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UPDATED AFM 131 FINAL EXAM 2024 WITH 100% ACCURATE ANSWERS
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UPDATED AFM 131 FINAL EXAM 2024 WITH 100% ACCURATE ANSWERS
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UPDATED AFM 131 FINAL EXAM 2024WITH 100% ACCURATE ANSWERS
Trade protectionism - correct answersthe use of government regulations to limit the import of goods
and services
Tariffs - correct answerstaxes on imports
Import quotas - correct answerslimit number of products a nation can import
Free trade - correct answersmoving goods/services between countries without political or economic
obstruction
Exporting - correct answersselling products to another country
Importing - correct answersbuying products from another country
Balance of trade - correct answersrelationship between exports & imports
Trade surplus - correct answersfavourable balance of trade (exports > imports)
Trade deficit - correct answersunfavourable balance of trade (imports > exports)
Balance of payments - correct answersdifference 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 - correct answers- Countries export goods/services that they produce
most effectively and efficiently
- Countries import goods/services that they cannot produce as effectively or efficiently
Licensing - correct answersa company (licensor) allows a foreign company (licensee) to produce its
product for a fee (a royalty)
Franchising - correct answersselling 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 - correct answersforeign company manufactures goods to which a domestic
company then attaches its own brand name or trademark
Joint venture - correct answersa partnership where two or more companies join to undertake a major
project
Strategic alliance - correct answersA long-term partnership between two or more companies established
to help each company build competitive market advantages.
Foreign direct investment - correct answersbuying permanent property in a foreign market
Embargo - correct answerscomplete ban on the import/export of a product (or all trade) with a country
Non-tariff barriers - correct answersinclude restrictive standards that detail how a product must be sold
in the country
The World Bank - correct answers- 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 - correct answers- 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 - correct answersFree trade area among Canada, Mexico, and
the United States
National policy - correct answers- High tariffs
- Encourage east to west trade
Canada's mixed economy - correct answers- 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 - correct answerscompanies owned by the federal or provincial government
Privatization - correct answersselling publicly-owned corporations
Deregulation - correct answerswithdrawal of laws and regulations that hinder competition
Competition Bureau - correct answersresponsible for the administration and enforcement of a number
of acts designed to protect consumers and promote fair competition
Competition Act - correct answers- Ensures mergers of large corporations will not restrict competition
- Fair competition exists among businesses
- Provides consumers with competitive prices and product choices
Health Canada - correct answersResponsible for:
- Establishing standards for the safety and nutritional quality of all foods sold in Canada
- Regulations related to food packaging, labelling and advertising
Food and Drugs Act - correct answers- Enforcement is done by the Canadian Food Inspection Agency
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