Business Management Exam 2 100% Solved Correctly 2024

Business Management Exam 2 100% Solved Correctly 2024 True - answerInternational business involves the buying, selling, and trading of goods and services across national boundaries. True False True - answerNations trade with other nations to obtain resources that would otherwise be unavailable to them True False False - answerFit Rite Fasteners, a firm based in the United States, buys metal parts from China to manufacture its fasteners. In doing so, the company is engaged in exporting True False False - answerWhen a nation imports more than it exports, it has a positive balance of trade True False False - answerTrade deficits can help businesses succeed create more jobs, and improve the standard of living True False False - answerA business that is engaging in importing and exporting must be familiar with the ratio at which one nation's currency can be exchanged for another. In other words, the business must be familiar with the balance of trade. True False False - answerA common reason for establishing quotas or tariffs is to encourage dumping. True False True - answerPolitical unrest in countries creates a hostile environment for foreign businesses and can act as a barrier to international trade. True False False - answerSociocultural differences, such as body language and personal space, rarely have an impact on international business. True False True - answerThe General Agreement on Tariffs and Trade (GATT) provided a forum for tariff negotiations and a place where international trade problems could be resolved. True False True - answerMany US companies have taken advantage of Mexico's low labor costs and proximity to the United States to set of maquiladoras. True False False - answerThe Asia-Pacific Economic Cooperation (APEC) is a trade agreement between Asian countries and does not include the United States True - answerThe International Monetary Fund promotes trade among member nations by eliminating trade barriers and fostering financial cooperation. True False False - answerExport agents either purchase products outright or take them on consignment but are not responsible for storage and transportation of the product. True False