Exam (elaborations)
RSM100 Final (2)
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Exam of 7 pages for the course Chem 1020. at Chem 1020. (RSM100 Final (2))
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RSM100 FinalWhat is an international company? - ANS-A company that exports a significant amount
of products and services to one or more countries
What is a global company? - ANS-A company that operates in all three major regions of
the globe and produces locally what it sells locally
How did Target fail at becoming an international company? - ANS-Tried to sell to
Canadians the same way as Americans: Canadians prefer flyers, Americans prefer
coupons
Why do nations trade? - ANS-To obtain goods they need and want, that they cannot
produce themselves
What country has an absolute advantage in trade? - ANS-Peru has an absolute
advantage in growing Citrus fruits since Canada does not have the climate or terrain.
Canada has it for maple syrup
When should countries trade? - ANS-When they have comparative adavantage
Bringing coals to Newcastle - ANS-England had a lot of natural coal that is easily strip
mined. Coal workers left for better jobs. Began trading manufactured goods for coal
even though they have absolute advantage since comparative advantage is better
What do countries do with excess natural resources? - ANS-Trade them to other
countries for more money
What do companies do if there is foreign market demand? - ANS-They produce more
than is required locally specifically for exporting
Canadas 3 top traded goods - ANS-1. Auto Parts
2. Petroleum
3 Electricity
What are the risks of international trade? - ANS--Exchange Rate Volatility
-War might delay shipment
-Shipment could sink into the sea
, What are the benefits of free trade? - ANS--Consumers will pay less and have more
options
-Greater export opportunities lead to more jobs and faster economic growth
-Prevents economic disruptions
How does a low Canadian dollar affect international trade? - ANS-Goods look cheaper
to other countries, more money coming into the country than out. Canadians will buy
locally.
How are currencies measured? - ANS-Measured by "gold standard" the value of gold
What are the downsides of having everything made in China? - ANS-30% of electronics
come from China; computer parts and auto parts
Impact to luxury goods from covid19 - ANS-Less Chinese people buy luxury, but they
typically make up majority of sales
What are the three ways international business has been impacted by covid-19? -
ANS-1. Disrupted Supply Chains
2. Squeeze on Consumers
3. Limitations on Working
How has globalization changed? - ANS-Slowbalization began during the 2008 financial
crisis, US vs China Tarif and Covid19
Why is Zara able to succeed during Covid? - ANS--Shorter supply chains
-Manufacture closer to home
-Not susceptible to supply issues
Examples of cultural nuances - ANS--Asia: Give and take things with two hands
-India: Shop based off of the Lunar Calendar
-China: don't give clocks as a gift
-Honourifics
-European Kiss
What are the three ethical issues businesses face? - ANS-1. Different Labour Standards
2. Corruption: Paying bribes in foreign countries
3. Environmental standards
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