Why would a country impose a tariff or quota on imported goods?

to raise the price of imported goods and encourage people to buy local

to raise the price of imported goods to help other countries make more money

What is globalisation?

The process by which the world is becoming increasingly interconnected.

The process by which the world is becoming less interconnected.

The process by which the world is becoming more divided.

One negative consequence of globalisation for less-developed countries is

Skills transferred to domestic work

A disadvantage of globalisation for manufacturers in the UK would include which one of the following

Low-cost competition from overseas firms

The spread of technology could cause local unemployment

Some negatives of globalization include

Workers are exploited in sweatshops

Low wages for factory workers in As

A country will become an exporter of a good if

the world market price is above the domestic price

there are enough producers of that good

the government imposes export quotas

the world market price is below the domestic price

What are BENEFITS of free trade for CONSUMERS? There are TWO.

Lower price for consumers - increased competition and greater efficiency leads to lower prices

Greater choice for consumers - countries can import a larger variety of goods and services, possibly higher quality

Economies of scale - firms can expand and experience decreasing average costs of production

Profits competed away - with the rise of competition domestic firms abnormal profits may be competed away

What is the relationship between culture and communication?

Culture involves interacting and communicating with other people and the world around them

Culture is unrelated to communication

Culture is solely about traditional practices

Culture is only about personal feelings

What does this symbol mean?

means your trademark has been registered

means your trademark has not been registered

means your copyright has been registered

means your copyright has a creative commons license

What does the term "Intellectual property" mean?

Anything owned by a scientist or professor

Media products produced by a specific company

Media products advertised on TV

Can I use a picture from my favourite show and print them on a shirt?

NO, it will be copyright infringement.

What is a common characteristic of low-context cultures in communication?

Emphasis on explicit verbal messages

Why might a country choose to subsidize its local industries?

To make local products more competitive internationally

To increase the cost of local goods

To discourage foreign investment

For foreign direct investment (FDI) to occur, a firm should primarily:

invest resources in business activities outside its home country.

conduct cross-border bartering with neighboring countries.

export goods or services to consumers in another country.

. import goods or services from producers in another country.

An example of foreign direct investment (FDI) would be which of the following?

A U.S. company opening a manufacturing plant in Mexico.

A German company purchasing stocks in a French corporation.

A Canadian firm investing in local real estate.

A Japanese company acquiring a U.S. tech startup.

Leo, a toy manufacturer, wants to expand his business internationally. What is licensing in the context of international market entry?

Allowing a foreign company to produce and sell your product in exchange for a fee or royalty

Establishing a new company in a foreign country

Selling products directly to consumers in another country

What is a joint venture?

A partnership between a domestic and a foreign company to share resources and risks

A solo business operation in a foreign market

Which of the following is an advantage of exporting as a method of entering international markets?

Complete control over foreign operations

High tariffs and trade barriers

What is a disadvantage of licensing as a method of entering international markets?

Risk of creating a future competitor

High level of control over the licensee

What is the concept of monochronic time?

Preference for doing one thing at a time because time is limited, precisely segmented and schedule driven

Preference for doing more than one thing at a time because time is flexible and multidimensional

Preference for doing one thing at a time because time is flexible and multidimensional

Preference for doing more than one thing at a time because time is limited, precisely segmented and schedule driven

What does culture encompass?

Beliefs, values, behaviors, and material objects

Only behaviors and material objects

When people trade how do both sides benefit?

Countries can focus on producing specific goods from their natural resources instead of trying to create everything they need

Countries can take advantage of each other making the international market more secure

Countries are able to learn the weaknesses of other countries and exploit those for natural resources

Countries are able to enter other countries with spies and foreign agents to undermine governments.

What would be one consequence of a prolonged decline in the value of the euro relative to the U.S. dollar?

European exports to the United States would become less expensive.

U.S. exports to Europe would become cheaper.

European imports from the United States would increase.

U.S. imports from Europe would become more expensive.U.S. imports from Europe would become more expensive.

MPP International Trade MCQ Quiz

53 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A trade agreement that eleminates barriers between the United States, Canada, and Mexico.

ASEAN

EU

NAFTA

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A union which promotes free movement of goods and workers across borders in Euroupean countries.

ASEAN

EU

NAFTA

3.

DROPDOWN QUESTION

1 min • 1 pt

The association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations is called (a) .

ASEAN

EU

NAFTA

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A ban; government prohibits the import of that item.

embargo

standard

subsidy

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Government makes payments to local suppliers to reduce the production costs of the supplier.

embargo

standard

subsidy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A tax on imports

tariff

import tax

supply

embargo

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Rules used to try to limit trade with other countries

embargo

tariff

trade barriers

quota

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MPP International Trade MCQ

A trade agreement that eleminates barriers between the United States, Canada, and Mexico.

A union which promotes free movement of goods and workers across borders in Euroupean countries.

The association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations is called (a) .

A ban; government prohibits the import of that item.

Government makes payments to local suppliers to reduce the production costs of the supplier.

A tax on imports

Rules used to try to limit trade with other countries

Which of these country is NOT a member of ASEAN?

Why would a country impose a tariff or quota on imported goods?

A tariff is when a _______ is put on an imported good

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