Question 1

There are __________ World Trade Organization countries,including the United States,which account for more than 90 percent of world trade.

Accepted Answer

The answer of There are __________ World Trade Organization countries,including...

Question 2

The World Trade Organization (WTO)refers to

Accepted Answer

The WTO is an institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions. It is not a banking institution, a licensing institution, or an organization solely composed of the world's wealthiest nations. While the WTO does promote free trade, its primary purpose is to govern trade between its member nations.

Question 3

Which of the following statements about the World Trade Organization (WTO)is most accurate?

Accepted Answer

By mid-2013, there were 159 WTO member countries, including the United States, which account for more than 90 percent of world trade. This statement accurately describes the membership and significance of the WTO, which was established in 1995 to promote free trade and resolve trade disputes between countries. The other statements are incorrect: A) the WTO was not formed in 2008, B) the WTO sets rules governing trade between its member countries only, not nonmember countries, C) The WTO uses panels of trade experts who can issue binding recommendations, not non-binding ones, and E) the WTO was not formed by the United Nations, although it works closely with the UN and other international organizations.

Question 4

Which of the following statements about the World Trade Organization (WTO)is most accurate?

Accepted Answer

The WTO was established in 1995 by major industrialized nations to address a wide range of trade issues, replacing the General Agreement on Tariffs and Trade (GATT).

Question 5

The EU has benefited its member nations because firms do not need to market their products and services on a nation-by-nation basis;most tariffs that affect pricing practices have been removed,and

Accepted Answer

The removal of regulatory restrictions on transportation, advertising, and promotion helps firms operate more effectively and efficiently within the EU market. This can lead to cost savings and increased competitiveness.

Question 6

Which of the following is most accurate in regards to the Asian Free Trade Agreements?

Accepted Answer

Asian Free Trade agreements have been successful in reducing tariffs between countries and promoting trade, with the goal of increasing economic cooperation and integration in the region. The other options are not accurate - there has not been a decrease in efforts to liberalize trade, ethnicity is not the basis for the agreements, and while multinational corporations may be involved in trade, they are not necessarily encouraged by the agreements. India and China are both part of the Asian region and were already included in various agreements prior to the question being asked.

Question 7

Which of the following statements about the World Trade Organization (WTO)is most accurate?

Accepted Answer

The WTO uses panels of trade experts to resolve disputes between member countries, and these panels can issue binding decisions.

Question 8

The EU has benefited firms in its member nations because

Accepted Answer

The EU has eliminated many barriers to trade, allowing firms to sell their products and services throughout the EU without needing to conduct separate marketing campaigns for each individual country. This has made it easier and more cost-effective for firms to reach a larger customer base within the EU.

Question 9

Which of the following statements about the World Trade Organization (WTO)is most accurate?

Accepted Answer

The answer of Which of the following statements about the...

Question 10

The "Little Dragons," in relation to the Asian Free Trade Agreements,are comprised of:

Accepted Answer

The "Little Dragons" refer to the four newly industrialized economies of Hong Kong, Singapore, South Korea, and Taiwan. These countries are known for their rapid economic growth and development, particularly in the manufacturing and export sectors. They are also members of the Asian Free Trade Agreements, along with other Asian countries.

Question 11

The North American Free Trade Agreement was designed to encourage free trade between

Accepted Answer

NAFTA was created to promote free trade between the United States, Canada, and Mexico.

Question 12

Which of the following is most accurate in regards to the Asian Free Trade agreements?

Accepted Answer

Efforts to liberalize trade in East Asia are indeed growing, with several free trade agreements being signed in recent years, such as the ASEAN Free Trade Area (AFTA) and the Trans-Pacific Partnership (TPP). Option B is false as the Asian Free Trade Agreements are less formal compared to the EU and NAFTA. Option C is also incorrect, as Asian Free Trade Agreements are based on geography rather than ethnicity. Option D is not entirely accurate, as the agreements themselves do not explicitly encourage the formation of multinational corporations, although it may occur as a result of the increased trade opportunities created by the agreements. Option E is partly true, as several countries including India and China are included in existing free trade agreements in Asia, but it is not a recent development.

Question 13

The European Union (EU)has been beneficial to electronic commerce because it is no longer necessary to

Accepted Answer

The EU has facilitated electronic commerce by creating a single market with a common currency, the Euro, for many of its member countries, reducing the need to monitor currency exchange rates for transactions within the Eurozone.

