Intro to Business - Ch 3: Business in the Global Economy

Question 1

A ________ business strategy uses the same marketing methods worldwide.

Accepted Answer

Global

Question 2

Which of the following does not need to be considered when starting a business in a new country?

Accepted Answer

The country's primary skin color.

Question 3

This trade barrier puts limits on the number of products that can be imported or exported.

Accepted Answer

Quota

Question 4

T or F - A favorable balance of payments comes from having more cash inflows than outflows.

Accepted Answer

True

Question 5

Which of the following is an international business?

Accepted Answer

A butcher that exclusively sells Japanese Wagyu beef.

Question 6

__________ is sells an intangible property so other businesses can use it to produce goods.

Accepted Answer

Licensing

Question 7

If the Euro is valued at 1.10 against the US dollar, how much is 11 Euros in $$$?

Accepted Answer

$10.00

Question 8

A ________ business strategy alters a strategy based on the culture of the country it is in.

Accepted Answer

Multinational

Question 9

This type of advantage exists when one country produces better quality goods than other countries.

Accepted Answer

Comparative Advantage

Question 10

T or F - Tariffs lead to more trade between countries.

Accepted Answer

False

Question 11

The main goal of the _________ is settling trade disputes.

Accepted Answer

World Trade Organization

Question 12

What country has the U.S. held a trade embargo with since the 1960's?

Accepted Answer

Cuba

Question 13

This type of advantage exists when a country can produce at a lower cost than other countries.

Accepted Answer

Absolute Advantage

Question 14

T or F - A favorable balance of trade comes from having more imports than exports.

Accepted Answer

False

Question 15

T or F - When two businesses temporarily work together, this is called a joint venture.

Accepted Answer

True

Questions 15