensing
4
Without foreign trade, many things you buy would cost more or not be available
True
False
5
A country can have a trade surplus in one country, but CANNOT have a trade deficit in another
False
True
6
A country that wishes to enhance international trade activities would MOST likely use...
quota
embargo
common market
tariff
7
When a country imports exceeds exports, this is a trade...
deficit
exchange
balance
surplus
8
Which of the following would be an example of international business?
sales staff in SC representing a foreign producer
restaurant in Chicago offering Asian menu items
farmer in ID using U.S. produced equipment
a retail store in OR selling craft items from local artists
9
All of the following are examples of factors affecting currency values EXCEPT:
political stability
balance of payments
balance of trade
economic conditions
10
A common market is also called an economic community
False
True
11
There are only 2 main elements of the international trade environment
False
True
12
Economics in the international business environment deals with...
language, family, religion, customs, traditions, and food
location, climate, terrain, waterways, and resources
technology, education, inflation, exchange rates, and infrastructure
government systems, political stability, and trade barriers
13
An informal trade barrier is created by government actions
False
True
14
Which of the following is a formal trade barrier?
quota
international business environment
free-trade zone
free-trade agreement
15
Religion is an element of the __________ component of the international business environment
political
cultural
economic
geographic
16
Exports are items bought from other countries.
False
True
17
Infrastructure is a significant factor that affects the economic development of a country
True
False
18
World trade is known as what?
comparative advantage
absolute advantage
international business
multinational company
19
The effects on a country's economic development are literacy level, technology, and ag dependency
False
True
20
Where is a free-trade zone normally located?
seaport or airport
none of these
landlocked
anywhere
21
Comparative advantage exists when a country can produce a good or service at a lower cost than other countries
True
False
22
The country in which the MNC places business activities in is a...
home country
host country
marketplace
place of origin
23
A global strategy does
NOT
use the same product and marketing strategy worldwide
True
False
24
The international organization that settles trade disagreements and enforces free-trade agreements is the...
WTO
United Nations
World Bank
IMF
25
McDonald's, KFC, and Wendy's are all examples of what type of global market entry mode?
franchise
joint venture
licensing
copywriting
