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BBB4M - Unit 1 Test Study Guide Questions with Correct Answers
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BBB4M - Unit 1 Test Study Guide Questions with Correct Answers
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BBB4M - Unit 1 Test Study GuideQuestions with Correct Answers
Trends in International Trade - Answer-1. Rapid increase/expansion of technology
2. Liberalization of government policies
3. Development of institutions to support international trade
4. Increased global competition
Trade Barriers - Answer-Import taxes, Quotas, & Laws
Trade Barriers definition - Answer-Some factors that have resulted in a reduction of free
trade among countries, referred to as trade barriers.
Import taxes - Answer-increase cost of foreign products
Quotas - Answer-restrict the number of imports
Laws - Answer-prevent certain products from coming into a country (safe regulations,
eg. PJ must be fire retardant)
Benefits of International Trade - Answer-1. meeting consumer needs
2. job creation
3. attracting investments
4. developing new technology
Meeting Consumer Needs - Answer-Global competition has also created diversity, lower
prices, and often better quality goods.
Job Creation - Answer-Every one out of 3 Canadian jobs depend on the export industry.
approx. $1 billion in exports, the Canadian economy creates 6,000 jobs.
Attracting Investments - Answer-Foreign countries that trade with Canada often invest in
an office, factory or warehouse to simplify trade or reduce costs. It stands to reason that
international trade results in foreign companies investing in Canada
Brings foreign money into Canada
Developing New Technology - Answer-International trade results in new technology that
is faster, more cost efficient, and reliable. There is alway a demand for new technology,
which promotes international competition
Drawbacks of International Trade - Answer-1. Ethical Practices
2. Takes away from a Nation's Identity
3. Social Welfare Issues
, 4. Environmental Issues
5. Political Issues
Competitive Advantage Questions to Ask - Answer-How quickly should the company
expand?
Which geographical markets they should enter first?
Which mode of distribution should be used when entering these markets?
Which product should be launched first
Measuring Competitive Advantage - Answer-1. Market Share
2. Customer Demand
3. Custom Loyalty
4. Distribution Channels
5. Quality of Service
6. Partnerships with Supplies
How Do Companies Achieve a Competitive Advantage? - Answer-Infrastructure
Currency and Exchange Rates
Natural Resources
Workforce Characteristics
Societal Characteristics
Entrepreneurship
Government Involvement
Infrastructure - Answer-Canada has strong transportation and communication systems
that allow Canadian companies to get their products to market efficiently and help
businesses communicate with customers and suppliers around the world.
Currency and Exchange Rate - Answer-A strong currency indicates that the economy is
strong and stable, which is a good environment for business to grow. A strong economy
however leads to a strong dollar, which can make Canadian exports more expensive on
the global market.
Natural Resources - Answer-Canada has an abundance of natural resources that are in
great demand. Canada is also able to transport these resources with relative ease due
to the fact that we share a border with the United States, our largest trading partner.
Workforce Characteristic - Answer-Canada has a well-educated workforce and high
literacy rate. Our workforce enables companies to continue research and development
in order to improve and innovate products. Without an educated workforce companies
cannot achieve a competitive advantage and would need to heavily invest in workers.
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