Question 1

Which areas represent the three major market places for international business?
North America, South America, and Asia-Pacific
North America, Europe, and Asia-Pacific
South America, Africa, and Asia-Pacific
South America, Europe, and Africa
Asia-Pacific, Europe, and Africa

Accepted Answer

North America, Europe, and Asia-Pacific

Question 2

Upper middle-income countries are defined as
those with per capita income between US$4036 and US$12 475.
those with per capita income between US$5210 and US$8210.
those with per capita income between US$765 and US$21 345.
those with per capita income between US$3595 and US$11 115.
those with per capita income between US$205 and US$9386.

Accepted Answer

those with per capita income between US$4036 and US$12 475.

Question 3

Exports are
services that are created in Canada and sold abroad.
goods and services that are made or grown abroad and sold in Canada.
products that are made or grown in Canada and sold abroad; services cannot be exported.
goods and services that are made or grown in Canada and sold abroad.
products that are made or grown abroad and sold in Canada; services cannot be exported.

Accepted Answer

goods and services that are made or grown in Canada and sold abroad.

Question 4

With regard to the BRIC countries, it is correct to say that
they all emphasize the export of raw materials.
they all have a low level of industrialization at the moment, but are progressing rapidly.
Russia is the strongest in terms of manufacturing.
Brazil is at the front of the pack in terms of optimism and opportunity.
All of these statements are correct.

Accepted Answer

The answer of With regard to the BRIC countries, it...

Question 5

Your television set, your shoes, even the roast lamb on your dinner table is likely to be the result of
importing.
subsidies.
foreign exchange.
a trade deficit.
exporting.

Accepted Answer

The answer of Your television set, your shoes, even the...

Question 6

Imports are
services that are created in Canada and sold abroad.
products that are made or grown abroad and sold in Canada; services cannot be imported.
goods and services that are made or grown in Canada and sold abroad.
products that are made or grown in Canada and sold abroad; services cannot be imported.
goods and services that are made or grown abroad and sold in Canada.

Accepted Answer

The answer of Imports are
services that are created in Canada...

Question 7

The annual volume of world trade is about
$100 billion.
$3 trillion.
$875 billion.
$15 trillion.
$8 trillion.

Accepted Answer

The answer of The annual volume of world trade is...

Question 8

Which of the following is an example of importing a service?
A Canadian purchases a ticket to see a performance by a Spanish singer
A Toronto taxi driver takes an American from Pearson airport to a downtown Toronto hotel
A Canadian engineer designs a bridge to be built in Australia
An accountant does financial statements for a Mexican company
A Canadian lawyer goes to California to work on a litigation case

Accepted Answer

The answer of Which of the following is an example...

Question 9

Which of the following is correct with respect to the BRIC countries?
Russia is the dominant country in the group.
There is very little coordination between the BRIC countries, and they do not act like a unit.
All of the BRIC countries put a heavy emphasis on exporting commodities.
In terms of opportunities and optimism, Brazil leads this group.
Brazil is the most corrupt of the BRIC nations.

Accepted Answer

The answer of Which of the following is correct with...

Question 10

Susie lives in Vancouver and has noticed that there seems to be a rising interest in goods from the Chinese culture. To take advantage of this she should explore
subsidies.
exporting.
a trade deficit.
foreign exchange.
importing.

Accepted Answer

The answer of Susie lives in Vancouver and has noticed...

Question 11

According to the World Bank, ________ is considered an upper middle-income country.
Singapore
Hong Kong
South Korea
Argentina
United Arab Emirates

Accepted Answer

The answer of According to the World Bank, ________ is...

Question 12

According to the World Bank, high income countries include all of the following except
Japan.
U.S.
Canada.
South Korea.
South Africa.

Accepted Answer

The answer of According to the World Bank, high income...

Question 13

The country that has economically dominated Western Europe is
Germany.
Russia.
Finland.
Poland.
Spain.

Accepted Answer

The answer of The country that has economically dominated Western...

Question 14

The major reasons why Mexico has recently become a major manufacturing centre are
cheap labour and low transportation costs.
elimination of quotas and tariffs and low tax rates.
low tax rates and cheap labour.
cheap labour and elimination of quotas and tariffs.
low transportation costs and low tax rates.

