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International BusinessInternational Business
Chapters One through Three Unit Chapters One through Three Unit ReviewReview
This review is a direct This review is a direct reflection of the test that reflection of the test that
you will see in a few days. you will see in a few days. Please try your best to Please try your best to
answer the questions as answer the questions as correctly as possible. correctly as possible.
Good Luck!Good Luck!Click on the house to begin the
review
Incorrect AnswerIncorrect Answer
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Question #1Question #1
Name two of the five reasons Name two of the five reasons companies are driven to the companies are driven to the international market?international market?
Political
Market
Endowment Factors
Portfolio investment
CorrectCorrect
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Question #2Question #2
Cost, as a Globalization Cost, as a Globalization Force, allows product Force, allows product lines to achieve … lines to achieve …
Cost Savings
Economies of Scale
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Question #3Question #3
Endowment factors are the Endowment factors are the pieces that go into a pieces that go into a country’s ability to …country’s ability to …
Produce something
Import Products
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Question #4Question #4
Name a type of domestic Name a type of domestic operation within a foreign operation within a foreign country …country …
Foreign Business
International Business
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Question #5Question #5
Which of the following companies Which of the following companies is an example of an international is an example of an international business?business?
Lilly insulin in Belgium
McDonalds
Ford Motor
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Question #6Question #6
Economic Nationalism Economic Nationalism represents the strategy of …represents the strategy of …
Comparative Advantage
Mercantilism
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Question #7Question #7The trend toward unification and The trend toward unification and
socialization of the global socialization of the global community is which community is which globalization force?globalization force?
Political Market
Competitive
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question
Question #8Question #8Non –Americans owned Non –Americans owned
__________ of stock and bonds __________ of stock and bonds in the United States?in the United States?
1.9 Trillion
2.8 Trillion
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Question #9Question #9
What country is the largest owner What country is the largest owner of United States government of United States government debt (i.e.: treasury notes)?debt (i.e.: treasury notes)?
ChinaUnited
Kingdom
Japan
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Question #10Question #10
The book The book Wealth of NationsWealth of Nations was was written to disprove the economic written to disprove the economic trade theory of …trade theory of …
Comparative Advantage
Mercantilism
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Question #10Question #10
Of the two parts of foreign Of the two parts of foreign investment which part’s sole investment which part’s sole purpose is obtaining a return of purpose is obtaining a return of funds invested?funds invested?
Direct investment
Portfolio investment
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Question #11Question #11
Which is NOT a benefit of the First Which is NOT a benefit of the First Mover Theory?Mover Theory?
Large market share
Discourage competitors
Reduced costs
Increased Exports
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Question #12Question #12
What percentage do developed What percentage do developed nations trade with other nations trade with other developed nations _________ ?developed nations _________ ?
63%
72%
84%
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Question #13Question #13
Which is the easiest of the steps Which is the easiest of the steps to begin foreign trade?to begin foreign trade?
Setting up a foreign sales
companyExporting
Establishing foreign production
facility
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question
Question #14Question #14
The invention of what one thing The invention of what one thing has allowed small firms to has allowed small firms to compete globally compete globally
Wireless phone
internet
Palm Pilots
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Question #15Question #15
What is it called when someone What is it called when someone begins foreign trade and turns begins foreign trade and turns the distribution over to someone the distribution over to someone else else
Retailing Wholesaling
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Question #16Question #16
True/False: Larger firms begin True/False: Larger firms begin foreign trade by wholesalingforeign trade by wholesaling
TRUE FALSE
CorrectCorrect
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Question #17Question #17
Competition, as a globalization Competition, as a globalization force, says that to protect your force, says that to protect your home market by _________ a home market by _________ a competitor’s marketcompetitor’s market
Entering into
Importing from
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Question #18Question #18
Heckscher-Olin Theory states that Heckscher-Olin Theory states that if a country has an abundant if a country has an abundant amount of production factors, amount of production factors, they should …they should …
Export those
products
Manufacture different products
Export different resources
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Question #19Question #19
Which is NOT a reason why Which is NOT a reason why companies will go abroad?companies will go abroad?
Protection from
competition
Increase Technology
Increase sales
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Question #20Question #20
Setting up a foreign sales Setting up a foreign sales company is the __________ set company is the __________ set to beginning foreign trade?to beginning foreign trade?
