Quiz 4

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Question #1

The bureau that controls the Export Administration Regulations and regulates items that may have a dual commercial or military use, such as computers and electronics is the:

A U.S. Department of the Treasury Office of Foreign Assets Control

B U.S. Department of Commerce’s International Trade Administration

C U.S. Department of Commerce Bureau of Industry and Security

D U.S. Department of State International Traffic in Arms Regulation

E U.S. Department of State Directorate of Defense Trade Controls

Question #2

Quotas:

A are limits on quantity.

B are limited duration growth restrictions that are imposed when domestic markets are threatened from imports.

C apply to goods that are prohibited by law to import.

D are import taxes.

E apply to all goods.

Question #3

The regulatory agency under whose purview the disposal of e-waste comes is the:

A Weeks Act

B U.S. National Environmental Policy Act

C U.S. Environmental Protection Agency

D Council on Environmental Quality

E Agency for Toxic Substances and Disease Registry

Question #4

A _____ is a political entity that governs the affairs of its own territory without being subjected to an outside authority.

A colony

B state

C county

D sovereign state

E province

Question #5

The statutes in the United States are set by the:

A President

B executive branch

C Supreme Court

D judicial branch

E legislative branch

Question #6

Which of the following is a contractual provision that specifies which law and jurisdiction will apply to disputes arising under the contract between two companies operating from different nations?

A The Convention on the Recognition and Enforcement of Foreign Arbitral Awards

B The choice of law clause

C The U.N. Convention on Contracts for the International Sale of Goods

D Alternative dispute resolution

E The Uniform Commercial Code

Question #7

The executive branch hands down laws by defining:

A common law

B a law-creating authority at the top

C people to be governed at the bottom

D statutes

E orders, rules, and regulations

Question #8

Which agency regulates and enforces trade sanctions?

A The U.S. Department of State International Traffic in Arms Regulation

B The U.S. Department of Commerce’s International Trade Administration

C The U.S. Department of the Treasury Office of Foreign Assets Control

D The U.S. Department of Commerce Bureau of Industry and Security

E The U.S. Department of State Directorate of Defense Trade Controls

Question #9

Facilitating payments are known as:

A payoffs

B transfers of bribe

C grease payments

D bribery

Question #10

In the United States, the power to conduct foreign affairs rests with the:

A President

B Senate

C Secretary of Defense

D Congress

Question #11

The _____ was created by the Obama administration, and it assists U.S. businesses to operate in the global market.

A Office of Foreign Assets Control

B International Trade Administration

C Commerce Bureau of Industry and Security

D National Export Initiative

E Federal Marketing Order

Question #12

By the year 2010, international trade in merchandise and services had topped _____.

A $18 trillion

B $11 trillion

C $11 billion

D $100 billion

Question #13

Cajun Chicken, a growing franchise chain based in Lafayette, Louisiana, has expanded to 185 locations in the United States. Because they realize that domestic growth is limited, the owners are contemplating expansion to selected foreign countries. Thus far, research has shown that the rights to use many of the firm’s recipes can be sold to other restaurants, cafeterias, and food stores. Cajun can also sell prepackaged food products, complete with spices, to other markets. At this point, whether to start by opening company-owned outlets or selling franchises is still a toss-up. In any case, the long-term picture looks good. In selling prepackaged food products and spices to foreign outlets, Cajun would be engaged in _____.

A licensing

B exporting

C franchising

D outsourcing

Question #14

Usually driven by the size and attractiveness of the foreign market, _____ is generally the most expensive commitment that a company can make in an overseas market.

A a joint venture

B a strategic alliance

C foreign direct investment

D foreign licensing

Question #15

Policies that restrict free trade among nations are called _____.

A import controls

B economic sanctions

C balance-of-trade laws

D trade controls

Question #16

Cajun Chicken, a growing franchise chain based in Lafayette, Louisiana, has expanded to 185 locations in the United States. Because they realize that domestic growth is limited, the owners are contemplating expansion to selected foreign countries. Thus far, research has shown that the rights to use many of the firm’s recipes can be sold to other restaurants, cafeterias, and food stores. Cajun can also sell prepackaged food products, complete with spices, to other markets. At this point, whether to start by opening company-owned outlets or selling franchises is still a toss-up. In any case, the long-term picture looks good. In granting franchise rights, Cajun would be the _____ and the buyer would be the _____.

A franchisee / franchiser

B franchiser / franchisee

C franchiser / subsidiary

D parent / subsidiary

Question #17

When Whitlock Clothiers began overseas operations, top management had to learn to appreciate the _____ environments of other countries-that is, other people’s systems of shared beliefs, values, customs, and behaviors.

A cultural

B political

C legal

D social

Question #18

If a foreign currency _____ relative to the U.S. dollar, Americans must pay more for goods and services bought from sellers in the country that issues the currency.

A varies

B goes down

C is unstable

D goes up

Question #19

Lumber can be produced in Canada at a lower cost than in the U.S. When Canadian lumber is shipped into the U.S., its price is raised about 20% to allow the U.S. lumber industry to remain competitive. This is accomplished through a(n) _______

A subsidy

B embargo

C tariff

D quota

Question #20

_____ is a necessary step in gearing your undergraduate education toward a career in international business.

A All of these

B Developing your knowledge of international politics and economics

C Developing real expertise in one of the basic areas of business

D Developing foreign-language skills

Question #21

Nations practice dumping in order to _____.

A gain market share in developing countries

B all of these

C sell off surpluses of domestic goods that can’t be sold in the home country

D clean out the economic system

Question #22

According to some experts, American businesspeople are at a competitive disadvantage when they’re prohibited from _____ foreign officials or businesspeople.

A moving in with

B giving bribes or undercover payments to

C being friendly with

D exporting to and importing from

Question #23

In a _____ culture, the numerous interlocking personal and family connections that hold people together have an effect on almost all interactions.

A high-context

B low-context

C homogeneous

D contextually saturated

Question #24

It is parents weekend and your parents will arrive at your dorm in an hour. There are two tasks left to be done: washing the dishes and vacuuming. You and your roommate have agreed to divide up the work. In the past, you have been able to do the dishes in 30 minutes and vacuum in 15 minutes. Your roommate takes 40 minutes to do the dishes and 60 minutes to vacuum. Based on this scenario:

A your roommate has an absolute advantage in doing dishes and a comparative advantage in vacuuming.

B neither of you has an absolute advantage in either tasks, and you have a comparative advantage in vacuuming.

C you have an absolute advantage in both jobs and a comparative advantage in vacuuming.

D you have an absolute advantage in both jobs and a comparative advantage in doing dishes.

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