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Chapter 7 Global Trade Flashcards | StudBud
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Chapter 7 Global Trade
Chapter 7 Global Trade
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Questions
30
Answers
1
Exchange rates are not needed because all currencies have the same value
True
False
2
Standardization and adaptation are forms of what marketing strategy?
promotion
price
product
place
3
An environmental scan focuses on what?
goods
opportunities/ threats
exchange rate
free trade
4
Define an embargo
a way of trade
import duty
a governmental order that prohibits trade with a foreign country
transportation and different ways to get products out
5
Trade deficit is a positive balance of trade
False
True
6
Global trade is the same as international trade
False
True
7
What organization regulates international free-trade on a global scale?
Federal Trade Commission Act (FCA)
The World Trade Organization (WTO)
The North American Free Trade Agreement (NAFTA)
Antitrust Act
8
Trade Regulations consist of which of the following?
pricing
trade sanctions
tariffs
laws
9
How does international trade take place?
Through dependency
Through money
Through Building
Through exporting and importing
10
Which is included in technological factors?
broadcast media
global marketing
adaptation
price
11
What has importing and exporting created?
Labor
Global Dependency
Balance
Trade deficit
12
What does a product adaptation consist of?
buying habits
communication
dependency
Customs of a foreign market
13
Which is NOT an economic factor?
culture
infrastructure
labor
standard of living
14
How does the place you live in impact what you need to buy?
The living conditions determine the things you need to buy where you live
you need to buy things for other places instead of yours
It does not buy whatever you want
buying things for other people to make sure they have things
15
Which is NOT a factor that is influenced by an economy's exchange rate?
nations in dispute with other nations
political stability
trading barriers
laws changing in nations
16
What is one thing global marketing strategies consist of?
satisfying customer demands
learning about the customer
currency
environmental scans
17
The goal of trade agreements is to create economic benefits
False
True
18
What is licensing?
When a business sells a manufacture its products or uses it as trademark
a partnership of 2 or more companies
transferring production work to another company
moving sections of a business to another country
19
What is 2 ways to enter the global market in foreign countries?
target marketing
channel managing
importing
Franchising
20
A licensee's job is to get a product into the market quickly
True
False
21
What challenges do businesses face while exporting?
pricing products, market planning, and selling strategies
none
finding a target market, shipping, and legal issues
licensing, trading, and finding transport
22
What is adaption?
it has a negative effect of the economy
changing marketing strategies to meet demands of customers
helps increase international trade
price making
23
What is foreign exchange rate?
Buying of international goods
Money
Trading goods from other countries
the cost to convert one currency into another
24
What is Globalization?
the price of a product
a product brought to a country from outside its borders
Buying and selling of goods and services between 2 or more countries
Connection made among nations worldwide when economics freely move goods
25
Demographics focus on what? (More than 1 answer)
gender
debt
eye color
age
26
What is another word for tariff?
duty
debt
trade
quota
27
What is one role government has on international trade?
Trade regulations
balance of payments
absolute advantage
floating currency
28
Currency is money
False
True
29
Define a trade agreement
none
the body of laws related to the exchange of goods and services
governmental tax on imported goods
document listing the conditions and terms for importing and exporting goods
30
The exchange rate of currency indicates an economy's wealth
True
False
