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BUS 508 Week 2 Chapter 4 Practice Quiz

BUS 508 Week 2 Chapter 4 Practice Quiz

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BUS 508 Week 2 Chapter 4 Practice Quiz -

  • Question 1

________ refers to basic systems of communication, transportation, and energy facilities in a country.

Answer

  • National market
  • Infrastructure
  • Understructure
  • Globalization

 

  • Question 2

All businesses encounter barriers in their operations, whether they sell only to local customers or trade in international markets.

Answer

  • True
  • False

 

  • Question 3

In a ________, one firm allows another to produce or sell its product, or use its trademark, patent, or manufacturing processes, in a specific geographical area.

Answer

  • Franchise
  • Foreign licensing agreement
  • Subcontracting
  • Countertrade

 

  • Question 4

Some laws protect the rights of foreign companies to compete in the United States.

Answer

  • True
  • False

 

  • Question 5

English is the third most widely spoken language in the world, followed by Spanish, Hindi, Arabic, and Bengali.

Answer

  • True
  • False

 

  • Question 6

A company has an ________ in making a product for which it can maintain a monopoly or that it can produce at a lower cost than any competitor.

Answer

  • Opportunity
  • Innovation
  • Absolute advantage
  • Efficiency

 

  • Question 7

A nation cannot develop a comparative advantage if it can supply its products more efficiently and at a lower price than it can supply other goods, compared with the outputs of other countries.

Answer

  • True
  • False

 

  • Question 8

The ________ is the rate at which its currency can be exchanged for the currencies of other nations.

Answer

  • Devaluation
  • Consumer
  • Exchange rate
  • Currency

 

  • Question 9

The ________ is an organization established by industrialized nations to lend money to less developed countries.

Answer

  • World Trade Organization
  • World Bank
  • World Financial Systems
  • World Tariff

 

  • Question 10

To regulate international commerce, the United States and many other countries have ratified treaties and signed agreements that dictate the conduct of international business and protect some of its activities.

Answer

  • True
  • False

 

  • Question 11

A key disadvantage of subcontracting is that companies cannot always control their subcontractors’ business practices.

Answer

  • True
  • False

 

  • Question 12

A devalued currency may make a nation more desirable as an export destination because of reduced demand in that market.

Answer

  • True
  • False

 

  • Question 13

As developing nations expand their involvement in global business, the potential for reaching new groups of customers dramatically decreases.

Answer

  • True
  • False

 

  • Question 14

The ________ is an agreement among the United States, Canada, and Mexico to break down tariffs and trade restrictions.

Answer

  • National Agreement
  • Need Foreign Aid Agreement
  • Now Tariff Agreement
  • North American Free Trade Agreement

 

  • Question 15

Nontariff, or administrative, trade barriers restrict imports in more subtle ways than tariffs.

Answer

  • True
  • False

 

  • Question 16

International trade is vital to a nation and its business because it boosts economic growth by providing a market for its products and access to needed resources.

Answer

  • True
  • False

 

  • Question 17

A country has an ________ in making a product for which it can maintain a monopoly or that it can produce at a lower cost than any competitor.

Answer

  • Comparative advantage
  • Absolute advantage
  • Higher-income segment
  • Devaluation

 

  • Question 18

________ imposes a total ban on importing a specified product or even a total halt to trading with a particular country.

Answer

  • Quotas
  • Dumping
  • Embargo
  • Exchange control

 

  • Question 19

By eliminating all trade barriers and investment restrictions among the United States, Canada, and Mexico over a 15-year period, ________ opened more doors for free trade.

Answer

  • NAFTA
  • European Union
  • CAFTA-DR
  • Trade Commission

 

  • Question 20

 

An important factor in any international business investment is the stability of the political climate.

Answer

  • True
  • False

 

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