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Exam 3: Exploring Global Business

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Question 21

True/False

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A complete halt to trading with a particular nation or in a particular product is called an embargo.

A) True
B) False

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Question 22

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A(n) ____ will, for a commission or fee, arrange the sale of a company's products to foreign intermediaries.

A) export-import merchant
B) international bank
C) joint venture
D) export-import agent
E) trading broker

F) A) and D)
G) A) and C)

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Question 23

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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

Alberto complained that it took some time to locate a distributor of an imported light bulb that he had to replace.He was further annoyed that he had to pay an artificially high price.When asked for his opinion, Alberto would probably argue

How does a joint venture help a U.S.firm enter international markets?

Least-favored-nation (LFN) status was the famous principle of GATT.

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.What type of tax has the Brazilian government imposed on the company?

General Motors and Ford products produced in the United States are found around the world.The United States is ____ these automobiles.

When a business has plants located in several foreign countries, it is called a(n) ______.

When a coffee chain in Chicago purchases coffee from Colombia, South America, it

What are the Kennedy Round, the Tokyo Round, the Uruguay Round, and the Doha Round?

An import duty has the effect of all of the following except

Arguments for imposing trade restrictions include

Because it has not been around long enough to establish itself, the Russian automobile industry could be classified as a(n) _____.

Janet hires an export merchant to help expand her business internationally.After signing contracts with a foreign purchaser outlining the terms of sale and delivery, the exporter will send Janet's merchandise when

What are multilateral development banks? What is their purpose? Who supports these banks?

Cultural barriers can impede acceptance of products in foreign countries.

The United States wants to limit the amount of dollars that another country can obtain.The best way to accomplish this is to

In 1967, several Asian countries banded together to reduce the trade barriers between them and encourage trading among themselves.This is known as

____ is the ability to produce a specific product more efficiently than any other product.