Question 1

The theory suggesting that rivalry between firms in an oligopolistic industry will result in firms closely following and imitating each other's international investments in order to keep a competitor from gaining an advantage is known as

Accepted Answer

The theory suggesting that rivalry between firms in an oligopolistic industry will result in firms closely following and imitating each other's international investments in order to keep a competitor from gaining an advantage is known as strategic behavior theory.

Question 2

The amount by which the value of imports into a nation exceeds the value of its exports is known as the country's _____________.

Accepted Answer

The answer of The amount by which the value of...

Question 3

The ratio of international prices for goods being traded between two countries is known as the ____________.

Accepted Answer

The answer of The ratio of international prices for goods...

Question 4

___________ refers to a nation's ability to produce more of a good or service than another country for the same or lower cost of inputs.

Accepted Answer

The answer of ___________ refers to a nation's ability to...

Question 5

When one nation is less efficient than another nation in the production of each of two goods,the less efficient nation has a ____________ in the production of that good for which its absolute disadvantage is less.

Accepted Answer

The answer of When one nation is less efficient than...

Question 6

An industry that has a limited number of competing firms,such as the U.S.mobile phone market in which four firms controlled 98 percent of the market in 2014,is known as

Accepted Answer

An industry that has a limited number of competing firms, such as the U.S. mobile phone market in which four firms controlled 98 percent of the market in 2014, is known as an oligopolistic industry.

Question 7

The country that imported the highest total value of goods from the United States in 2013 was _____________.

Accepted Answer

The answer of The country that imported the highest total...

Question 8

The amount by which the value of a nation's exports exceed the value of its imports is known as the country's ___________.

Accepted Answer

The answer of The amount by which the value of...

Question 9

__________ is a market situation in which there is a sufficiently large number of well-informed buyers and sellers of a homogeneous product such that no individual participant has enough power to determine the price of the product,resulting in a marketplace that is efficient in production and allocation of products.

Accepted Answer

The answer of __________ is a market situation in which...

Question 10

In 2013,trade in ____________ reached a total of $4.6 trillion worldwide.

Accepted Answer

The answer of In 2013,trade in ____________ reached a total...

Question 11

The theory that to obtain a higher return on its investment,a firm will transfer its superior knowledge to a foreign subsidiary that it controls,rather than sell it in the open market is known as

Accepted Answer

The theory that to obtain a higher return on its investment, a firm will transfer its superior knowledge to a foreign subsidiary that it controls, rather than sell it in the open market is known as internalization theory.

Question 12

The theory that for a firm to successfully invest overseas,it must have not only ownership of unique knowledge or resources,but also the ability to dynamically create,sustain,and exploit these capabilities over time,is known as

Accepted Answer

The theory that for a firm to successfully invest overseas, it must have not only ownership of unique knowledge or resources, but also the ability to dynamically create, sustain, and exploit these capabilities over time, is known as dynamic capabilities theory.

Question 13

Illustrating the regionalization of trade,approximately half of the exports from North American nations in 2014 went to _____________.

Accepted Answer

The answer of Illustrating the regionalization of trade,approximately half of...

Question 14

In 2013,trade in ____________ reached a total of $18.8 trillion worldwide.

Accepted Answer

The answer of In 2013,trade in ____________ reached a total...

Question 15

_________ is a term used to describe the situation where a nation decides to use its resources to produce only the product in which it has an absolute advantage.

Accepted Answer

The answer of _________ is a term used to describe...

Question 16

Nearly ______ percent of global output is now destined for international trade.

Accepted Answer

The answer of Nearly ______ percent of global output is...

Question 17

Dunning's eclectic theory of international production states that if a firm is going to invest in production facilities abroad,it must have the following kinds of advantages:

Accepted Answer

As stated directly in the text, in developing his eclectic theory of international production, British economist John Dunning proposed that for a firm to invest in facilities overseas, it must have three kinds of advantages: ownership-specific, location-specific, and internalization (not internationalization).

Question 18

______ was the country that exported the highest total value of merchandise exports in 2013.

Accepted Answer

The answer of ______ was the country that exported the...

Question 19

______ was the country that exported the highest total value of service exports in 2013.

Accepted Answer