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Quiz 3 Flashcards | StudBud
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Quiz 3
Quiz 3
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Questions
15
Answers
1
Why might a country choose to implement quotas instead of embargoes?
Embargoes are more supportive of free trade
They want to completely cut off all trade and communication
Quotas are more aggressive and send a stronger message
They favor diplomacy over confrontation
2
Mercantilism focuses on maximizing exports and minimizing imports.
False
True
3
Which concept explains that countries benefit by specializing in goods they produce most efficiently?
Comparative Advantage
Factor Proportions Theory
International Product Life Cycle
Protectionism
4
What does the International Product Life Cycle theory describe?
How a product's production location shifts as it matures globally
How companies create only domestic products
How tariffs affect product pricing
How products change in popularity within one country
5
What is dumping in international trade?
Selling goods at a premium price abroad
Selling goods abroad below cost or home price
Banning imports from specific countries
Exporting only high-quality products to another country
6
What are advantages of protectionism?
It supports infant industries
It can improve national security
It reduces reliance on foreign goods
It protects domestic jobs
7
Why can fake information harm investors?
It can lead to financial losses
It damages trust in the market
It reduces market transparency
It can cause investors to make poor financial decisions
8
Which of the following is NOT a component of culture?
Language
Military Strategy
Religion
Social Structure
9
What are disadvantages of protectionism?
It limits consumer choices
It may slow down global economic growth
It can reduce innovation and efficiency
It can reduce innovation and efficiency
10
Culture is a system of values and norms shared among a group of people.
True
False
11
What is XMind primarily used for?
Creating mind maps and organizing ideas
Designing websites
Video editing
Programming software
12
What does the Factor Proportions Theory emphasize in international trade?
Differences in technology
Differences in consumer preferences
Differences in government policies
Differences in countries’ resources (like labor and capital)
13
What major ethical issue was Enron involved in?
Hiding financial losses with false information
Overpaying taxes to the government
Promoting environmental protection
Fair labor practices
14
What are advantages of government intervention in international trade?
It can prevent unfair competition
It makes all countries trade more freely
It removes the need for government rules
It harms local businesses
15
How does politics influence international business?
Politics guarantees free trade everywhere
Politics only affects domestic businesses
Politics has no effect on international business
Political decisions can create trade barriers or open markets
