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Exam 3: Competing in Global Markets

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Question 111

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

A) NAFTA countries.
B) China.
C) The United States.
D) Latin America.

E) B) and C)
F) A) and C)

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Question 112

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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?

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Textiles and clothing,agricult...

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Question 113

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

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

Exports account for about 5% of Canadian jobs.

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:

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.

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

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.

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

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

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

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

The three countries participating in NAFTA are:

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.

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) :

(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.

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