International Business Chapter 1 Test

The statement is true because the Middle East has been a major producer and exporter of oil for many decades. The region is home to some of the largest oil reserves in the world, and oil has played a significant role in the economies of countries in the Middle East. The discovery of oil in the early 20th century transformed the region and led to rapid development and wealth accumulation. The Middle East continues to be a key player in the global oil market, with countries like Saudi Arabia, Iraq, and Iran being major oil producers.

Tertiary industries refer to the sector of the economy that provides services to consumers and businesses, such as healthcare, education, finance, hospitality, and transportation. These industries do not involve the production of goods but rather focus on offering intangible products or assistance. Therefore, it is correct to say that another name for tertiary industries is the service sector, as they both encompass the same set of industries that primarily offer services rather than physical products.

The correct answer is "An exchange of things of value." This is because a transaction refers to the act of exchanging goods, services, or money between two or more parties. It involves the transfer of something that holds value from one entity to another. This can include buying and selling goods, providing services in exchange for payment, or even bartering between individuals or businesses. The term "transaction" encompasses a wide range of economic activities where there is a transfer of value involved.

The statement "African imports to Canada are very high" is incorrect. The correct answer is False. This means that African imports to Canada are not very high.

A branch plant refers to a factory that is owned by a company based in another country. This means that the company has established a manufacturing facility in a foreign country, which allows them to expand their operations and take advantage of various benefits such as lower labor costs, access to new markets, or favorable government policies. By setting up a branch plant in another country, the company can increase its global presence and enhance its competitiveness in the international market.

The correct answer is Mining, Energy, Fishing hunting and trapping, Forestry and Logging, and Agriculture. These five industries are considered primary industries because they involve the extraction or production of raw materials directly from the earth or natural resources. Mining involves extracting minerals and ores from the ground, energy includes the production and distribution of electricity, oil, and gas, fishing hunting and trapping involves the capture of fish, game, and fur-bearing animals, forestry and logging involves the harvesting of timber from forests, and agriculture involves the cultivation of crops and the rearing of animals for food and other products.

India's workforce is generally young and well educated. This is because India has a large population of young people, with a median age of around 29 years. This young workforce brings energy, enthusiasm, and adaptability to the job market. Additionally, India has made significant investments in education, resulting in a higher literacy rate and a growing number of educated individuals. This combination of youth and education contributes to a skilled and productive workforce in India.

A branch plant economy refers to an economy where the majority of businesses are owned by foreign interests. This means that the companies operating in this economy are subsidiaries or branches of multinational corporations from other countries. These foreign-owned businesses often have a significant influence on the local economy, including decisions related to employment, production, and investment. This type of economy can have both positive and negative impacts on the host country, including job creation, technology transfer, and potential exploitation of local resources.

The correct answer is January 1994. Trade with Mexico has developed since its signing in January 1994. This suggests that there was a significant event or agreement that took place in January 1994 which led to the development of trade between the two countries.

More than 45% of everything that Canadians produce is exported. This means that a significant portion of the goods and services produced in Canada are sold to other countries. This high level of export indicates a strong international demand for Canadian products and highlights the country's role in global trade.

The Canadian Top 10 Exports markets include South Korea, China, United Kingdom, Mexico, Japan, United States, Germany, Brazil, Netherlands, and Norway. These countries are significant trading partners for Canada, where Canadian exports are in high demand.

not-available-via-ai

The capital of Norway is Oslo, while the capital of China is Beijing.

The 3 main areas of interdependence are primary industries, secondary industries, and tertiary industries. Primary industries involve the extraction of raw materials from the earth, such as agriculture, mining, and forestry. Secondary industries involve the processing and manufacturing of these raw materials into finished products, such as factories and construction. Tertiary industries involve the provision of services to both primary and secondary industries, such as transportation, healthcare, and education. These three sectors are interconnected and rely on each other for resources, products, and services, forming a complex web of interdependence in the economy.

The given question asks about the cost of making an iPhone for Apple. Among the options provided, the correct answer is 192. This suggests that it costs Apple $192 to manufacture an iPhone.

China has the lowest GDP of $7,600, while Norway has the highest GDP of $54,600.

Secondary industries do not make the finished goods available to the public. Secondary industries are involved in the manufacturing and processing of raw materials into intermediate or finished goods, but it is the role of the tertiary sector (such as retail and distribution) to make these goods available to the public. Therefore, the statement is false.

The correct answer is Coca Cola, IBM, Microsoft. These three brands are considered the best global brands based on their worldwide recognition, market value, and brand equity. Coca Cola is a well-known beverage company that has established itself as a leader in the soft drink industry. IBM is a renowned technology company that provides innovative solutions and services. Microsoft is a dominant player in the software industry, known for its popular operating systems and productivity tools. Together, these three brands have a strong global presence and are highly regarded in their respective industries.

Japan became known for high-quality electronics and automobiles because of their commitment to technological innovation and attention to detail in manufacturing. Japanese companies like Sony, Panasonic, and Toyota have consistently produced reliable and advanced products that have gained global recognition. The country's focus on research and development, efficient production processes, and dedication to customer satisfaction have contributed to its reputation for excellence in these industries.

The correct answer is NAFTA (North American Free Trade Agreement). NAFTA was a trade agreement between Canada, the United States, and Mexico that eliminated tariffs and other trade barriers, leading to increased trade between the three countries. This resulted in a significant increase in Canadian trade by $257 billion from 1989-2000.

Blackberry (RIM) was created by two engineering students named Mike Lazaridis and Douglas Fregin. These individuals were responsible for the development and establishment of the Blackberry brand.

The missing options for the second and third ways for companies to participate in international business are "Own a retail or distribution outlet in another country" and "Export to businesses in another country." These options suggest that a company can establish a physical presence in another country by owning a retail or distribution outlet, allowing them to directly sell their products to consumers in that country. Additionally, they can participate in international business by exporting their products to businesses in another country, expanding their customer base and market reach. Importing from businesses in another country is also mentioned as a way for companies to participate in international business, which involves purchasing goods or materials from foreign suppliers.