Question 14

Which of the following statements about the World Trade Organization (WTO)is most accurate?

Accepted Answer

The World Trade Organization (WTO) is an institution that sets and enforces rules governing trade between its member countries. It does not act as an agent in trade negotiations with non-members, nor does it issue non-binding recommendations. The WTO has 164 member countries, which account for over 98 percent of world trade. The organization was not formed by the United Nations, although it works closely with the UN on issues related to trade and development.

Question 15

To eliminate the need to continually monitor currency exchange rates,__________ of the countries in the European Union (EU)have adopted a common currency called the euro.

Accepted Answer

As of 2021, 19 out of the 27 countries in the European Union have adopted the euro as their common currency. However, this number was 16 when the question was first asked in 2017, so B)16 is the correct answer.

Question 16

The European Union is an economic and political union of __________ member countries that have eliminated most barriers to the free flow of products,services,capital,and labor across their borders.

Accepted Answer

The European Union currently has 28 member countries.

Question 17

CAFTA-DR,a comprehensive free trade agreement between Costa Rica,the Dominican Republic,El Salvador,Guatemala,Honduras,Nicaragua,and __________.

Accepted Answer

CAFTA-DR is a free trade agreement between Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States.

Question 18

Pan-European marketing strategies are possible because:

Accepted Answer

Pan-European marketing strategies are possible because there are fewer regulatory restrictions on transportation, advertising, and promotion. This allows companies to more easily operate and promote their products or services across multiple EU countries. However, there is no legally binding code of economic conduct and effective countermeasures for protectionism may vary between countries. While there may be a common language advantage in some cases, it cannot be assumed for all EU consumers. Strategic global partnerships may be a factor for some companies, but it is not the main reason pan-European marketing strategies are possible.

Question 19

The European Union (EU)in 2013 consisted of 28 countries with more than 500 million consumers.The EU has eliminated most barriers to the free flow of products,services,capital,and labor across its borders.Which of the following countries is NOT a member of the EU?

Accepted Answer

Switzerland is not a member of the EU, while the other countries listed (Latvia, Greece, Ireland, and England) are members.

Question 20

To eliminate the need to continually monitor currency exchange rates,16 of the countries in the European Union (EU)have adopted a common currency,which is called the __________.

Accepted Answer

The common currency adopted by 16 countries in the European Union (EU) is called the euro. The pound is the currency of the United Kingdom, the franc is the currency of France and some other countries, the mark was the currency of Germany before it adopted the euro, and the dollar is the currency of the United States.

Quiz 7: Understanding and Reaching Global Consumers and Markets

There are __________ World Trade Organization countries,including the United States,which account for more than 90 percent of world trade.

The World Trade Organization (WTO) refers to

Which of the following statements about the World Trade Organization (WTO) is most accurate?

Which of the following statements about the World Trade Organization (WTO) is most accurate?

The EU has benefited its member nations because firms do not need to market their products and services on a nation-by-nation basis;most tariffs that affect pricing practices have been removed,and

Which of the following is most accurate in regards to the Asian Free Trade Agreements?

Which of the following statements about the World Trade Organization (WTO) is most accurate?

The EU has benefited firms in its member nations because

Which of the following statements about the World Trade Organization (WTO) is most accurate?

The "Little Dragons," in relation to the Asian Free Trade Agreements,are comprised of:

The North American Free Trade Agreement was designed to encourage free trade between

Which of the following is most accurate in regards to the Asian Free Trade agreements?

The European Union (EU) has been beneficial to electronic commerce because it is no longer necessary to

Which of the following statements about the World Trade Organization (WTO) is most accurate?

To eliminate the need to continually monitor currency exchange rates,__________ of the countries in the European Union (EU) have adopted a common currency called the euro.

The European Union is an economic and political union of __________ member countries that have eliminated most barriers to the free flow of products,services,capital,and labor across their borders.

CAFTA-DR,a comprehensive free trade agreement between Costa Rica,the Dominican Republic,El Salvador,Guatemala,Honduras,Nicaragua,and __________.

Pan-European marketing strategies are possible because:

The European Union (EU) in 2013 consisted of 28 countries with more than 500 million consumers.The EU has eliminated most barriers to the free flow of products,services,capital,and labor across its borders.Which of the following countries is NOT a member of the EU?

To eliminate the need to continually monitor currency exchange rates,16 of the countries in the European Union (EU) have adopted a common currency,which is called the __________.