International Business Key Terms Review
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International Business
Key Terms ReviewWork through this review in
preparation for the upcoming exam
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Question #1
When is dumping of a good into a importers market acceptable?
When a company is selling off
seasonal items
When an exporting company wants to put someone else
out of business
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WRONG
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Question #2
Who is the largest recipient of subsidies?
United States car manufactures
United States Farmers
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Question #3
An organization that attempts to standardize and integrate operation worldwide in all functional areas is a …Multi-Domestic
Company Global Company
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Question #4
When did NAFTA first take effect
January 1, 2000
January 1, 1994 July 4, 1994
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Question #5
All forces surrounding and influencing the life and development of a firm are called …
Globally aware Environmental
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Question #6
What is the biggest cause of international blunders?
Self referencing criterion Foreign Sourcing
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Question #7
Who is the largest oil producing country not to be a member of OPEC?
Canada Russia
Brazil
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Question #8
Who was the author of the theory of Comparative Advantage?John Kenneth
Galbraith David Ricardo
Milton Friedman
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Question #9
With direct foreign investing, a company must invest at a __________ level to obtain significant __________ ___________?
minimal, investment control
sufficient, management control
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Question #10
When a country produces a product that it has a relative advantage in …
Comparative Advantage
Absolute Advantage
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Question #11
What is an example of a global company?
Ford Walmart
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Question #12
OPEC is a group of oil producing countries that work together to set the standard for world oil ________ and ________.
quality, supply prices, supply supply, transportation
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Question #13
OPEC Controls _____ % of the world’s oil supply?
35% 40% 45%
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Question #14
The number of units of a currency required to buy the same amounts of goods and services in the domestic market that one dollar would buy in the US is …
Income Index Parity
Purchasing Power Parity
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Question # 15
Adam Smith is credited with creating the theory of …
Absolute Advantage
Comparative Advantage
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Question #16
OPEC is made up of 9, Arab only nations?
True False
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Question #17
Taxes on imported goods for the purpose of raising their price to reduce competition for local producers or stimulate their local production are called …
Tariffs Quotas
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Question #18
The best judge of Purchasing Power Parity is …
Campbell Seavers Index
Income Ratio Index
Big Mac Index
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Question #19
Another name for a tariff as a …
Import tax Quota Duty
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Question #20
The price of one currency stated in terms of another currency is called …
Exchange Rate
Exchange Ratio
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Question #21
All maquiladora factories have to be within 25 miles of the Unites States border?
FalseTrue
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Question #22
The goal of a company that practices predatory dumping is to …
Work with overseas
firms
Force domestic producers out of
business
Allow their products to cost more
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Question #23
Which of the following is not an internal environmental factor?
Capital Physical
Raw Materials
People
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Question #24
The theory of Absolute Advantage was created by …
Milton Friedman
Adam Smith David Ricardo
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Question #25
Coke-cola India is an example of a …
Multi-domestic Global International
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Question #26
A multinational organization designed to deal with rules of trade between nations
IMF World Bank WTO
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Question #27
An agreement by a small group of nations to establish free trade among themselves while maintaining trade restrictions with all other nations.
Non-binding trade agreement Preferential trading
arrangement
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Question #28
Internal Environmental Factors are NOT controllable by a company?
True False
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Question #29
The amount paid on products brought back into the US from a maquiladora is called …
Quota Value Added Duty
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Question #30
The Heckscher-Ohlin theory is directly related to
Factors of Production
Exchange Rates
Factor Endowment
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Question #31
Legal, political, and labor are only a few of the _______ environmental factors?
Internal External
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Question #32
Who is the largest group of people that benefit from subsidies?
US Farmers US Cotton Growers
Brazilian Farmers
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Question #33
Once a product is made at a maquiladora, it can be sold in Mexico?
True False
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Question #34
Mexico’s main focus is to keep 1st generation work activity in the country?
True False
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Question #35
Mexico’s shift away from 1st generation work is because of this country?
