Why does the United States need to import products?

Some are easier and cheaper to make in other countries

The US does not import products

The US makes all of its own products

Which option best describes the term globalisation?

The process by which the world is increasingly becoming one market

Goods purchased from overseas by UK businesses and consumers

When a business produces goods in more than one country

When goods and services are made in one country and sold in another

Imports are a feature of global markets. Which of the following is an example of a UK import?

A lamp made in China is sold to UK customers

A vase made in Spain is sold to customers in Spain

A table made in the UK is sold to customers in Germany

A kettle made in the UK is sold to UK customers

Exchange rates are important to businesses that trade globally. Which option is true if a country’s currency becomes stronger?

Bad for business that exports as goods are more expensive overseas

Bad for consumers as prices of imports will increase

Bad for business that exports as goods are less expensive overseas

Bad for business that imports raw materials as prices will increase

A UK business might relocate operations abroad in order to:

Benefit from higher labour costs

Build a factory on more expensive land

Avoid bad publicity created through the closure of UK factories

Which is a benefit to UK businesses of globalisation?

Access to new and bigger markets

Being vulnerable to the world economic climate

Increased competition can lead to business failure

Multinational firms are increasingly powerful

Which best describes the term imports?

Goods purchased from overseas by UK businesses and consumers

Goods produced by UK businesses and purchased by other UK businesses

Goods produced by a business in one country and sold in another

Goods purchased by UK businesses from other UK producers

Which of the following best describes the term multinationals?

Businesses that have operations in more than one country

Goods made in one country and then sold to a different country

Goods or services that are bought from overseas

Businesses that only have operations in one country

Which of the following is true in relation to tariffs?

Buyers might be encouraged to purchase home produced goods instead of imports if a tariff is imposed on imported goods

Tariffs restrict the number of imports a country can receive in a particular time period

Tariffs discourage trade between countries that are members of a trade bloc

When a tariff is imposed on imported goods they will become cheaper in that market

Which two are drawbacks to independent UK businesses of globalisation?

Increased competition from overseas businesses

Global brands can dominate markets

Costs can be reduced through the use of cheaper labour

Access to cheaper raw materials

Which two businesses are acting as exporters?

A UK based car manufacturer sell cars to the Japanese market

A UK mountain bike producer sells its products to the USA

A UK retailer buys goods from overseas suppliers to sell in the UK

A UK supermarket buys milk from UK farmers to sell in its UK stores

A UK confectionery business buys cocoa from abroad to produce chocolate bars in the UK

SGS Business 2.1.4 Business and Globalisation

Authored by Richard Beels

Business

9th - 11th Grade

Used 53+ times

SGS Business 2.1.4 Business and Globalisation

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21 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An import is a

Good/service brought into a country

Good/service sent to another country

Good brought into a country

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An export is a

Good/service brought into a country

Good/service sent to another country

Good brought into a country

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a tariff?

A fee added to imports

A certain quantity of goods that are allowed to be brought in

Government giving money to or helping manufacturers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Foreign exchange is

Buying goods in a foreign country

A company that buys and sells currency

Buying and selling the currencies used in other countries

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Something people use is called ____________.

a Need

a Resource

an Export

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The definition of TRADE is __________________.

Importing goods

to buy or sell goods or services

Exporting goods

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define the acronym for W. T. O.

World Top Organizatioin

World Trade Organization

Warehouse Trade Operation

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SGS Business 2.1.4 Business and Globalisation

An import is a

An export is a

What is a tariff?

Foreign exchange is

Something people use is called ____________.

The definition of TRADE is __________________.

Define the acronym for W. T. O.

Why does the United States need to import products?

Which option best describes the term globalisation?

ASEAN (Association of South East Asian Nations) is an example of which of the following?

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