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BBB4M Exam Review Questions with Verified Answers
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BBB4M Exam Review Questions withVerified Answers
What is international trade? - Answer-International trade is an exchange that involves a
good or service exchanged between at least two different countries and those
exchanges can be imports or exports.
What are the advantages of international trade? - Answer-The advantages of
international trade are companies selling products and services that Canadian
consumers do not need in exchange for things that Canadian consumers do need,
Canadian consumers are able to enjoy products that are not sold domestically,
Canadian consumers become more aware of other cultures around the world, Canadian
companies are encouraged to invest in their businesses and be more innovative and
competitive.
What are the disadvantages of international trade? - Answer-The disadvantages of
international trade are possible losses of jobs, loss of local culture and values, disregard
for human rights to solely prioritize money, politicians who violate human rights can be
supported if they encourage international trade, workers can be exploited and have their
wages lowered and benefits cut, environmental protection can be disregarded to
produce cheaper goods.
What are the factors that have influenced the growing participation of business in the
international marketplace? - Answer-The first factor that has influenced the growing
participation of business in the international marketplace is major trends. The two most
important/universal trends are technology and globalization. Technology includes
computers, robots, lasers, and satellites. Technology significantly changed the way
goods and services are produced, what gets produced, the way people buy and sell
things and the way people and businesses communicate with each other. The second
factor that has influenced the growing participation of business in the international
marketplace is the value of a dollar. Raising the value of the dollar means that a dollar
will buy more foreign goods, and if the value of the dollar is lowered it means a dollar
can buy less overseas than it once did. That makes foreign goods more expensive
because it takes more dollars to buy them. As the US dollar goes up or down against
other currencies it affects Canadian competitiveness with other countries as it makes
our exports more or less expensive. The third factor that has influenced the growing
participation of business in the international marketplace is international trade
agreements. Free Trade agreements have made it easier for companies to trade their
goods and services to other countries. International free trade agreements have
increased the involvement of businesses in the global market by reducing trade barriers,
providing access to new markets, and promoting economic cooperation among
countries.
, What are the barriers to international trade? - Answer-The first barrier to international
trade is tariffs. Tariffs are taxes put on a product or service being imported into the
country. Tariffs are used to protect local industries and to encourage consumers to
purchase local product and services. The second barrier to international trade is
currency fluctuations. The rate given by one country for another country's currency is
called the currency exchange rate. International banks determine the current daily
exchange rates for the two currencies. The fluctuating rate of currency can be a major
barrier to international trade. The third barrier to international trade is environmental
restrictions. Canada's economy is greatly dependent on natural resources. Certain
products such as hazardous wastes, certain chemicals, toxins or vehicles that do not
have the proper emission standards will be prohibited from entering Canada. Canada
also prohibits trade on certain endangered plants and animals. The fourth barrier to
international trade is foreign relations and trade sanctions. International trade can also
be used as a method of expressing disapproval of a nation's policies and as a method
of coercing a government to change certain policies. For example, Canada blocked the
import of wine and grapes from South Africa in order to pressure the South African
government to end the apartheid at the time. The fifth barrier to international trade is
safety regulations. The Federal government makes sure that imported goods to meet
the standards of safety regulations and go through inspections. Some of the legal
regulations about imported goods and services include the Food and Drug Act, Meat
Inspection Act, Consumer Packaging and Labelling Act, Hazardous Products Act,
Customs Act, Weights and Measures Act, Canadian Agricultural Products Act. These
safety regulations are a barrier.
What are the legal Acts for regulation of goods and services in Canada? - Answer-• The
Food and Drug Act
• Meat Inspection Act
• Consumer Packaging and Labelling Act
• Hazardous Products Act
• Customs Act
• Weights and Measures Act
• Canadian Agricultural Products Act
What are the factors that influence Canadian companies to risk going global? - Answer-
The first factor that influences Canadian companies to risk going global is that
companies that invest large amounts of money they need for factories, equipment,
labour, research, and development, would prefer to go global for more money back from
consumers who live internationally instead of only selling goods to Canadian consumers
and making less money than they potentially could going global. The second factor that
influences Canadian companies to risk going global is technology. Technology has also
made it easier for Canadian companies to compete with other companies in global
markets. The Internet has given consumers the ability to purchase goods from around
the world. Computers allow companies to form large amounts of data and help control
inventories and track the needs of consumers.
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