Hardest
ModerateEasiest
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Question #21Question #21
When investors participate in the When investors participate in the management of a foreign firm management of a foreign firm and receive profits on and receive profits on investments that is called …investments that is called …
Portfolio Investment
Direct Investmen
t
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Question #22Question #22
The United States is the ______ The United States is the ______ largest investor nation in the largest investor nation in the world?world?
Third
SecondFirst
Last
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Question #23Question #23
The major economic theory in The major economic theory in Europe between the 16Europe between the 16thth and and 1818thth century was … century was …
Mercantilism
Importing Priority
Nationalism
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question
Question #24Question #24
Prices of the factors depend only Prices of the factors depend only on the supply of those factors is on the supply of those factors is an assumption of which theory?an assumption of which theory?
Heckscher — Olin Theory
First mover theory
Comparative advantage
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Question #25Question #25
In a trade situation where one In a trade situation where one party must lose for another to party must lose for another to gain is called …gain is called …
Win-Lose Theory
Zero Sum Gain
Game Theory
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Question #26Question #26
When company’s globalize, they When company’s globalize, they also become global customers. also become global customers. Which globalization force is this?Which globalization force is this?
Market
CostPolitical
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question
Question #27Question #27
What book was written to dispel What book was written to dispel government intervention and government intervention and control over trade?control over trade?
Principles of Political Economy and
Taxation
Communist Manifesto
Wealth of
Nations
CorrectCorrect
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question
Question #28Question #28
Which is NOT a reason developed Which is NOT a reason developed nations trade with other nations trade with other developed nations?developed nations?
Strong cultural
objections
Foreign exchange is available
Business Climate
Satisfactory transportation
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question
Question #29Question #29
True/False: It is larger countries True/False: It is larger countries that are huge One Way trade that are huge One Way trade imposters?imposters?
TRUE FALSE
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Question #30Question #30
True/False: Despite good True/False: Despite good intentions, most developed intentions, most developed nations DO NOT trade with nations DO NOT trade with developing nations?developing nations?
TRUE FALSE
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Question #31Question #31
A business whose activities are A business whose activities are carried out across national carried out across national borders is a …borders is a …
Foreign Business
International Business
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Question #32Question #32
Privatization of state owned firms Privatization of state owned firms to increase trading is which to increase trading is which globalization force?globalization force?
Market
Political
Competitive
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question
Question #33Question #33
Land, Labor, and Capital are Land, Labor, and Capital are pieces that go into a country’s pieces that go into a country’s ability to produce something. ability to produce something. These are called?These are called?
Supply chain parts
Endowment Factors
Production Components
CorrectCorrect
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question
Question #34Question #34
Technology, as a globalization Technology, as a globalization force, DOES NOT allows force, DOES NOT allows companies to do which of the companies to do which of the following better?following better?
Track shipping
Increase sales
Oversee manufacturing
Coordinate production
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question
Question #35Question #35
True or false: Larger, developed True or false: Larger, developed nations are huge proponents of nations are huge proponents of one way trade?one way trade?
FalseTrue
CorrectCorrect
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question
Question #36Question #36
One assumption about Heckscher One assumption about Heckscher - Olin is that technology is - Olin is that technology is ___________ available.___________ available.
Universally
Selectedly
Not
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Question #37Question #37
Trade between countries is due to Trade between countries is due to _______ in the endowment _______ in the endowment factors of productionfactors of production
Similarities
Availability
Differences
CorrectCorrect
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question
Question #38Question #38
The G8 countries are also called The G8 countries are also called ____________ countries?____________ countries?
Industrialized
New Industrialized
Developing
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Question #38Question #38
Which of the following is NOT a Which of the following is NOT a developed country?developed country?
Canada
Brazil
Israel
United States
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question
Question #39Question #39
Mercantilism believes that the only Mercantilism believes that the only source of true wealth is?source of true wealth is?
Expanding the Empire
Accumulation of precious
metals
Increasing Imports
CorrectCorrect
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question
Question #40Question #40
In mercantilism, the driving force In mercantilism, the driving force to increase wealth was?to increase wealth was?
Building bigger ships
Imports from other
countries
Explore the new world
CorrectCorrect
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question
Question #41Question #41
The Theory of Comparative The Theory of Comparative Advantage was developed by?Advantage was developed by?
David Ricardo
Eli Heckscher
Adam Smith
Alan Greenspan
CorrectCorrect
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Question #42Question #42
Which is the hardest step in the Which is the hardest step in the process of beginning foreign process of beginning foreign trade?trade?