ChinaBangladeshUnited State
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Question #36
Financial contribution, provided directly or indirectly by a government, which confers a benefit; include grants, preferential tax treatment, and government assumption of normal business expenses
Quotas Subsidies
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Question #37
The main goal of subsidies is to …
Drive domestic producers out of
the market
Increase quotas for imported
goods
Helps to exports or protect imports
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Question #38
The overseas procurement of raw materials, components, and products
Foreign Investment
Foreign Sourcing
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Question #39Factor Endowment is a theory that
countries export products requiring large amounts of their _____ production factors and import products requiring large amounts of their _____ production factors
scarce, abundant
abundant, scarce
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Question #40
Trade restrictions apply only to specific producers and anti-dumping restrictions apply to an entire country’s export firms
True False
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Question #41
The organization that acts as the world trade referee is the …
World BankUS
Commerce Dept. WTO
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Question #42
Which is NOT a responsibility of the International Monetary Fund?
orderly correction of balance of payments
problems
Act as a guarantee organization military
loans
balanced expansion of world trade
stability of exchange rates
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Question #43
Voluntary export restraints are closely associated with …
quotas Orderly Market Arrangements
Subsidies
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Question #44
NAFTA is a trade agreement between the following …
United States & Mexico
United States & Canada
Mexico & Canada
United States, Canada, Mexico
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Question #45
An import duty levied as a percentage of the invoice value of imported good
Ad hoc duty Ad valorem duty
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Question #46
The gain enjoyed by a country because it can produce a product at a lower cost than other countries
Comparative Advantage
Absolute Advantage
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Question #47
Comparative Advantage allows a country to …
Produce what it can
Produce what it is good at
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Question #48
With an orderly market agreement, the restriction on international competition is agreed to by the ______?
Importing nation
Exporting nation
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Question #49
A fixed total amount of a product that can enter a market, regardless of where the product comes from is a …Global Subsidy Global Quota
Absolute Quota
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Question #50
Which of the following was a founding member of OPEC ?
Libya Venezuela
Russia Angola
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Question #51
The IMF will loan money to …
Anyone Individual companies
Governments
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Correct
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Question #52
Adam Smith felt that _______ should be the main reason why countries trade
Government forces Market forces
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Correct
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Question #53
When countries agree to a VER, the main goal is to _______ national markets for local producers
preserve open up
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Correct
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Question #54
For a quota to be in effect, it has to have a ________?
Open Ended Period Specific Period
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Question #55
A quota that allows an importing nation to assign quantities to specific countries is called …
Absolute Quota Allocated Quota
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Question #56
An absolute quota allows for once a specified amount of a product has been imported, further importations are allowed in on a pro-rated basis?True False
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Correct
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Question #57
A trade situation that creates a win-win trade scenario is called …
Absolute Advantage
Comparative Advantage
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Question #58
An ad valorem duty that is a fixed sum of money for a physical unit is a
Specific Duty Compound Duty
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Question #59
Which company is the largest user of maquiladora factories is …
Wal-Mart Delphi
General Motors
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Congratulations!!!!You have completed the short
answer section of the Key Terms Review.I’m done, and don’t need to do any more
I will take a look at the
essay questions
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International Business
Hope you have ESP and can lie effectively on the essay
questions.
I’m doneMaybe I should
look at the essay questions
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Good Luck with the Test
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Potential Essay Questions #1
Explain the maquiladora factory process in detail (you will need to draw a map, and mention a minimum of nine different “concepts”)
Next Essay Question
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Potential Essay Questions #2
Explain what “dumping” is. When would it be acceptable? (at least seven different points to note)
Next Essay Question
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Potential Essay Questions #3
There will be a five point question about the article from class about “competing in the global marketplace” (i.e. globalization)
Next Slide
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Potential Essay Questions #4
How does OPEC have so much power in the global economy? (at least five points)
Next Slide
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International Business Class
Make sure that you write down any questions that you have, either about the slide review, essay questions, or about your notes.
Next Slide
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Test Statistics Twenty matching questions
Thirty One fill in the blank (no word bank)
Four Essay Questions
Five Bonus QuestionsNext Slide
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Good Luck on your test
May the force be with you (don’t
for get to study)