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 Commerce Bureau of Industry and Security

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

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

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 apply to all goods.

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

C are import taxes.

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

E are limits on quantity.

Question #3

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

A Agency for Toxic Substances and Disease Registry

B Weeks Act

C U.S. Environmental Protection Agency

D U.S. National Environmental Policy Act

E Council on Environmental Quality

Question #4

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

A sovereign state

B state

C colony

D province

E county

Question #5

The statutes in the United States are set by the:

A Supreme Court

B judicial branch

C executive branch

D President

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 Alternative dispute resolution

B The Uniform Commercial Code

C The choice of law clause

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

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

Question #7

The executive branch hands down laws by defining:

A orders, rules, and regulations

B common law

C statutes

D people to be governed at the bottom

E a law-creating authority at the top

Question #8

Which agency regulates and enforces trade sanctions?

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

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

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

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

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

Question #9

Facilitating payments are known as:

A grease payments

B payoffs

C transfers of bribe

D bribery

Question #10

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

A Senate

B Congress

C President

D Secretary of Defense

Question #11

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

A International Trade Administration

B Office of Foreign Assets Control

C Commerce Bureau of Industry and Security

D Federal Marketing Order

E National Export Initiative

Question #12

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

A $100 billion

B $11 billion

C $18 trillion

D $11 trillion

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 outsourcing

B licensing

C exporting

D franchising

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 balance-of-trade laws

C trade controls

D economic sanctions

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 parent / subsidiary

B franchisee / franchiser

C franchiser / subsidiary

D franchiser / franchisee

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 political

B cultural

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 is unstable

C goes up

D goes down

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 quota

B embargo

C tariff

D subsidy

Question #20

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

A Developing your knowledge of international politics and economics

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

C Developing foreign-language skills

D All of these

Question #21

Nations practice dumping in order to _____.

A gain market share in developing countries

B clean out the economic system

C all of these

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

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 being friendly with

C exporting to and importing from

D giving bribes or undercover payments to

Question #23

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

A contextually saturated

B low-context

C homogeneous

D high-context

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

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

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

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

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