Accepted Answer

The answer of The major reasons why Mexico has recently...

Question 15

The absolute advantage form of competitive advantage means
that a country does not belong to any free trade agreements.
that a country can produce everything better or more cheaply than any other country.
that a country can produce some products better or more cheaply than it can others.
that a country is the sole supplier of a product or service.
that a country can produce something better or more cheaply than any other country.

Accepted Answer

The answer of The absolute advantage form of competitive advantage...

Question 16

Farmer Sal grows strawberries. The berries are shipped to a local manufacturing plant where they are made into jam, labeled "Country Recipe Strawberry Jam," and boxed for shipment overseas. This product of Ontario is also referred to as a(n)
export.
import.
trade product.
absolute product.
competitive advantage.

Accepted Answer

The answer of Farmer Sal grows strawberries. The berries are...

Question 17

The comparative advantage form of competitive advantage means
that a country does not belong to any free trade agreements.
that a country is the sole supplier of a product or service.
that a country can produce everything better or more cheaply than any other country.
that a country can produce some products better or more cheaply than it can other products.
that a country can produce something better or more cheaply than any other country.

Accepted Answer

The answer of The comparative advantage form of competitive advantage...

Question 18

Which of the following is correct with respect to absolute and comparative advantage?
Brazilian coffee beans are a good example of comparative advantage.
Absolute advantage exists when a country can produce something more cheaply and/or of higher quality than the next three most efficient countries.
A country has a comparative advantage when it can produce a product more efficiently or better than most (but not all) other countries.
All countries have a comparative advantage in some products.
All of these are correct.

Accepted Answer

The answer of Which of the following is correct with...

Question 19

Which of the following constitutes the best evidence for globalization?
Diamonds that are mined in Country X are sold on the diamond market in Country Y and the money is used to fund a rebel group trying to overthrow the government in Country X.
A flood in country X causes factories to shut down temporarily and they cannot deliver computer chips to foreign buyers. Company Y (in another country) has to reduce its output, and it also raises the price of its products.
Farmers in Country X lose most of their wheat crops because of a drought. The price of wheat triples and the government of country X reimburses farmers for some of their losses.
Country X has almost exhausted all of its available natural energy sources. The government has been investing in alternative energy research for many years and has developed an efficient synthetic energy source.
Country X has raised the tax on gasoline and, as a result, more of its citizens are taking public transportation and cutting back on car travel.

Accepted Answer

The answer of Which of the following constitutes the best...

Question 20

According to the World Bank, ______ are high-income countries, while ______ are upper middle income countries.
Australia, Japan, and Israel; China, Argentina, and South Africa
China, Columbia, and Lebanon; Armenia, Guatemala, and Vietnam
Argentina and South Africa; Columbia, Lebanon, and Turkey
Columbia, Lebanon, and Turkey; Australia, Japan, South Korea;
Canada, the United States, and most countries in Europe; Kuwait, the United Arab Emirates and Oman.

Accepted Answer

The answer of According to the World Bank, ______ are...

Quiz 5: The Global Context of Business

Which areas represent the three major market places for international business? North America, South America, and Asia-Pacific North America, Europe, and Asia-Pacific South America, Africa, and Asia-Pacific South America, Europe, and Africa Asia-Pacific, Europe, and Africa

Your television set, your shoes, even the roast lamb on your dinner table is likely to be the result of importing. subsidies. foreign exchange. a trade deficit. exporting.

The annual volume of world trade is about $100 billion. $3 trillion. $875 billion. $15 trillion. $8 trillion.

Susie lives in Vancouver and has noticed that there seems to be a rising interest in goods from the Chinese culture. To take advantage of this she should explore subsidies. exporting. a trade deficit. foreign exchange. importing.

According to the World Bank, ________ is considered an upper middle-income country. Singapore Hong Kong South Korea Argentina United Arab Emirates

According to the World Bank, high income countries include all of the following except Japan. U.S. Canada. South Korea. South Africa.

The country that has economically dominated Western Europe is Germany. Russia. Finland. Poland. Spain.