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Exam 3: Exploring Global Business

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Question 1

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What is the difference between an absolute advantage and a comparative advantage?

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Absolute advantage and comparative advan...

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Question 2

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A restriction on the amount of a particular foreign product that can be purchased or sold is called a foreign-exchange control.

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B) False

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Question 3

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A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise.

A ____ is issued by a bank upon request of an importer stating that the bank will pay an amount of money to a stated beneficiary.

Trading companies do not take title to products.

The Tokyo Round

The land of Narnack has very infertile soil but a large supply of oil.What action should Narnack take? Narnack should

Totally owned facilities overseas are an example of_____.

Sangeeta purchases a Turkish rug from a local rug gallery in Dallas, Texas.Which of the following best describes this transaction?

If the United States exports $100 worth of diamonds to the Kingdom of Mocha and imports $80 worth of bows and arrows, it has a(n) _____.

The U.S.government created the ____ as a comprehensive source for U.S.companies seeking information on federal programs and activities that support U.S.exports.

Strategic alliances and ____ are very similar.

A reduction in the value of a nation's currency relative to the currencies of other countries is called _____.

The Doha Round of negotiations was really not worth the effort.

All five multilateral development banks are supported by the industrialized nations, including the United States.

Another name for an import duty is a(n) _____.

Absolute advantage is the ability to produce a specific product more efficiently than any other nation.

Lynn Bernerd, Inc. Lynn Bernerd, Inc., manufactures and sells reclining furniture.The company currently operates in the United States but wishes to expand overseas.The company managers have been contemplating the best way to enter the foreign market.At first, the management felt it would be in the company's best interest to let a foreign company use its product and brand in exchange for a royalty.The managers recognized, however, that before the company decided on its foreign strategy it needed to think through all the steps required to enter an international market.As such, the managers believed they needed to consult with some type of agency to help their firm compete more effectively in the global marketplace. After all the research was completed, the senior managers realized that they wanted to export their product.The managers decided that the transport carrier would notify them when the merchandise was shipped.This would avoid any confusion about lost shipments and ensure better communication with the receiving parties. -Refer to Lynn Bernerd, Inc.Initially, the managers believed that ____ would be the best option for entering the foreign market.

The ____ gave President Kennedy the authority to negotiate reciprocal trade agreements that could reduce U.S.tariffs by as much as 50 percent.

A ____ is issued by the transport carrier to the exporter to prove merchandise has been shipped.