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Exam 3: Doing Business in Global Markets

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Question 101

True/False

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The appeal of global marketing strategies is that they all involve the same amount of risk.

A) True
B) False

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Question 102

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Offshore outsourcing is another term used to describe the act of U.S. firms selling their domestically manufactured goods to foreign customers.

A) True
B) False

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Question 103

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Traders in the seventeenth and eighteenth century were encouraged to focus on selling their nation's goods in the global market to create a favorable balance of trade. Nations attempted to sell more goods to other nations than they bought from other nations. This approach to global trading is called

One of the rules of a common market is that all participating nations will uphold a common external tariff on goods and services imported from countries that are not of the trading bloc. Goods imported from nonmember countries are more expensive than goods coming from member countries.

As students think about a career in the business world today, which of the following is a good strategic suggestion?

________ is the selling of products to another country.

In recent years, the government of Norway has invested over $905 billion in foreign companies, including several U.S. companies. This move constitutes the creation of a sovereign wealth fund, an emerging type of foreign direct investment.

Many of the toys 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

In an effort to protect domestic jobs, some countries will place a limit on the number of certain types of products that can be imported. These limits are called

A favorable balance of trade occurs when the value of a nation's exports exceeds its imports.

Licensing is a popular strategy because

EBL Industries ________ its products in foreign countries, where labor is less expensive and production sites are owned by other companies. This strategy allows EBL Industries to experiment in new markets without incurring the large start-up costs involved with building its own production facilities.

A small wine and cheese store in Milwaukee sells dozens of different type of cheese: Bulgarian, French, Danish, Greek, and a domestic from its home state of Wisconsin. The domestic Wisconsin cheese sells for $1.99/pound, while all the others sell for more than $2.99/pound, and the Greek variety is priced at $6.99/pound. The domestic variety is much cheaper because

Granting a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called

The introduction of standardized international laws regulating business organizations has greatly simplified global trade.

With all its perception of opportunity, the expansion of global trade is still plagued by terrorism, nuclear proliferation, rogue states, and other issues.

One advantage of free trade is

The United States enjoys a trade surplus in the global market.

Home of Households, Inc., has an appliance manufacturing plant in the Chicago area. The company specializes in producing smaller washers and dryers for countries where consumers have less living space. Home of Households participates in the global market through

A highly powerful foreign government official approaches your company and requests a large sum of money. In return for this bribe, he promises your company will receive preferential treatment in all future government contracts. You quickly refuse his request, explaining that the ________ Act of the United States prohibits you from making such payments.