BUSN 115 Week 2 QUIZ 1. Question : (TCO 3) Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n): Question 2. Question : (TCO 3) Which of the following is considered when calculating a country’s balance of payments? Question 3. Question : (TCO 3) Climate and terrain in several South American countries are conducive to growing coffee efficiently. While other countries can grow coffee, they are not as efficient and effective at coffee growing because of short seasons and climate concerns. This fact would lead you to believe that South American countries have a (n) __________ advantage in the production of coffee Question 4. Question : (TCO 3) The U.S. government has announced a five-million-pound annual limit on beef imported from Argentina. This type of trade restriction is called a(n): Question 5. Question : (TCO 1) Workers in the nation of Argentina prefer managers who forcefully tell employees what to do and how to do it. Conversely, employees in the U.S. prefer to participate in decision making in the workplace. This __________ difference between Argentinian workers and U.S. workers represents a management challenge for firms trading in the global market Question 6. Question : (TCO 3) Under a system of floating exchange rates, changes in the value of the U.S. dollar relative to other currencies are the result of: Question 7. Question : (TCO 3) When entering a foreign market, Anheuser-Busch will contract with a local firm to brew and market the Anheuser-Busch product Budweiser. This is an example of: Question 8. Question : (TCO 3) Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South African firm to produce and market Pepsi Cola in South Africa. Pepsi will receive a royalty on each case of soda sold. This is an example of: Question 9. Question : (TCO 1) Adam’s Apple Corporation ships all of the apples from its orchards in Washington to a single buyer in Japan. The firm’s entire profits are derived from this international transaction. Adam’s Apple Corporation: Question 10. Question : (TCO 3) One advantage of free trade is: Question 11. Question : (TCO 3) Even though the U.S. exports a large ___________ of goods and services, it exports a much lower __________ of its products than many other countries do Question 12. Question : (TCO 3) __________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries Question 13. Question : (TCO 3) Many of the toy products sold in the United States are imported from Taiwan because the Taiwanese can produce these products more efficiently than U.S. companies. This is an example of: Question 14. Question : (TCO 3) _______________ are specialists that match buyers and sellers from different countries and provide services to ease the process of entering global markets Question 15. Question : (TCO 3) Which of the following best describes the impact of the Internet on global market transactions?