Exporting
Foreign production
facility
Foreign sales company
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question
Question #43Question #43
Income that is not directly Income that is not directly concerned with the control of a concerned with the control of a firm is called?firm is called?
Active Passive
CorrectCorrect
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Question #44Question #44
Americans owned _____ in Americans owned _____ in foreign securities in 2002?foreign securities in 2002?
$4.65 billion
$2.9 trillion
$786 million
$1.84 trillion
CorrectCorrect
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question
Question #45Question #45
With the first mover theory, first With the first mover theory, first mover companies normally hold mover companies normally hold _____ of the market share?_____ of the market share?
20%
40%
30%
75%
CorrectCorrect
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question
Question #46Question #46
Which of the following is an new Which of the following is an new industrialized country?industrialized country?
Australia
China
Ghana
Mexico
CorrectCorrect
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Question #47Question #47
The largest “investor” country in The largest “investor” country in the United States is?the United States is?
Canada China
JapanUnited
Kingdom
CorrectCorrect
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question
Question #48Question #48
Specialized labor is a tenant of Specialized labor is a tenant of which economic theory?which economic theory?
Laffler Curve
Comparative Advantage
Absolute Advantage
CorrectCorrect
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question
Question #49Question #49
What are the two main items firms What are the two main items firms want to increase when deciding want to increase when deciding to go abroad?to go abroad?
Profits / Sales
Imports & Market share
Exports & Workforce
CorrectCorrect
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question
Question #50Question #50
Infant Industries will have a well Infant Industries will have a well trained _______________?trained _______________?
Export channels
Import process
Labor force
CorrectCorrect
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question
Question #51Question #51
A country has an advantage in A country has an advantage in making a product when its making a product when its absolute disadvantage is less is absolute disadvantage is less is called?called?
Comparative Advantage
Absolute Advantage
CorrectCorrect
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question
Question #52Question #52
The political global force of The political global force of business leads to the ______ of business leads to the ______ of trade barriers and _____ of the trade barriers and _____ of the global community?global community?
reductions / unification
Increase / socialization
Increase / separation
CorrectCorrect
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question
Question #53Question #53
Fast growing, middle income Fast growing, middle income countries are called?countries are called?
Developed
Transition
New Industrialize
d
CorrectCorrect
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Question #54Question #54
True / False: New Industrialized True / False: New Industrialized Countries import large amounts Countries import large amounts of manufactured goods and of manufactured goods and have a low concentration of have a low concentration of foreign investment?foreign investment?
TRUE FALSE
CorrectCorrect
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Question #55Question #55
What was a special category of What was a special category of economic development created economic development created just for China?just for China?
Emerging market
economy
Transition country
CorrectCorrect
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question
Question #56Question #56
True/False: In developing True/False: In developing countries, government legislated countries, government legislated fringe benefits are higher than fringe benefits are higher than other country types?other country types?
True FALSE
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question
Question #57Question #57
National Defense trade National Defense trade restrictions call for the _______ restrictions call for the _______ of important national industries?of important national industries?
De-regulation Exporting
Protection
CorrectCorrect
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question
Question #58Question #58
True/False: Protection of infant True/False: Protection of infant industries is always long term industries is always long term and normally have a negative and normally have a negative effect?effect?
TRUE FALSE
CorrectCorrect
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question
Question #59Question #59
True/False: Trade sanctions main True/False: Trade sanctions main goal is to hurt workers in the goal is to hurt workers in the offending nation?offending nation?
TRUE FALSE
CorrectCorrect
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question
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Don’t forget that you need to Don’t forget that you need to know the Arguments for know the Arguments for
trade Restrictions (last page trade Restrictions (last page of chapter three notes)of chapter three notes)
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Essay Question InformationEssay Question Information
1) 1) International Product Life Cycle International Product Life Cycle (at least 12 points)(at least 12 points)
2) 2) Why is an international Why is an international workforce is beneficial to a workforce is beneficial to a global company (i.e. globalized global company (i.e. globalized workforce) workforce) Cirque du Soleil Cirque du Soleil video from classvideo from class
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More Essay InfoMore Essay Info3) Table 2.2 (p 39) 3) Table 2.2 (p 39) tell me what it all means and tell me what it all means and
give me some numbers (interpret the table)give me some numbers (interpret the table)
4) Tables 2.11 & 2.12 (p54 & 55) 4) Tables 2.11 & 2.12 (p54 & 55) tell me what it tell me what it all means and give me some numbers (interpret all means and give me some numbers (interpret the table)the table)
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