Int'l Trade Chapter 1

Question 1

The world’s largest textile exporter is…

Answer 1

The EU

Question 2

In apparel making, what are the two primary forms of “production contractors”?

Answer 2

CMT and Full-package

Question 3

In the 1950’s the vast amount of textiles consumed by a country were produced…

Answer 3

Domestically

Question 4

An apparel firm is…

Answer 4

A vertically integrated firm involved in product development, sourcing, and retailing

Question 5

Lean retailing

Answer 5

An effective form of inventory management dependent on accurate and timely information and frequent resupply

Question 6

How many people in India are employed by the apparel and textile industry?

Answer 6

35 million

Question 7

Purchasing Power Parity (PPP)

Answer 7

Determines the relative buying power of a currency and adjusts GDPs for cross-country comparison - uses Consumer Price Index (CPI)

Question 8

Myanmar

Answer 8

does not export anything to the US

Question 9

Li & Fung Supply Chain Model

Answer 9

dominant firm involved in supply chain

Question 10

International Trade

Answer 10

any exchange of goods between two countries