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WorksheetsINTERNATIONAL BUSINESS & TRADE – QUIZ #1
Total questions: 20
Worksheet time: 10mins
The socioeconomic reform process of eliminating trade, investment, information technology, and cultural and political barriers access countries, which in turn can lead to increased economic growth and geopolitical integration and interdependence among nations of the world.
Globalization
Liberalization
International Business
Trade
Key international institutions that facilitate the Globalization
The International Monetary Fund (IMF)
The World Bank (WB)
The World Trade Organization (WTO)
All of the above
Effective policy measures that promote Globalization which is not included
Anticorruption Policies
Competitive Market
Bad Governance
Property Rights
Supports the premise that a nation could only gain from trade if it had a trade surplus, which is, more exporting than importing
Theory of Absolute Advantage
Mercantilism Theory
Theory of Comparative Advantage
Heckscher-Ohlin (H.0.) Theory
This model explains that the interaction of these four groups of characteristics will determine a country’s competitive advantage in the global arena.
Theory of Comparative Advantage
Theory of Absolute Advantage
Factor Price Equalization Theory
Porter’s Diamond Model of National Competitive Advantage
Taxes on imports; also known as
custom duties
Tariff
Specific Tariff
Valorem Tariff
None of the above
taxes on imports that are collected by a designated government agency responsible for regulating imports
Preferential Duties
Custom Duties (Bureau of Customs)
Generalized System of Preferences (GSP)
All of the above
limits the amount or number of units of products that can be imported to a country. This are worse than import tariffs because when a quota is reached that particular good can no longer be imported or purchased.
Export Quotas
Domestic Content Provision
Import Quotas
Voluntary Export Restrain
Pros or the benefits of regional integration which is not included
Creating a larger pool of consumers…
Encouraging economies of scale in production…
losing sovereignty, national independence and identity
Freeing the flow of capital, labor and technology…
headquarters in Jakarta was established on August 1967 by five founding members: Indonesia, Malaysia, Singapore, Thailand and the Philippines. As of 2021 the
additional members are Brunei, Burma (Myanmar), Cambodia, and Vietnam.
EU
NAFTA
APEC
ASEAN
11. The Impact of Information Technology on Globalization
The Digital Generation
Expanding the Global Use of Information Technology
How Countries “Leapfrog” into the Internet and Cell Phone Era
All of the selection
12. all commercial transactions, both private and public between nations of the world
international business
trade
Outsourcing
Offshoring
13. Give examples of globalization controversy.
Job Losses and Income Stagnation
Sustainable Development and Environmental Degradation
Globalization Winners and Losers
All of the selection
14. the two-way flow of exports and imports of goods (merchandise trade) and services (service trade).
international business
trade
Outsourcing
Offshoring
15. the corporate practice of acquiring or producing quality goods or services abroad at a lower cost thereby eliminating domestic production.
international business
trade
Outsourcing
Offshoring
16. endowments used to produce goods and services: land (quantity, quality, and mineral resources beneath it), labor (quantity and skills), capital (cost), and technology (quality).
macroeconomics
microeconomics
trade surplus
factors of production
17. when the value of exports exceeds the value of imports; the opposite of a trade deficit.
macroeconomics
microeconomics
trade surplus
factors of production
18. countries benefit from lower-cost products because of open trade.
Absolute Advantage
Comparative Advantage
HO Theory
Factor Price Equalization
19. a country should produce a commodity in which it has the greatest advantage.
Absolute Advantage
Comparative Advantage
HO Theory
Factor Price Equalization
20. Taxes on imports; also known as custom duties. Comes in two forms: Specific and Valorem.
Preferential Duties
Custom Duties
Tariffs
Import Quotas
