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SOMS 1000 CH2 Q/A


Which of the following does not represent a major trading bloc? D) WTO (World trade organization)
Which of the following is the most comprehensive form of international business? D) Foreign direct investment
Assume that Canada is more efficient at producing aluminium and Brazil is more efficient at producing coffee. What should both country produce? C) Canada should produce Aluminium and Brazil should produce coffee. The countries should trade with each other so both of country's consumers get more.
Which of the following contributes to a favourable balance of payment? B) Best Buy purchased for Future Shop.
Which of the following is the best justification for tariffs or other trade restrictions? B) They save domestic jobs.
Which of the following is not a trade restriction? D) NAFTA (North American Free Trade Agreement)
Which of the following NEEDS TO BE CONSIDERED WHEN A COMPANY EXPANDS INTERNATIONALLY? D) all answers ( Products, Promotion, and Pricing )
________________ are taxes, surcharges, or duties applied to imported goods. C) Tariffs
Four very important developing nations that are impacting global commerce are collectively referred to as BRIC. What does BRIC stand for? A) Brazil, Russia, India, and China.
What is it called when a nation has the ability to produce a particular product with fewer resources per unit of output than other nation? C) Absolut advantage.
The Canadian trade has been steadily growing in the past decade? FALSE
Licensing is an excellent way to enter a market if the company is not willing to establish facilities in the foreign nation. TRUE
Under the theory of comparative advantage, if each country specializes in those products they can produce best, then all countries will enjoy a higher standard of living TRUE
Governments subsidize certain industries to help companies compete in the global market TRUE
The world bank is used by central banks such as the Bank of England and the Bank of Canada to settle transaction between countries. FALSE
The total value of products a nation export minus the total value of products it import, over some period of time, is known as the ______________ Balance of Trade
______________ is the used to describe government policies aimed as shielding a country's industries from foreign competition. Protectionism
when companies sell their products in a foreign markets at prices lower than their cost of production, the exporting country can be charged with ____________ Dumping
A total ban on trade with a particular nation or of a particular product is known as an ____________ Embargo
____________________ is an international organization with 185 members countries; its primary function is to promote international monetary cooperation and foster economic growth. IMF ( international monetary fund )
The four most powerful trading blocs today are the Association of Southeast Asian Nations (ASEAN ), south America's Mercosur, North American Free Trade Agreement (NAFTA), and the _______________________. EU ( European Union )
Most international currencies operate under a _____________ rate system. Floating Exchange
Purchasing goods or services from another country and brining them into one's own country is known as _______________ Importing
A ______________ is a cooperative partnership in which organization share investment cost, risks, management expertise, and profits in the development, production, or selling of goods. Joint Venture
Companies that have a physical presence in many countries are called _______________ MNC ( multinational Corporations )
Created by: Susan Curtis Susan Curtis on 2014-02-05

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