_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.

The United States buys copper from Chile’s Escondido copper mine. The copper is used to make wiring for the U.S. telecommunications industry and for many other purposes. For the U.S., the copper is an example of a(n):

The Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of:

A country that exports more goods than it imports is said to have a(n):

In 2018, Austria exported $122.5 billion and imported products valued at $118.8 billion. Austria had a(n):

In 2018, Rwanda exported $98 million and imported products valued at $243 million. Rwanda has a(n):

In 2018, if the country of Serbia had imports of $10.58 billion and had an unfavorable balance of trade. This means that Serbia had:

The difference between a country's total payments to other countries and its total receipts from other countries is called its:

Imagine you are trying to gather the information needed to calculate the balance of payments for an Eastern European country. To do your calculations, you would need to have information on all of the following EXCEPT:

The _____ is the value of one currency in terms of another.

Currency markets operate under a system called _____. This means that the prices of currencies vary based upon the demand and supply of that currency.

In 2006, the nation of Zimbabwe reduced the value of its currency by 60 percent to bring its value more in line with the relative value of most other world currencies. This reduction of value is called:

Venezuela can grow and sell cut flowers for floral bouquets more easily and more cheaply than most other countries can produce the same flowers. When it comes to flowers, Venezuela has a(n):

The karakul is a breed of Central Asian sheep that produces curly, glossy wool. This wool is popular in some countries for the manufacturing of warm hats and coats. Since the breed can only be grown in Central Asia, this region can be said to have a(n):

A policy of permitting the people of a country to buy and sell where they please, without restrictions, is called:

Protectionism:

Japan bans importation of rice to protect its domestic rice industry. This ban is an example of:

What are the benefits associated with free trade and globalization?

Shell Oil Company used Intertek Caleb Brett, an Australian research laboratory, to provide all analytical services needed to support one of its full scale refinery. With this _____, Shell replaced domestic employees at the site of the refinery with employees from the Australian firm.

A natural barrier that faces Argentina when it sells beef to Siberia is:

A(n) _____ is a tax levied by a nation on imported goods.

The Royal Government of Bhutan imposes a 10 percent tax on all operating tables, examination tables, and dentist's chairs imported into Bhutan. Another name for this type of tax is a(n):

The _____ is a protectionist argument that says the U.S. should use tariffs to keep foreign labor from taking away U.S. jobs.

Besides tariffs, a government can use a number of other tools to restrict trade. Which of the following is NOT a tool aimed at restricting trade?

A recent regulation enacted by the Commission for Protective Trade Measures in Russia limits the amount of poultry meat that can be brought into the country and sold in the country each year to 1.05 billion tons. Russia is using a(n) _____ to protect its domestic poultry industry.

In 1914, the United States prohibited the importation of Mexican avocados even though Mexico is the world’s largest producer of the fruit. This prohibition remained in effect until 1996. The ban on importing Mexican avocados is an example of a(n):

A German law that prohibited the use of hops grown outside of the country in the production of German-made beer was overturned in the late 1980s. This law was an example of a(n):

Laws relating to the alcoholic content of beer have required many imported brands of beer to be labeled malt liquor when it is sold in the United States. In addition, all beer sold in the U.S. must contain an expiration date or a “best-buy” date. These laws have made it difficult for small foreign breweries to enter the U.S. market. These laws are an example of:

Which of the following statements about dumping is true?

In 1998, the Canadian Magazine Publisher’s Association (CMPA) predicted the demise of many Canadian magazines because the World Trade Organization (WTO) made it legal for U.S. publishers to introduce product into the Canadian market, without incurring the start-up costs involved in launching a new magazine. By using split-run magazines (modifying the U.S. edition so they contain Canadian ads), U.S. magazine publishers could offer lower rates to advertiser and sell the magazines for less money than Canadian publishers could. According to the CMPA, the U.S. magazine publishers would be engaged in:

The _____ is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO).

The original purpose of the _____ was to help build infrastructure in developing countries and to help relieve the debt burden of these countries.

The _____ is an international bank that normally provides short-term loans to countries that are unable to meet their budgetary expenses.

When South Korea reduces the tariff that Japan (but only Japan) has to pay when it imports cameras into South Korea, it is called a:

Nations sometimes form free-trade associations and establish areas where there are few, if any, export and import duties or other regulations that would act as barriers to trade among partners. These are called:

The least costly and least risky method for selling a product on the global market is:

When sales of cheese in the United States began to stagnate, the U.S. dairy industry looked for a quick and easy method to reach global markets. From your understanding of how companies participate in the global marketplace, you should know that the dairy industry selected:

CoolBrands International has entered an agreement with Binney & Smith to create a line of frozen novelties based on the Crayola brand, including pops, bars, sandwiches, cups, cones, sundaes and shakes. CoolBrands will pay Binney & Smith a royalty for the right to use the Crayola trademark. This is an example of:

A domestic firm may decide to contract for the production of its goods by an established foreign manufacturer. Such private-label manufacturing by a foreign company is called:

AT&T entered into a _____ with Compagnie General d’Electricite, a French company. The French company brings its patents on digital telephone switches, and AT&T provides the marketing know-how to the relationship.

A _____ is a form of trading arrangement in which part or all of the payment for purchased goods or services is in the form of other goods and services.

In a complicated negotiation, Minmetals in China agreed to purchase at least 24,000 tons of copper cathode for $35 million from Pasar in the Philippines. According to the terms of the sale, Pasar will provide at least $12 million worth of coal to a Chinese power company that will provide the electricity needed to operate Minmetals. This is an example of a(n):

When Grand Metropolitan, a British company, purchased U.S.-based Pillsbury Co. in order to expand its product line and the market for its existing consumer products, it was an example of a(n):

_____ is the sense of national consciousness that boosts the culture and interests of one country over those of all other countries.

A country’s _____ is the set of beliefs, values, and social norms shared by members of a society that determines what is socially acceptable.

Spanish customers view toothpaste as a cosmetic while consumers in the Netherlands view it as a necessary part of daily hygiene and use it three times as much as their Spanish counterparts. This example of _____ shows how important it is for marketers to understand.

The _____ of Algeria includes 3,973 km of railroads, 104,000 km of roads, and 54 paved airports. It also has only five telephones for every 100 citizens and only two Internet service providers.

_____ move resources, goods, services, and skills across national boundaries without regard to the country in which they are headquartered.

Which of the following is NOT one of the advantages associated with multinational corporations?

Which of the following is NOT listed in the text as a reason why more and more companies are doing business in the global marketplace?