Unit 1 and 2 Struggles

Question 1

What is Globalization and Interdependence?

Answer 1

When nations and their economies closely integrate with one in another.

Question 2

What are Tariffs?

Answer 2

Government implemented taxes on goods and services imported into a country.

Question 3

What are Quotas?

Answer 3

Government imposed limit on the amount of product that can be imported in a certain period of time.

Question 4

What is protectionism?

Answer 4

Shielding domestic industries from foreign competition

Question 5

Elements of International Business Practices?

Answer 5

Negotiations, Language, Scheduling, Non-verbal, Gifting, entertainment, greetings, punctuality.

Question 6

Ethics and CRS in International Business

Answer 6

CRS is a companies duty to work in the best interest of the society it relies on for resources. Through its policies and business activity’s

Question 7

CRS Approaches

Answer 7

Proactive: Social Initiative; charities, building schools, clean environment.
Accommodating: Does the ethically required.
Defensive: does the minimum. (What its legally required to do.)
Obstructive: Avoids CRS

Question 8

Canada’s Major Imports and Exports.

Answer 8

Exports: Crude Petroleum, Cars, and Gold
Imports: Cars, Crude Oil, and Processed petroleum Oil.

Question 9

How to Calculate Exchange Rate

Answer 9

Base Currency/ Foreign Currency

Question 10

Canada’s comparative advantage

Answer 10

Natural Resources: Gold, Zinc, Copper, etc.