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Exam 3: A: Exploring Global Business

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Question 41

Multiple Choice

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A ____ is issued by a bank upon request of an importer stating that the bank will pay an amount of money to a stated beneficiary.

A) license
B) letter of credit
C) bill of lading
D) draft
E) voucher

F) None of the above
G) C) and D)

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Question 42

Multiple Choice

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If the Korean government charged tariffs on Japanese automobiles and in turn the Japanese government put tariffs on Korean automobiles, Japan's major rationale for imposing these tariffs would be to

A) protect national security.
B) protect domestic jobs.
C) retaliate for Korea's tariffs.
D) lower prices for consumers.
E) protect an infant industry.

F) A) and D)
G) A) and E)

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Question 43

Multiple Choice

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The total flow of money into a country less the total flow of money out of the country over some period of time is called the country's

If a small country wants to buy aircraft from the United States and the United States wants to export its aircraft, the United States may work through ____ in removing preset trade barriers so that the small country can more easily purchase the aircraft.

All of the following are ways to export a product to a foreign market except

Lynn Bernerd, Inc. Lynn Bernerd, Inc., manufactures and sells reclining furniture. The company currently operates in the United States but wishes to expand overseas. The company managers have been contemplating the best way to enter the foreign market. At first, the management felt it would be in the company's best interest to let a foreign company use its product and brand in exchange for a royalty. The managers recognized, however, that before the company decided on its foreign strategy it needed to think through all the steps required to enter an international market. As such, the managers believed they needed to consult with some type of agency to help their firm compete more effectively in the global marketplace. After all the research was completed, the senior managers realized that they wanted to export their product. The managers decided that the transport carrier would notify them when the merchandise was shipped. This would avoid any confusion about lost shipments and ensure better communication with the receiving parties. -Refer to Lynn Bernerd, Inc. When the transport carriers notify the exporter that the product has been shipped, they use a

What are some advantages of licensing as a method of entering international business?

Landing Service Landing Service is a lawn furniture company that has been around for many years. It is known for its ability to produce furniture more efficiently than any other company in the nation. In truth, no other companies in any other nation come close. Landing Service has shipped many of its products internationally. In fact, 80 percent of its profits come from international sales. However, the Italian government has imposed a tax on imported furniture items to protect local companies. The Brazilian government, on the other hand, has imposed taxes on Landing Service products due to the government wanting a piece of the pie. Landing Service initially thought that these taxes were unfair because it was being singled out. However, after Landing Service contacted the organization that had the power to mediate this situation, the furniture company realized that the taxation it was subjected to was legal and that there was nothing it could do about it. -Refer to Landing Service. Landing Service must have contacted which of these organizations to mediate regarding unfair treatment by foreign governments?

What is an embargo? When might it be used?

A new country is formed in central Africa. It has no absolute advantage in crude oil, diamonds, or wool. However, it does manufacture high-quality bows and arrows for specialized safari adventures. Which of the following statement is true?

Which two countries are considered the United States' best partners for our exports?

What types of products did GATT focus on during the Kennedy Round?

Forming a joint venture with an existing foreign company offers all of the following advantages except

What does it mean for a country to have an absolute advantage? Compare that to having a comparative advantage.

Selling and shipping raw materials or products to other nations is called

An international organization formed at the end of World War II by the United States and twenty-two other countries whose goal was to reduce or eliminate tariffs and other barriers to world trade is called the

The United States wishes to import no more than 100 million tons of sugar from India in any given year. The type of import restriction it should impose is a(n)

Which of the following best compares licensing and exporting as tools for entering foreign markets?

When chain of organic coffee shops in Portland purchases coffee from Colombia, it

U.S. exports to developing and newly industrialized countries