Team Quiz

International trade means the aggregation of all of the various industries playing in the international trade sandbox.

• TRUE

• FALSE

Language skills and cultural sensitivity are crucial in international business, although fluency in a foreign language is not always necessary for success.

• TRUE

• FALSE

Risk management is the continuous process of identifying, analyzing, evaluating, and minimizing loss exposures and mitigating adverse effects of loss.

• TRUE

• FALSE

Venue helps decide which court among those with proper jurisdiction should actually hear the case

• TRUE

• FALSE

A trade surplus occurs when the value of imports exceeds the value of exports.

• TRUE

• FALSE

The Product Life Cycle Theory suggests that production of a product never moves to other countries.

• TRUE

• FALSE

Government-imposed import restrictions increase competition in the local market

• TRUE

• FALSE

The CISG applies to all sales contracts, including those for consumer goods and real estate

• TRUE

• FALSE

Sales contracts are the legal mechanism for conducting trade in goods, embodying the agreement between two countries

• TRUE

• FALSE

The current international trading system is based on lessons learned from historical events such as the Bretton Woods Conference and world wars.

• TRUE

• FALSE