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AFM 131 Final Exam Questions & Answers 2023/2024 $10.99   Add to cart

Exam (elaborations)

AFM 131 Final Exam Questions & Answers 2023/2024

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  • Course
  • AFM 13
  • Institution
  • AFM 13

AFM 131 Final Exam Questions & Answers 2023/2024 Free trade - ANSWER-moving goods/services between countries without political or economic obstruction Exporting - ANSWER-selling products to another country Importing - ANSWER-buying products from another country Balance of trade - ANSW...

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  • September 14, 2023
  • 30
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • AFM 13
  • AFM 13
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AFM 131 Final Exam Questions &
Answers 2023/2024

Free trade - ANSWER-moving goods/services between countries without political or economic
obstruction



Exporting - ANSWER-selling products to another country



Importing - ANSWER-buying products from another country



Balance of trade - ANSWER-relationship between exports & imports



Trade surplus - ANSWER-favourable balance of trade (exports > imports)



Trade deficit - ANSWER-unfavourable balance of trade (imports > exports)



Balance of payments - ANSWER-difference between money coming into a country (from exports) and
money leaving the country (for imports), PLUS money flows from tourism, foreign aid, military
expenditures and foreign investment



Theory of comparative advantage - ANSWER-- Countries export goods/services that they produce most
effectively and efficiently

- Countries import goods/services that they cannot produce as effectively or efficiently



Theory of absolute advantage - ANSWER-monopoly on producing or can produce more efficiently than
all other countries



Canada Border Services Agency - ANSWER-- Protect Canadian citizens and the economy

- Enforcement of goods coming into Canada

,Licensing - ANSWER-a company (licensor) allows a foreign company (licensee) to produce its product for
a fee (a royalty)



Franchising - ANSWER-selling the rights to use an established business name and sell a product/service
to others in a given territory in a specified manner



Contract manufacturing - ANSWER-foreign company manufactures goods to which a domestic company
then attaches its own brand name or trademark



Joint venture - ANSWER-a partnership where two or more companies join to undertake a major project



Strategic alliance - ANSWER-A long-term partnership between two or more companies established to
help each company build competitive market advantages.



Foreign direct investment - ANSWER-buying permanent property in a foreign market



Trade protectionism - ANSWER-the use of government regulations to limit the import of goods and
services



Tariffs - ANSWER-taxes on imports



Import quotas - ANSWER-limit number of products a nation can import



Embargo - ANSWER-complete ban on the import/export of a product (or all trade) with a country



Non-tariff barriers - ANSWER-include restrictive standards that detail how a product must be sold in the
country



The World Bank - ANSWER-- Autonomous United Nations agency concerned with developing
infrastructure in less-developed countries

, - Borrows money from prosperous countries to lend to less-developed countries



International Monetary Fund - ANSWER-- International bank, supported by its 189 member countries

- Makes short term loans to countries experiencing problems with their balance of trade



North American Free Trade Agreement - ANSWER-Free trade area among Canada, Mexico, and the
United States



National policy - ANSWER-- High tariffs

- Encourage east to west trade



Canada's mixed economy - ANSWER-- Economic system in which some allocation of resources is made by
the market and some by the government

- Mix of capitalism and socialism



Crown corporations - ANSWER-companies owned by the federal or provincial government



Privatization - ANSWER-selling publicly-owned corporations



Deregulation - ANSWER-withdrawal of laws and regulations that hinder competition



Competition Bureau - ANSWER-responsible for the administration and enforcement of a number of acts
designed to protect consumers and promote fair competition



Competition Act - ANSWER-- Ensures mergers of large corporations will not restrict competition

- Fair competition exists among businesses

- Provides consumers with competitive prices and product choices



Health Canada - ANSWER-Responsible for:

- Establishing standards for the safety and nutritional quality of all foods sold in Canada

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