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Bus 100 - Final Exam || All Answers Are Correct 100%.
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(True/False) An import is a product made or grown abroad but sold domestically? correct answers True (True/False) The World Trade Organization (WTO) was created to encourage international trade. correct answers True (True/False) Globalization refers to the process by which countries around th...

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  • August 2, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • truefalse an import is a product made or grown

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Bus 100 - Final Exam || All Answers Are Correct 100%.
(True/False) An import is a product made or grown abroad but sold domestically? correct answers True
(True/False) The World Trade Organization (WTO) was created to encourage international trade.
correct answers True
(True/False) Globalization refers to the process by which countries around the world are becoming more self-sufficient. correct answers False
(True/False) NAFTA regulates trade between the United States, Europe, and Japan. correct answers False
(True/False) The primary purpose of the World Trade Organization is to impose tariffs on imported products. correct answers False
Which organization created the classification of countries based on per capita income?
A) the World Bank
B) the World Trade Organization
C) the International Monetary Fund
D) the European Union
E) the North American Free Trade Agreement correct answers A
Which of the following countries is the world's third largest economy, behind that of the United States and European Union?
A) China
B) India
C) Brazil
D) Japan
E) Russia correct answers A
Under which of the following treaties are Canada, the United States, and Mexico gradually eliminating tariffs and all other trade barriers?
A) the EURO Agreement
B) the Pan-American Agreement
C) the North American Free Trade Agreement
D) the General Agreement on Tariffs and Trade
E) the G-3 Free Trade Agreement correct answers C
What organization was founded in Pacific Asia in 1967 for economic, political, social, and cultural cooperation?
A) SEATO
B) ASEAN
C) CENTO
D) OAS E) WTO correct answers B
Which of the following treaties sought to eliminate trade barriers such as tariffs and quotas?
A) United Nations Development Assistant Plan
B) Fair Labor Standards Act
C) General Agreement on Tariffs and Trade
D) General Agreement on Trade in Services
E) European Union Stability and Growth Pact correct answers C
What are products that are created domestically and transported for sale abroad?
A) dumped goods
B) exports
C) imports
D) buy backs
E) domestic goods correct answers B
What are products that are created abroad and then transported and sold domestically?
A) dumped goods
B) exports
C) imports
D) buy backs
E) domestic goods correct answers C
(True/False) If the United States exports more to the Netherlands than it imports from the Netherlands, the United States has a trade deficit with the Netherlands. correct answers False
(True/False) The United States has large trade deficits with Japan, China, and Mexico; this means that the United States has imported more from them than what they have purchased from us. correct answers True
Which of the following is the name for the economic value of all of the products that a country exports minus the economic value of its imports?
A) balance of foreign competition
B) balance of domestic competition
C) balance of trade
D) balance of payments
E) balance of supply and demand correct answers C
Which of the following BEST describes a positive trade balance?
A) the economic condition in which a country's exports exceed its imports
B) the economic condition in which a country's imports exceed its exports
C) the economic condition in which a country's inflow of money exceeds its outflow
D) the economic condition in which a country's outflow of money exceeds its inflow
E) the economic condition in which a country's natural resources exceed its human resources correct answers A Which of the following refers to the situation when a country's imports exceed its exports?
A) balance of payments
B) balance of trade
C) trade deficit
D) trade surplus
E) trade advantage correct answers C
(True/False) Transportation costs have relatively little impact on a domestic firm's decision to go
international, compared to other possible factors. correct answers False
True/False. International firms conduct a good deal of their business abroad and may even maintain overseas manufacturing facilities. correct answers True
Which of the following organizations is a firm that makes products in one country and then distributes and sells them in others?
A) importer
B) exporter
C) multinational firm
D) international firm
E) direct foreign investor correct answers B
Which of the following buys products in foreign markets and then sells them for resale in its home country?
A) importer
B) exporter
C) multinational firm
D) international firm
E) direct foreign investor correct answers A
In some South American countries, it is sometimes legal to bribe other businesses and government officials, while this practice is illegal in the United States. Which of the following refers to this type of policy?
A) protectionism
B) business practice laws
C) free trade agreements
D) fair trade agreements
E) local content laws correct answers B
Which of the following denotes the practice of protecting domestic business at the expense of free market competition?
A) fair trade
B) balanced trade
C) free trade
D) market liberalism
E) protectionism correct answers E Which of the following refers to the practice of selling a product abroad for less than the cost of production?
A) exporting
B) importing
C) dumping
D) safeguarding
E) offshoring correct answers C
True/False. Critics of protectionism charge that it drives up prices by reducing competition. correct answers True
Which of the following refers to associations of producers that control supply and prices?
A) independent agencies
B) cartels
C) trade alliances
D) multinational firms
E) trade monopolies correct answers B
Which of the following denotes a government order forbidding exportation and/or importation of
a particular product from a particular country?
A) tariff
B) embargo
C) subsidy
D) local content law
E) business practice law correct answers B
Which of the following is a government payment to help a domestic business compete with foreign firms?
A) revenue tariff
B) protectionist tariff
C) import buy-back
D) export rebate
E) subsidy correct answers E
Which of the following goals is a primary purpose of tariffs on imports?
A) maintain domestic competitiveness
B) decrease exports
C) increase imports
D) subsidize domestic industry
E) promote free trade correct answers A
True/False. Even free market economies often establish some system of quotas and/or tariffs. correct answers True
True/False. A subsidy is a tax designed to help companies who import products. correct answers False

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