final exam review

Question 1

Which of the following countries is NOT a member of NAFTA?

Answer 1

Greenland

Question 2

Culture creates differences among continents and nations, as well as within nations.

Answer 2

True

Question 3

Which of the following was NOT listed as a benefit of international trade?

Answer 3

Distributes wealth

Question 4

Currency’s value can only be measured in terms of which of the following?

Answer 4

Another country’s currency

Question 5

German customers are more easily fed up with long wait times than Brazilian customers. This directly relates to why businesses need to make educated decisions on which of the following factors?

Answer 5

Proving hospitality

Question 6

What are items transported into a country from a foreign country?

Answer 6

Imports

Question 7

Online shopping can be categorized into which of the following types of retailers?

Answer 7

Non-store retailers

Question 8

Which of the following is a generally safe rule to follow regarding dinner etiquette in Europe?

Answer 8

Follow the host

Question 9

Which of the following is NOT a decision which needs to be determined when providing customers with a service?

Answer 9

How to refuse customers

Question 10

If a member seems to lead the team and begins team meetings, which team role are they displaying?

Answer 10

Initiator

Question 11

The rate of increase of prices in a country is known as which of the following?

Answer 11

Inflation rate

Question 12

Licensing is the transfer of rights and permission to produce and sell a product to a foreign firm.

Answer 12

True

Question 13

Exchange rates affect the prices of goods.

Answer 13

True

Question 14

Which of the following is NOT a way to determine if expanding internationally is feasible?

Answer 14

Develop promotional channels

Question 15

Communication in Latin America is predominantly done in which language?

Answer 15

Spanish

Question 16

Which of the following is NOT a factor affecting the exchange rate?

Answer 16

A country’s language

Question 17

Which of the following accurately defines a tariff?

Answer 17

A special tax placed on foreign goods sold in the U.S.

Question 18

Which of the following is NOT a quality of collaboration?

Answer 18

Inconsistency

Question 19

Team leaders do NOT choose which of the following?

Answer 19

Team skills

Question 20

What occurs when one country refuses to buy goods from another country?

Answer 20

Boycott

Question 21

Japan has a surplus of chocolate and decides to sell it in the United States at a price which is lower than the price at which it is sold in Japan. This is known as which of the following?

Answer 21

Dumping

Question 22

“Shura” is a Middle Eastern term describing which of the following?

Answer 22

A decision made by the group

Question 23

Which of the following methods for marketing goods involves marking the price before delivering to distributor or retailer?

Answer 23

Source marking

Question 24

Which term is used to describe the comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out?

Answer 24

Balance of payments

Question 25

Which of the following is NOT one of the economic conditions affecting international business?

Answer 25

Voting rates

Question 26

Which of the following is the formula for determining a country’s balance of trade?

Answer 26

Total exports - total imports

Question 27

Oil and natural gas are frequently transported through which of the following distribution methods?

Answer 27

Pipeline

Question 28

Passports are an internationally recognized form of identification.

Answer 28

True

Question 29

Which of the following defines balance of trade?

Answer 29

The difference between amount exported and amount imported

Question 30

Asia is the world’s __________ continent.

Answer 30

Largest and most populous

Question 31

Which of the following describes controllable factors?

Answer 31

Factors which a business can use to influence consumers

Question 32

Which of the following is considered the action of leading a group of people?

Answer 32

Leadership

Question 33

Which of the following best describes charging a high price to achieve the highest profit over a short time?

Answer 33

Skimming

Question 34

Which of the following is a disadvantage of rail transportation?

Answer 34

Lack of flexibility

Question 35

If imports are greater than exports, which of the following is true?

Answer 35

Trade balance is negative resulting in a deficit

Question 36

Which of the following terms describes when two companies agree to do business together while remaining independent?

Answer 36

Strategic alliance

Question 37

If a team is lacking energy, which personality should a leader look for in a new team member?

Answer 37

Expressive

Question 38

Which of the following is true of tariffs?

Answer 38

They are different for each country

Question 39

When was the World Trade Organization established?

Answer 39

1995

Question 40

Many people in India are vegetarian for religious reasons, so McDonald’s in India develops more vegetarian options. This is an example of a business adapting their marketing mix in response to which type of uncontrollable factor?

Answer 40

Social or cultural factor

Question 41

About how much of the total federal budget does foreign aid account for?

Answer 41

One percent

Question 42

Which of the following is the key method for moving heavy and bulky products, such as coal and lumber, across long distances?

Answer 42

Railroad

Question 43

Which of the following are used to maintain and manipulate prices as stated in the segment?

Answer 43

Quota

Question 44

Which of the following does NOT cause inventory shrinkage?

Answer 44

Embezzlement

Question 45

Which of the following methods of entering international markets is the most complex and requires the most risk?

Answer 45

Joint venture

Question 46

Which of the following is NOT a successful tactic to use when managing a team?

Answer 46

Being late

Question 47

Which of the following is the cooperative action and effort of a group of people acting together?

Answer 47

Teamwork

Question 48

African countries have high __________ compared to the U.S.

Answer 48

Unemployment rates

Question 49

Which of the following terms describes the product path from the producer to the final customer?

Answer 49

A channel of distribution

Question 50

Which of the following occurs when the forward exchange rate does NOT equal the spot exchange rate?

Answer 50

Interest rate parity