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Exam 3: Competing in Global Markets

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Question 111

True/False

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(p.86,87.)With the achievements of the General Agreement of Tariffs and Trade (GATT)and the World Trade Organization (WTO),nearly all barriers to trade expansion have finally been removed.

A) True
B) False

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Question 112

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Under mercantilism,the basic economic idea was to have a favourable balance of trade.

A) True
B) False

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Question 113

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The Canadian government has announced a 5 million dollar annual limit on beef imported from Argentina.This type of trade restriction is called a(n) :

Monique's Unique Tile Boutique offers decorative tile from around the world.The owner regularly travels overseas to locate the best and most unusual tile that foreign producers have to offer.Monique practices:

The only deposits of a rare mineral known as shozet are found in the nation of Swanland.Since no other nation has deposits of shozet,Swanland has a(n) __________ in the production of this mineral.

Xanadu Enterprises wants to sell its products in the centrally planned economy of North Vietnam,but the Vietnamese government will allow Xanadu entry into its markets only if it enters into a major partnership with Vietnamese producers.The Vietnamese government is requiring Xanadu to enter into a joint venture arrangement.

A common market is a group of countries that have no internal tariffs and common external tariffs.

The outlook for growth in global trade in the future will likely focus on:

Exports account for about 5% of Canadian jobs.

A business that is owned by a parent company located in a foreign country is referred to as a foreign:

For a firm to be considered a multinational corporation,all the following conditions must be true except that:

The three countries participating in NAFTA are:

Foreign direct investment refers to the buying of goods produced in another country.

Canada has import quotas on a number of products.Give an example of one of those products.What is the purpose of an import quota?

NAFTA is an agreement between two countries: Canada and the United States.

According to the theory of comparative advantage,a country should buy from other countries those goods it produces most efficiently.

Free trade is the movement of goods and services among nations without political or economic barriers.

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

There are several reasons why countries trade with other countries.State one reason.

A firm may export everything it produces overseas and yet not be considered a multinational.